Mortgages
Average first time buyer loan almost double in four years
The average first time buyer now has a mortgage of £130,000, almost twice the amount the average first time buyer loan was four years ago in 2003, when it was nearer £75,000, according to figures from Abbey Mortgages.
moneysupermarket.com: Mortgage Exit Administration Fees
Louise Cuming, head of mortgages at price comparison website moneysupermarket.com, said: “We have yet to see a flurry of activity from lenders despite the FSA's warning it is less likely to take action against those who publish their strategy on Mortgage Exit Administration Fees (MEAFs) by July 31.
New BoE tracker mortgages from Yorkshire BS
Yorkshire Building Society announces today a new range of competitive Bank of England tracker mortgages as customer demand swings back to this type of mortgage from the fixed rate market.
Woolwich launches fee free lifetime tracker mortgage
With two base rate increases already this summer and the expectation that we could be reaching the top of the interest rate cycle, Woolwich today launches a lifetime tracker with no application fees at just 0.17 per cent above base rate (current payment rate 5.92 per cent), its best ever rate for a fee free lifetime tracker.
Over half of Brits would not consider a long-term fixed rate mortgage
Borrowers are split on the Government’s new initiative for long-term fixed mortgages, according to research undertaken by Abbey Mortgages.
Nationwide updates fixed and tracker mortgage rates
Nationwide Building Society today announces changes to its rates on some of its fixed rate and tracker mortgages. The new rates are available from Wednesday 1 August 2007.
Mortgage approvals resilient in June
The increase in total net lending to individuals in June (£10.4 billion) was higher than the increase in May and the previous six-month average, according to the Bank of England (BoE).
Rate rises fail to dent buy-to-let confidence
The second landlords optimism index reveals, despite several increases in the Bank of England base rate, optimism among landlords about their investments has actually increased.
Alliance & Leicester increases SVR
Following the decision by the Bank of England to increase the base rate at the beginning of July, Alliance & Leicester today confirms a 0.25% increase in its SVR from 7.64% to 7.89%.
Weaker mortgage approvals, subdued consumer credit
June’s gross mortgage lending of £21.5bn, the highest figure ever, was a reflection of strong re-mortgaging activity. This was, however, only 5% higher than a year earlier, suggesting that in real terms, lending growth is slackening, according to the British Bankers’ Association. (BBA).
The great British mortgage scam
British mortgage lenders have been taking advantage of millions of homeowners for several years by cashing in on the low Bank of England base rate, according to research from independent finance site Fool.co.uk.
Trackers join the great disappearing act
Drew Wotherspoon of John Charcol comments, “Unless you’ve been on the moon recently, you can’t have missed reports of the great fixed rate disappearing trick over the last few months.
Mosaic brokers benefit as Skipton joins panel
Brokers with Mosaic Mortgage Club are now able to benefit from Skipton Building Society’s products, as the Society joins the lending panel.
Britannia launches new fixed rate mortgage deals
Britannia Building Society is launching the following mortgage products on Friday 27th July 2007:
Skipton’s buy-to-let lending gets better for landlords
A raft of changes to Skipton Building Society’s criteria for buy-to-let lending is making it even easier for landlords to expand their portfolio of properties.