Mortgages
Barclays cuts mortgage rates following base rate cut
Woolwich is cutting its standard variable rate (SVR) by 0.5 per cent following the announcement today that the Bank of England base rate will fall by 0.5 per cent.
Changing mortgage margins
Last time the base rate was 4.50% was between 4th August 2005 and 2nd August 2006. Market conditions were clearly very different then but the margin charges on mortgages relative to the base rate reveal how times have changed.
moneysupermarket.com: Interest rates cut to 4.5%
Commenting on the surprise Bank of England cut interest rates from 5 per cent to 4.5 per cent, Louise Cuming head of mortgages at moneysupermarket.com, said: "This is welcome and decisive action, especially as it has taken the market by surprise.
Halifax to reduce standard variable rate
Following the special meeting today by the Monetary Policy Committee and its decision to make a 0.5% reduction in the Bank Base Rate, Halifax will be reducing its standard variable rate from 7.00% to 6.50%.
Lloyds TSB and C&G cut standard variable rate by full 0.5%
Following the announcement today by the Bank of England of a 0.5 per cent decrease in the Bank of England base rate, Lloyds TSB and Cheltenham & Gloucester will be reducing their standard variable mortgage rate (SVMR) from 7.0% to 6.5%.
CML welcomes interest rate cut
The Council of Mortgage Lenders welcomes the half-point cut in interest rates announced today by the Bank of England. CML director general Michael Coogan said: "Today's package of bank funding and capital measures is further strengthened by this rate cut.
Parents should involve families in planning finances for retirement
Over three-quarters of adult Brits (77%) are uninvolved with their parents' financial position according to recent research from Newcastle Building Society's Equity Release Service.
More than one in 10 have missed repayments
More than one in ten (11%) cash-strapped borrowers have missed payments on either their mortgage, credit card, or personal loan in the last six months , according to research from MoneyExpert.com.
Pensioners urged to look at remortgaging equity release deals
As consumers are increasingly looking at ways to curb their spending and reduce outgoings, retirees who have released equity from their home typically over the last five years or more, should be aware that they could save thousands of pounds by remortgaging to a more competitive deal, says Key Retirement Solutions.
Buy-to-let range shrinks 23 per cent in seven days
Analysis by moneysupermarket.com shows the number of buy-to-let products has dropped by close to a quarter in the past week, throwing down a major challenge to a struggling sector of the market.
Charcol offers guidance on looking for a new mortgage deal
Ray Boulger, Senior Technical Manager at leading UK mortgage broker John Charcol comments "In the first half of this year, as the impact of the credit crunch resulted in rapidly deteriorating conditions in the mortgage market, we were advising clients to start talking to us about remortgaging six months in advance of their initial interest rate finishing.
SHIP provides further protection for equity release customers
SHIP (Safe Home Income Plans), announces clarification of their safeguards to the equity release sector through a change to the SHIP certificate.
Black Monday in the mortgage market
Michelle Slade, analyst at Moneyfacts.co.uk, comments: "Monday saw one of the largest declines in mortgage products ever seen in a day, with 11.4% of products being culled. At the start of Monday there were 3,914 mortgage products on the market, today there are just 3,469.
AMI: FSCS funding arrangement for Bradford & Bingley
Chris Cummings, Director General of the AMI, said: "The nationalisation of Bradford & Bingley has clear immediate benefits to consumers, reassuring them that their savings will not be lost.
Nationwide announces loyalty offer for existing borrowers
With effect from Friday 3 October, existing Nationwide mortgage customers will only have to pay a £299 reservation fee when switching to a mortgage with a £599 reservation fee.