Mortgages
CML: August Bank of England mortgage data
Commenting on the Bank of England mortgage lending statistics, Council of Mortgage Lenders director general Michael Coogan said: "Gross mortgage lending, but more particularly net mortgage lending, fell sharply in August, according to the Bank of England.
Housing market uncertainty keeps mortgage approvals low
Continued uncertainty in the housing market saw net approvals by building societies in August remain low at £2.8 billion, a 31% decline compared to August 2007 as buyers continue to remain away from the market, according to the Building Societies Association (BSA).
Mortgage lending falls in August
The increase in total net lending to individuals in August (£1.4 billion) was below the increase in July and the previous six-month average, according to figures from the Bank of England (BoE).
Mortgage market troubles to continue in 2009
The Association of Mortgage Intermediaries (AMI) has published its research paper ‘The Credit Crunch - One Year On.
Two thirds of brokers unable to satisfy their customers
Sixty eight per cent of mortgage brokers say they have been unable to source a mortgage for clients in the past two months, according to IMLA's latest survey of intermediaries.
Abbey mortgage rate changes
An Abbey spokesperson said: "From today (Friday 26 September), Abbey is introducing new three and five-year fixed rate mortgages at 85 per cent LTV at 6.34 per cent with £995 fee. It is withdrawing its range of two-year deals at this LTV.
A week of mortgage rate rises
Commenting on a week of mortgage rate rises, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said:
Lender fined £1.12 million for exposing borrowers to financial loss
The Financial Services Authority (FSA) has fined GE Money Home Lending (the firm) £1.12 million for systems and controls failings that resulted in 684 borrowers with a regulated mortgage contract suffering financial loss in excess of £2.3 million before redress was later paid to them by the firm.
More mortgage cuts from Britannia
Following last week's reductions to some of its mortgage products, Britannia has now reduced the rest of its mortgage range.
Consider equity release
Equity release may be a feasible option for some pensioners struggling at this time of financial crisis, says banking expert David Black.
Key Retirement Solutions: Which? equity release report
Dean Mirfin, Business Development Director of independent equity release specialist Key Retirement Solutions, comments on the statement from consumer group Which? Issued this week on equity release.
John Charcol signs sole-tie agreement with Legal & General
Legal & General has partnered with John Charcol for a sole-tie distribution agreement to provide Protection and MPPI products.
Mortgage rates set to climb
It has taken six months for the interest rate that banks pay to borrow from each other to fall from 6% to 5.7%. But following the recent turmoil in financial markets, it has taken less than a week for those costs to be completely reversed. In just four days, the London Interbank Offered Rate (LIBOR) has climbed back above 6%.
Small deposit expensive choice
Darren Cook, mortgage expert at Moneyfacts.co.uk, comments: "Borrowers with a deposit of 10% or less have seen the number of mortgages available to them drop by 45% in just one year.
Charcol ‘Drop-lock' gives borrowers the best of both worlds
"Anyone trying to choose a mortgage at the moment may well feel like their head is spinning, with rates yo-yoing and even the experts finding it hard to predict what news the next days and weeks might bring.