Mortgages
Research sheds light on interest-only mortgages
Research published by the CML concludes that there is no evidence for the widely-held assertion that housing affordability pressures are driving borrowers to take out interest-only mortgages without having a plan for repaying the amount borrowed.
Three weeks on from the Base Rate increase
Lisa Taylor, analyst at moneyfacts.co.uk comments: “Three weeks on from the MPCs decision to increase bank base rate, we are still waiting for 39% of mortgage lenders and 20% of savings providers to announce any increase to their rates. Compared with three weeks on from the August rise, this is 20% less mortgage changes to date and 27% more savings increases.
Exclude MPPI from Competition Commission referral
The Council of Mortgage Lenders has submitted its response to the Office of Fair Trading's (OFT) consultation on its proposal to refer the payment protection insurance market to the Competition Commission.
Chelsea’s change to range
Chelsea, the UK’s 6th largest Building Society is announcing an increase to its Standard Variable Rate from 6.74%, (typical APR 7.0% variable) to 6.99%, (typical APR 7.0% variable).
UCB Home Loans relaxes buy-to-let lending criteria
Following feedback from intermediaries, specialist lender UCB Home Loans has today announced a number of enhancements to its buy-to-let criteria, effective from 1 December 2006.
Barclays in Spain launches new 80% loan to value mortgage
New flexible mortgage has Barclays Spain highest ever loan to value and mortgage term which gives British buyers more options in the Spanish property market.
Fool.co.uk: FSA’s investigation into sub-prime financial advertising
The Financial Services Authority (FSA) has told more than 200 mortgage brokers to withdraw or amend misleading advertising aimed at sub-prime customers.
Happy birthday Intelligent Finance
The real rate on Intelligent Finance’s offset would have delivered a whopping 810% return over and above the average savings rate available from the big four banks over the last six years – not a bad birthday present for higher-rate tax payers who have been with IF since launch.
Silver surfers seek financial advice – face-to-face
Despite the reported popularity of internet use amongst the over 50s and the emergence of the ‘silver surfers’, new research from Prudential, the lifetime mortgage provider, shows that today’s retirees prefer human interaction when either researching or getting advice on financial matters. Prudential’s research shows that less than a quarter (24 per cent) of over 50s would consider using the Internet to research a financial product as they are opting to speak with friends & family as well as their bank or product provider.
How do you earn over 9% on your savings?
As the Bank of England raised base rate by 0.25% earlier this month many mortgage holders will be assessing the impact on their monthly outgoings, particularly if, as some market commentators predict, the Monetary Policy Committee decides on a further increase early next year.
Nationwide announces changes to mortgage pricing
Nationwide Building Society has announced changes to its mortgage range. From 1 December, the Society will be introducing a new range of mortgage products. There will be one set of rates available to new and existing mortgage customers who are buying or moving home. There will be separate rates for new and existing customers remortgaging to Nationwide from another lender, switching their Nationwide mortgage deal or taking out additional borrowing.
Halifax, Birmingham Midshires and The Mortgage Business clean up at the Financial Adviser Service Awards
HBOS's five mortgage brands – Halifax, Bank of Scotland, Birmingham Midshires, The Mortgage Business and Intelligent Finance – cleaned up at last week's Financial Adviser Mortgage Service Awards.
GMAC-RFC announces fourth portfolio sale of 2006 to Bradford and Bingley
GMAC-RFC today announces its fourth portfolio sale of 2006 to Bradford and Bingley.
Newcastle offers new ‘best buy’ fixed rate mortgage product
Newcastle Building Society has added to its mortgage range with the launch of a new five-year fixed-rate mortgage at a market-leading rate* of 5.05% until 31st January 2012.
Strong mortgage lending and subdued consumer credit
October’s gross mortgage lending was £18.9bn, some 6% higher than September’s figure and 8% higher than the £17.5bn in October last year, although this annual growth largely reflects the growth of property prices, according to the British Bankers’ Association.