| 90% of mortgage products available direct from lenders Commenting on the number of leading mortgage products available direct from lenders, Kevin Mountford, head of banking at moneysupermarket.com, said: “Traditionally mortgage brokers have had the pick of the best deals on the market, with lenders often offering them better deals than they were able to give to their customers direct. However, the financial turmoil [...] ‘Direct only’ mortgage deals account for 93% of the market’s lowest rates Analysis of data supplied by Moneyfacts has revealed that of 96 mortgage deals which held the position of lowest rate in the market at some point over the last two years, only on six occasions could brokers actually beat the equivalent best loan offered by direct lenders, HSBC has found. HSBC looked at the lowest [...] CML comments on Bank of England mortgage data Latest Bank of England lending data for June confirms that a quiet mortgage market is set to remain into the autumn. The gross lending figure (not seasonally adjusted) was £12.9 billion in the month, a little lower than the CML’s earlier estimate of £13.1 billion. And the number of approvals for both house purchase and [...] New Gumtree scam comes to light A number of defrauded tenants have contacted the NLA about a new wave of scams on the online classifieds website, Gumtree. Unsuspecting potential tenants, usually from overseas, reply to advertisements on the website for rental accommodation in the UK. After supposed satisfactory e-mails, tenants are asked to send money to the ‘landlord’. Having sent the [...] Gross lending at mutuals up 19% in June Gross mortgage lending by mutuals was £1,798 million in June, 19% greater than the £1,507 million in May, and 34% higher than the average of £1,345 million over the previous five months. Mortgage approvals worth £1,735 were made in June, an increase of 11% on the £1,559 million in May and the highest level this [...] Barclays cuts rates on loan to value mortgages Barclays is reducing rates on its Woolwich mortgages (80 per cent LTV) by up to 0.21 per centage points from Thursday 29th July and at the same time introducing a drop lock facility for all new mortgage customers. The key reductions across the 80 per cent LTV range include a cut of 0.21 per centage [...] Leeds launch 3% cashback mortgage Leeds Building Society has launched a unique 3% cashback mortgage that is available up to 80% loan to value (LTV) throughout the UK. Furthermore, there is no higher lending charge and, unlike some other cashback mortgages, an early repayment charge only applies for three years. Paul Kaye, General Manager at Leeds Building Society said, “This [...] June house prices up 0.1 per cent since May The average house price in England and Wales is now £166,072 according to June data from Land Registry’s flagship House Price Index which shows an annual price increase of 8.4 per cent. This is the eighth month in a row in which the annual figure has been positive and takes the average property value in [...] Practical solution needed to encourage banks to fund mortgage lending The Association of Mortgage Intermediaries (AMI) has released its latest Quarterly Economic Bulletin looking at the economy, housing and mortgage markets. The Bulletin sets out concerns over the planned withdrawal of the Special Liquidity Scheme in April 2011 and the effect this will have on lending. It also forecasts that measures intended to reduce the [...] 1 in 5 landlords experienced rent arrears in the last three months A fifth of private-residential landlords have had tenants in rent arrears over the last three months, according to new research published today by the National Landlords Association (NLA). During Q2 2010, just over 21 per cent of landlords experienced rental arrears. This represents a small improvement on the previous quarter when 24.5 per cent of [...] Yorkshire launches mortgages for those with just a 10% deposit Yorkshire Building Society is launching two new best buy mortgage deals for people who need to borrow up to 90% of the value of their home. For those who would like a little extra help with the initial costs of their mortgage, similar products are also available at 5.19% fixed for two years or 5.89% [...] Yorkshire and Clydesdale Bank undercharged on mortgages Yorkshire and Clydesdale Bank are nearing completion of a mailing to approximately 18,000 variable rate mortgage customers apologising for an error in how their monthly payments were calculated, resulting in an underpayment occurring. The Banks apologies for the error and for the inconvenience that this may have caused. The calculation has been corrected and the [...] Dry summer may lead to increase in household subsidence Householders are being urged to look out for the early signs of subsidence on their property as the UK experiences the driest period for more than 80 years, according to home insurance provider M&S