Mortgages
Borrowers opt to fix, despite expected bank rate cut
“The UK lending system is in desperate need of a Bank rate cut, preferably hand in hand with a medium-term cash loan of around £20bn to ease the pressure on mortgage lenders, because sky high mortgage costs have already started to jam up the property market..”
Fixed-rate mortgages decline in popularity
The popularity of tracker rate mortgages increased in February as the proportion of borrowers choosing fixed-rate loans fell to 52%, its lowest level since March 2005, according to the Council of Mortgage Lenders.
New mortgage deals from Alliance & Leicester
Alliance & Leicester is launching a new range of residential and Buy to Let products, which are available from Tuesday 8 April 2008.
Cover your mortgage against the credit crunch
With news of mortgage arrears, repossessions and redundancies rife, moneysupermarket.com warns consumers to fully insure themselves against the effects of the ‘credit crunch’.
Demand for five year fixed rate mortgages set to soar
Mortgage lenders should brace themselves for high demand for five-year fixed rate mortgages, according to the latest research from the Abbey Mortgage Index.
Moneyfacts: Halifax Mortgage Changes
Further to the Halifax mortgage changes, senior mortgage analyst at Moneyfacts.co.uk comments: "This move by Halifax reflects the mortgage changes that we have seen over the last couple of weeks.
Homeowners would opt for 25 year fixed rate mortgages
The Chancellor Alistair Darling said in his 2008 Budget last month that he wants to encourage 25 year fixed rate mortgages, and, according to research from FairInvestment.co.uk, the majority of homeowners would go for a long term fixed rate deal.
Lenders lop off low rates as LIBOR holds high
Three-month LIBOR closed last night at six percent, some three-quarters of a percent over Bank Rate, forcing any lender with a half decent rate to price their trackers high to avoid the stampede of new borrowers looking for the best deal.
The Co-operative Bank withdraw two-year mortgage range
Mortgage commentary from John Barker, Head of Mortgages, Co-operative Bank: “The Co-operative Bank is fully committed to providing quality mortgage products in the current economic climate and developing strong and growing relationships with both new and existing customers.
Borrowers suffer triple whammy with tracker mortgages
In the days before the credit crunch, people took out mortgages that tracked the Bank Base Rate because they thought the rate would drop in the future.
Legal & General: Bank of England lending figures
Ben Thompson, Director of Mortgages at Legal & General said: “The Bank of England lending figures clearly show that the volume of mortgages taken out for house purchases is dropping, which is a further indication that the credit crunch is tightening it’s stranglehold on the market.
moneysupermarket.com: first direct temporarily withdrawing mortgage range
Commenting on first direct temporarily withdrawing its mortgage range to new customers, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said: "This is yet another example of a lender taking action to manage volumes.
Homeowners face mortgage rate shocks
Three out of four homeowners (70%) face significant jumps in monthly mortgage repayments when their fixed-rate deals expire, according to a study by personal finance website Fool.co.uk.
John Charcol: first direct announcement
Drew Wotherspoon of John Charcol comments on First Direct’s decision to stop offering any of its mortgages to people who are not already customers: “In a market that is moving with alarming pace, it is little surprise that First Direct has made this decision.
RICS: Bank of England mortgage approval data
Commenting on Bank of England mortgage approval data, Simon Rubinsohn, RICS chief economist said: "Mortgage approvals remained little changed in February at 73,000.