Slight increase in mortgage approvals in December 2008
January 31, 2009
The Bank of England has reported that there was a small increase in the number of approved mortgages in December as mortgage advisers enjoyed more success in finding mortgage deals for borrowers.
December saw a total of 31,000 approved mortgages for house buyers, which is an increase of 4,000 from the 27,000 approved mortgages in November. Although a slight rise, December’s figure of 31,000 approved mortgage offers represents the all-time second lowest total of approved mortgages in a month, behind November 2008.
To further back up news of a possible turnaround in the housing market, property sales have Read more
Proposal for collar on all mortgages
January 30, 2009
This week, the Council of Mortgage Lenders (CML) has been making calls upon the government to impose an industry wide collar on all mortgages in the industry.
Many people understand what a ‘capped’ mortgage is. This is where the mortgage terms and conditions has a cap so that if interest rates rise above this, the homeowner’s interest rate is effectively stopped, i.e. capped, at a particular rate and won’t go above this.
A collar works in Read more
Confusing mortgage jargon
January 29, 2009
According to some new recently released research from the Halifax, first time buyers are often confused by all the jargon in the mortgage industry and who is to blame them with LTV, KFIs and SVRs to contend with.
Apparently just one third were able to say what a KFI is.
KFI stands for Key Facts Illustration and is the standard format in which all mortgage advisors are required to present the details of a mortgage to a buyer. It is meant to present details in a clear manner.
Perhaps first time buyers couldn’t say Read more
Mortgages approvals increase
January 28, 2009
Figures from the British Banker’s Association have been revealed, showing that the number of mortgages approved for people to buy a home in December actually increased by more than 27 per cent compared to November, increasing to 22,051 mortgages.
Those taking their CeMAP exam or studying Read more
New mortgages from Natwest and RBS
January 27, 2009
Those doing their CeMAP training now or preparing for their Competent Advisor Status (CAS) will be interested to hear that the property market appears to be making a bit of a change for the better and two mortgage lenders looking to stir things up are the Natwest and Royal Bank of Scotland (RBS).
Both lenders have introduced new mortgages Read more
Should I remortgage now or wait?
January 26, 2009
If you are coming to the end of your current mortgage deal, then you will no doubt be wondering whether you should be looking to remortgage or whether you would get a better mortgage deal by holding off for a little while, especially with everything in the news about the government’s latest bank rescue package.
When your mortgage deal ends, you would automatically Read more
Banks advise customers to overpay on their mortgages
January 25, 2009
Lloyds TSB and HSBC have both advised customers to overpay on their mortgages wherever possible. This advice follows the drop in interest rates that has seen mortgage customers on standard variable rates (SVR) and tracker mortgages benefit from a substantial drop on their mortgage payments.
The SVR of Lloyds TSB has dropped by over 50% to 3.5% from what it was last summer, and the lender has admitted to 27,000 enquiries from customers to overpay on their mortgages in the last 3 months. HSBC is currently writing letters to 30,000 of their mortgage customers highlighting the benefits of overpaying on their mortgages.
The marketing director of C&G, Stephen Noakes, stated:
Homeowners with a tracker mortgage are hundreds of pounds a month better off. For those who can spare the extra money, making overpayments is a Read more
How will the government package help borrowers?
January 24, 2009
Those without a mortgage and trying to buy a house and also those with a mortgage worried about being able to remortgage will be watching the latest government plans very carefully and no doubt wondering how this will affect them.
Currently, getting a mortgage can be Read more
Will new rescue package help mortgages?
January 23, 2009
The government has announced a second rescue package this week, which amounts to lending the banks around £200 billion, but following the first rescue package last year, the question on many people’s lips is ‘will it make a difference?’
For instance, last year the Royal Bank of Scotland (RBS) absorbed Read more
Lloyds TSB confirms thousands overpaying mortgages
January 22, 2009
According to Lloyds TSB, they have seen more than 27,000 customers requesting to overpay their mortgages since the interest rate cut from the Bank of England in November rather than just taking the drop in their monthly mortgage payments.
The article was featured on the Read more
