Mortgages
CML issues new arrears guidance
The Council of Mortgage Lenders has published new industry guidance on mortgage arrears and possessions.
Securing a fair framework for homeowners
The Government has announced new rules to help protect homeowners, who may be facing the threat of repossession.
Natwest & RBS reduce fixed rate mortgages and lower fees
NatWest and RBS have announced they will be replacing a number of their fixed rate mortgages with reduced rates of as much as 0.60% and a minimum of 0.35%, as well as lowering selected arrangement fees by £500.
SAGA: SHIP figures on equity release sales
Commenting on the latest figures from SHIP reporting a 10% increase in the sales of equity releases schemes this quarter, Alex Edmans, Business Development Manager for Saga Equity Release Advice Services says: "The figures released today for the last quarter are very encouraging, especially when the latest CML figures show a massive decrease in conventional mortgages.
Alliance & Leicester to withdraw Two Year Tracker mortgages
Alliance & Leicester has announced that it will be withdrawing its Two Year Tracker products from its mortgage range from the close of business on Wednesday 22 October 2008.
Abbey cuts rate on 3-year fixed rate mortgage
Despite speculation of an imminent cut in the base rate, fixed rate mortgages have increased in popularity for the third consecutive month, with three-year fixes proving the most popular, according to the most recent monthly Abbey Remortgage Index.
Nationwide revises tracker mortgage rates
Nationwide Building Society has announced an increase in rates on its tracker mortgage deals. These changes will be effective from Wednesday 22 October 2008.
Base rate cut not passed on by three quarter of lenders
Darren Cook, mortgage expert at Moneyfacts.co.uk, comments: "Two weeks after the Monetary Policy Committee announced a shock 0.5 percent cut to the base rate in unison with key central banks around the globe, more than three quarters of all UK lenders have yet to pass on this reduction to their ever growing number of standard variable rate mortgage customers.
SHIP reports 10% increase in equity release business
The total value of new equity release business written for Q3 2008 reached £303.3m, a £27.6m (10%) increase on the amount released in the previous quarter, according to SHIP (Safe Home Income Plans), the UK equity release industry body.
Alliance & Leicester reduces Standard Variable Rate
Alliance & Leicester has announced a reduction in its Standard Variable Rate (SVR) from 7.19% to 6.94%, a reduction of 0.25%. The new rate will come into effect on Thursday 30 October.
Right product is often not available to us, say brokers
Intermediaries complain that the most suitable product for their customers is often not available to them, according to the latest IMLA broker survey.
Mortgage lending declines in September
Gross mortgage lending reached an estimated £17.7 billion in September, a decline of 10% from August and 42% from September last year, according to the Council of Mortgage Lenders.
Building societies shamed
Over a week since the base rate was cut by 0.5 per cent, only two out of 59 building societies have announced they will be passing on the reduction in full to their borrowers on standard variable rate mortgages.
FSA fines mortgage broker for advice failings
The Financial Services Authority (FSA) has fined Doncaster mortgage broker Orchid Financial Limited £34,500 for failing to ensure it provided suitable advice which exposed over 900 customers to the risk of being sold an unsuitable mortgage.
Two directors of mortgage firm are fined £60,000
The Financial Services Authority (FSA) has fined two directors from Abbey Mortgages Limited, based in Bexleyheath and Stokesley, £30,000 each for shortcomings in their mortgage business which put financially vulnerable customers at risk and the firm at risk of being used for mortgage fraud.