Money. The Met Office has said that average rainfall for January to June this year was 356.8mm – the lowest reading [...] Hidden keys, open windows, timid neighbours and Twitter – a risk to homes If you live in a detached home or bungalow, have a desirable car, keep your valuables in a bedside drawer and talk about your whereabouts on social media, then you fit the profile of the ideal break-in victim. That’s the verdict from the real experts: ex-burglars. In the UK’s first research among reformed burglars, MORE [...] Lenders try to tempt borrowers off record low variable deals While borrowers are benefitting from the lowest rates in seven years, lenders are continuing to take record margins. Unfortunately for borrowers opting for unsecured lending, rates continue to rise as the bank base rate becomes even more disjointed. Mortgages Average Rate Margin over swaps Margin over fixed rate bond Highest margin since (swaps) Highest margin [...] MPs concern at lack of protection in lettings More than 60 MPs have now signed an Early Day Motion (EDM) which highlights their concern at the Government’s decision to abandon the plans for a national register for landlords and further regulation of the private rented sector (PRS). The EDM outlines the role that the PRS plays in supporting the UK housing market but [...] Gross mortgage lending up 15% in June Gross mortgage lending in June was an estimated £13.1 billion, a 15% increase from £11.4 billion in May and a 7% increase from £12.2 billion in June last year, according to new data from the Council of Mortgage Lenders. Gross lending in the second quarter of 2010 was an estimated £35 billion, up 17% from [...] Purchases continue to lead the mortgage market The latest www.charcol.co.uk mortgage index reveals that 6 out of 10 mortgages taken in June 2010 were for purchases. Drew Wotherspoon, director of marketing at www.charcol.co.uk, comments on this and other findings. “Purchase activity continues to maintain dominance over remortgaging, as it has done for the last 12 months. The only time when remortgaging has [...] Government outlines support for struggling homeowners Housing Minister Grant Shapps has outlined how the Coalition Government will provide much-needed support to homeowners at risk of repossession. The risk of repossessions remains high – the Council of Mortgage Lenders’ latest forecast is that there will be 53,000 repossessions in 2010. So Mr Shapps is also stepping up work with partner organisations including [...] Tenant demand for private rented sector property continues to grow Nearly three times as many landlords reported that tenant demand was rising rather than falling during the second quarter of the year, Paragon Mortgages’ PRS Trends Report has revealed. The quarterly snapshot of the private rented sector and buy-to-let market shows that 29% of landlords recorded growing levels of tenant demand during the period, compared [...] Repossessions may increase in resurgent housing market A housing market recovery may lead to an increase in the number of repossessions as lenders enforce suspended possession orders after previous leniency, according to the Consumer Credit Counselling Service (CCCS). The UK’s leading debt charity counsels a large number of clients with suspended repossession orders on their homes which lenders have chosen not to [...] Coventry launches new 3.99% Flexx Capped product Coventry Building Society has launched a new range of competitively priced mortgage products including two Flexx Capped deals which allow unlimited over payments with no early repayment charges. The product details are: Flexx Capped at 3.99% for 2 years (30.06.12), initial pay rate 2.99%, loan to value 65% Flexx Capped at 4.49% for 2 years [...] London homebuyers pay premium to live close to a tube or train station A London homebuyer will pay a £20,000 premium for property 500m from nearest station (compared with a similar property 1,500m from station) research from Nationwide reveals. Homebuyers looking to buy around the Circle Line should be aware that line serves the capital’s most expensive areas taking in much of central London and also parts of [...] 75% could save £1.8 bn a year The number of SVR (standard variable rate) mortgage customers with less than 85% LTV (loan to value) has soared to 1.7 million in past 12 months, yet these borrowers could benefit from up to £1.80bn a year interest savings by taking up current ‘best buy’ deals. Research by Yorkshire Building Society shows that the number [...] Rental housing supply hits all-time-low The dearth in available rental properties is worsening, according to research out today from the Association of Residential Lettings Agents (ARLA). Almost three quarters (70 per cent) of ARLA member offices say that there are more tenants than available properties. This is an increase from 59 per cent last quarter and 24 per cent in [...] Increase Website Traffic |