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Mortgage rationing becomes worse, Bank of England warns

Wed, 11 Jan 2012 23:59:59 -0000

Mortgage rationing becomes worse, Bank of England warns Home buyers will find it even harder to obtain a mortgage in the coming months, the Bank of England says. Its quarterly survey of lending activity shows that lenders are going to be even fussier about prospective customers. "Lenders expected a tightening of credit scoring criteria for granting ne...

Mortgage approvals fall as banks favour richer borrowers

Mon, 14 Nov 2011 23:59:59 -0000

Mortgage approvals fall as banks favour richer borrowers The number of home loans approved last month fell with lower income buyers hit the hardest. Mortgage approvals fall as banks favour richer borrowers Home loan approvals fell for the second month in a row in October, as mortgage lenders favoured richer borrowers. Those who managed to save a ...

Mortgage lending picks up, but fewer first-time buyers

Thu, 15 Sep 2011 23:59:59 -0000

Mortgage lending picks up, but fewer first-time buyers Mortgage lending picked up in July, according to figures from the Council of Mortgage Lenders (CML). The overall value of mortgage lending increased to �7.3bn from �6.9bn in June. In volume terms 48,800 were signed, up from 37,800. The value of mortgages extended to first-time buyers a...

Mortgage approvals pick up

Wed, 17 Aug 2011 23:59:59 -0000

Mortgage approvals pick up Mortgage approvals hit a 13-month high last month, the Bank of England reported, but economists cautioned that they remained low by long-term standards. The number of mortgages lenders approved for house purchase rose 4pc to 48,421 in June, the Bank said, from 46,418 in May. Approvals, which offer a clue to demand and so to future ...

Rise in mortgage lending 'fuelled by remortgaging'

Sat, 25 Jun 2011 22:59:59 -0000

Rise in mortgage lending 'fuelled by remortgaging' Figures from the Council of Mortgage Lenders show 12% increase on previous month, but this shouldn't be seen as a sign of strength in the market Gross mortgage lending was up �1.2bn in May, a 12% increase on the previous month and 1% higher than May 2010, according to figures published by the Council of Mortgage Lenders (CML). ...

Mortgage approvals hit new low, Bank of England reports

Tue, 7 Jun 2011 22:59:59 -0000

Mortgage approvals hit new low, Bank of England reports The number of mortgages approved for house purchases hit a new low in April, Bank of England figures show. At just 45,166, the number of new approvals was the lowest April figure since the Bank's records began in 1992. Analysts said the data may have been affected by the number of public holidays in April. However, the figu...

Mortgage applications up 11.6 per cent

Sun, 17 Apr 2011 22:59:59 -0000

Mortgage applications up 11.6 per cent Mortgage applications were up 11.6% in March compared to February and 20% higher than applications in March 2010. This good news comes from the latest National Mortgage Index compiled by Mortgage Advice Bureau and Coreco Group. The majority of new borrowers are overwhelmingly choosing fixed mortgages, with 80% of all mortgage applications i...

Sudden slump in mortgage lending, lenders reveal

Sun, 13 Mar 2011 23:59:59 -0000

Sudden slump in mortgage lending, lenders reveal The number of new mortgages lent to house buyers slumped by 29% in January compared to December, the Council of Mortgage Lenders (CML) said. At just 28,500 the figure was also 12% lower than in January last year. The CML said the fall was larger than expected at the time of year and du...

Mortgage borrowing rose slightly in 2010, lenders say

Sun, 13 Feb 2011 23:59:59 -0000

Mortgage borrowing rose slightly in 2010, lenders say Mortgage lending to house buyers rose slightly in 2010, according to the Council of Mortgage Lenders (CML). There were 529,300 new loans made to house buyers last year, up 3% from 2009, with their value rising 11% to �77.1bn. The CML said lending was now "stable but subdued", although it was still at "historically low...

House prices drop amid mortgage deep freeze

Fri, 10 Dec 2010 23:59:59 -0000

House prices drop amid mortgage 'deep freeze' House prices have dropped �5,000 since the beginning of the year amid the mortgage market's own deep freeze, it has been revealed. The typical value of a home in Britain has dropped from �169,500 at the beginning of this year to �164,700 last month, according to the latest house price index fro...

Mortgage lending still subdued, lenders say

Thu, 18 Nov 2010 23:59:59 -0000

Mortgage lending still subdued, lenders say Mortgage lending continues to be subdued, the Council of Mortgage Lenders (CML) says. Total mortgage lending in October was �12.4bn, the same as in September but the lowest October figure since 2000. The continued rationing of lending has been the main factor behind the recent fall in house prices. The CML said lending in the c...

Mortgage lending in fresh decline, lenders say

Sat, 23 Oct 2010 22:59:59 -0000

Mortgage lending in fresh decline, lenders say This year's revival in lending appears to have stopped, the CML figures suggest UK mortgage lending remained subdued last month, figures from the Council of Mortgage Lenders (CML) suggest. Total lending was 12bn in September, the lowest September total since 2000. The CML's figures, which cover borrowing for house purchases ...

