Mortgages
The Co-operative Bank reduces SVR
Following the recent reduction in the Bank of England's Base Rate, The Co-operative Bank will reduce its mortgage standard variable rate (SVR) by 0.5 percentage points from 5.24 per cent to 4.74 per cent from 1 January 2009.
Equity release market predicted to double by 2013
Norwich Union - a market leading equity release provider and part of Aviva - believes that the equity release sector may be one of the few to receive a boost due to the current economic turmoil and its effect on retirees' savings.
Nationwide launches two year tracker mortgage
Nationwide Building Society has announced it will be making some changes to its mortgage products, including the launch of a new two year tracker mortgage.
CML welcomes changes to credit guarantee scheme
The Council of Mortgage Lenders welcomes the Treasury's announcement of changes to the credit guarantee scheme, that will make it cheaper for lenders to gain access to the Government guarantees that help them to gain access to wider market funding.
Mortgage brokers claim better access to products
The number of mortgage brokers unable to assist clients due to lenders offering better deals direct has decreased from half (48%) to a third (33%), according to the Association of Mortgage Intermediaries (AMI).
Scottish equity release market sees growth of 141% over 10 years
Norwich Union, part of Aviva, providers in the equity release sector, comments on the Scottish equity release market.
Trackers fail to make reappearance
Last week, the Bank of England slashed the base rate again in an attempt to kick start the economy, but after three strikes by the committee, it is clear that we have seemingly reached a dead-end on the industry's favourable response to it.
Tracker mortgage customers to save on repayments
The UK's three million tracker mortgage customers will save around £9 billion in mortgage repayments over the next year following the recent base rate cuts, according to research from uSwitch.com.
TMA offers Abbey’s two-year semi-exclusive fixed rate mortgage
The Mortgage Alliance (TMA) has announced it is offering Abbey’s re-priced two-year semi-exclusive fixed rate mortgage.
The Homeowner Mortgage Support Scheme
The Government has announced further details of the Homeowner Mortgage Support Scheme, intended to provide greater assurance to homeowners that they will be able to remain in their homes if they suffer a temporary fall in income, but are expected to recover at a later date.
Homeowner Mortgage Support Scheme
Commenting on the clarification of the details of the Homeowner Mortgage Support Scheme by the Treasury, Louise Cuming, head of mortgages at moneysupermarket.com, said:"After a week of whispers, finally the Government has confirmed what we all thought - that this scheme is virtually worthless and will benefit very, very few homeowners who may be struggling.
Alliance & Leicester cuts rates on two year fixed rate mortgages
From Friday 12 December, Alliance & Leicester is introducing new lower rates on its two year fixed rate mortgages and launches a new two year tracker - with rates starting at just 3.99%. The new products will be available via brokers, in branches or by telephone at Mortgage Direct.
Mortgage lending slump continues
There were 39,900 house purchase loans in October, worth £5.5 billion, according to new data from the Council of Mortgage Lenders.
Abbey cuts fixed rates and introduces new
From Wednesday 10 December, Abbey is cutting rates by up to 0.6 per cent on its fixed rate mortgages.
HSBC to increase mortgage lending by a fifth next year
Commenting on HSBC announcing it is to increase its mortgage lending by a fifth next year, Louise Cuming, head of mortgages at moneysupermarket.com, said: "It is great to see HSBC setting the standard in trying to kickstart the mortgage market by committing to increase its lending next year.