In order to take more market share Tesco plans to extend its distribution beyond its shop front to mortgage brokers for the first time next year. Tesco Bank has lent over £1bn worth of home loans since it started selling mortgages two and a half years ago, according to a report in the Telegraph. Tesco […]
Due to a variety of funding sources which have enabled lenders to raise capital at “exceptionally low cost”. fixed-rates and tracker mortgages are at record lows, the Council of Mortgage Lenders said, In it’s latest news and views publication, the industry body pointed out that its regulated mortgage survey revealed that last November for the […]
Use of disposable income to cover any shortfall in its rental cover calculation is now being allowed by Barclays as it loosens its buy-to-let lending criteria Up to now Barclays has used a rate of 5.79 per cent to assess affordability, as opposed to the mortgage rate itself. For example, a £200,000 loan on a […]
According to data from the Bank of England (BoE)mortgage approvals for house purchases fell to 60,275 in December suggesting a growing depression in the UK’s housing market. Mortgage loan approvals were down 17% in December compared to 72,343 in December 2013. Admittedly mortgage loan approvals slightly better on November where they reached 58,956, December approvals […]
According to the Centre for Economics and Business Research (CEBR),half of homeowners with variable rate mortgages aren’t aware that their repayments could rise next year. They say it has found widespread ignorance amongst the UK public. Despite the CEBR predicting a minimum total mortgage payment rise of £723.8m across the UK when rates rise, over […]
The building society’s interim results show that Nationwide gross mortgage lending has fallen by nearly £1bn. Nationwide says the economy is “becoming more tolerant to an increase in interest rates” but warns arrears rates are likely to increase for prime and specialists mortgages whenever interest rates do rise. Chief executive Graham Beale says Nationwide is […]
Barclays are urging borrowers to use the cash saved under the new stamp duty rules to pay down their mortgage rather than spend the money on other things. They should put it to good use by reducing their mortgage amount amount which by even a small amount could lead to a not inconsiderable interest saving […]
Despite no movement in base rate for over five years, lenders seem to be cashing in on borrowers as new data shows SVRs are rising . The average SVR has risen 0.12 per cent from 4.41 per cent to 4.53 per cent, Bank of England data published this week showed. This is in contrast to […]
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