Mortgage lending remains tight for first-time buyers

Wed, 15 Sep 2010 22:59:59 -0000

Mortgage lending 'remains tight' for first-time buyers First-time buyers' share of the mortgage market fell to its lowest level for three years in July, according to new figures. The proportion of new mortgages taken by first-time buyers fell to 34% of all loans granted to home buyers, the Council of Mortgage Lenders (CML) said. Although they had to put down ...

Warning of second credit crunch as Bank of England predict loans will plunge over next three months

Sat, 3 Jul 2010 22:59:59 -0000

Warning of second credit crunch as Bank of England predict loans will plunge over next three months Britain could be on the brink of another mortgage drought, the Bank of England warned yesterday. Lenders expect the number of loans to plunge over the next three months, research published by the Bank showed, as fears of a second credit crunch grow. The claim will alarm m...

Mortgage rates to climb higher as gilt yields surge

Sat, 8 May 2010 22:59:59 -0000

Mortgage rates to climb higher as gilt yields surge Property experts today warned that the hung parliament could trigger rising mortgage costs, claiming indecision at Westminster could add �52 a month to the average home loan. Long-term lenders link mortgages to gilt yields, and today alone the rate of return demanded from 10-yea...

Mortgage deals at 6-year low

Mon, 15 Mar 2010 23:59:59 -0000

Mortgage deals at 6-year low Figures reveal that fixed-rate home loans have fallen to their cheapest level for six years as savers are hit by falling returns Homeowners who are able to secure a new mortgage are benefitting from the lowest interest rates in more than six years, Bank of England figures show. The average cost of a two-year fixed-rate deal has...

New rules on mortgage arrears proposed by FSA

Tue, 2 Feb 2010 23:59:59 -0000

New rules on mortgage arrears proposed by FSANew rules to protect mortgage holders who are in arrears have been proposed by the Financial Services Authority. The FSA says it wants to ensure that those borrowers are treated fairly, especially ones who have borrowed from specialist lenders. It wants to ensure that repossession is a last resort and that borrowers i...

UK homeowners pay down mortgage debt for sixth quarter

Wed, 30 Dec 2009 23:59:59 -0000

UK homeowners pay down mortgage debt for sixth quarterUK homeowners reduced their outstanding mortgage debt for a sixth quarter between July and September, paying down �4.9bn. Bank of England figures on Tuesday showed homeowners injected the equivalent of 2pc of post-tax income into their homes in the third quarter. This is a far cry from the final qua...

New mortgage lending still nudging ahead

Mon, 30 Nov 2009 23:59:59 -0000

New mortgage lending still nudging ahead Figures from the Bank of England show the value of mortgages approved for house purchases rising for the 11th consecutive month in October, to �8 billion. The total is up from �7.6 billion a month earlier and compares with a previous six month average of �6.7 billion. Volumes increased to 57,345, up from 56,205 in September and 18% higher than a year...

UK mortgage rates moving down

Sat, 14 Nov 2009 23:59:59 -0000

UK mortgage rates moving down Despite the fact that the Bank of England's monetary policy committee decided to leave UK base rates unchanged, we have seen a number of UK mortgage providers reduce their rates. Indeed we saw Nationwide reduce its fixed rate by 0.31% and tracker rate by 0.2%, Northern Rock reduce its tracker mortgage by 0.5% and its fixed rate by 0....

Is the rise in mortgage lending a positive sign?

Mon, 26 Oct 2009 23:59:59 -0000

Is the rise in mortgage lending a positive sign? Reports that mortgage lending increased during September are a "very positive sign" for the UK housing market, an industry expert has claimed. Stuart Law, chief executive of property investment firm Assetz, made the remarks after the Council of Mortgage Lenders (CML) reported a 2% rise in mortgage lending during September. Law said he is...

First-time buyers foiled as mortgages disappear

Tue, 22 Sep 2009 22:59:59 -0000

First-time buyers foiled as mortgages disappear Number of mortgages available at 90% loan-to-value have plummeted by 75% over the past 12 months, figures show First-time buyers with a 10% deposit are struggling for choice. Photograph: Rex/E M Welch The problems faced by first-time buyers were highlighted today as research showed a 75% fall in the number of loans available ove...

Banks triple profit margin on mortgages, despite low interest rates

Sat, 12 Sep 2009 22:59:59 -0000

Banks triple profit margin on mortgages, despite low interest rates High-street banks and building societies have almost tripled their profit margin on five-years fixed-rate mortgages over the past year, denying consumers the benefit of the lowest interest rates in history. Homeowners are now being offered less competitive mortgages than at the height of the global credit crisis despit...

Gross Mortgage Lending up 26% in July

Mon, 24 Aug 2009 22:59:59 -0000

Gross mortgage lending up 26% in July Gross mortgage lending totalled an estimated �16bn in July, a 26% increase from �12.7bn in June but down 36% from �24.9bn in July 2008, according to the Council of Mortgage Lenders (CML). This is further evidence of a modest improvement in the market over the summer after an exceptionally weak winter. However, activity is still subdued on any historic co...

Mortgage rate rises defy calls for fairer lending

Thu, 16 Jul 2009 22:59:59 -0000

Mortgage rate rises defy calls for fairer lending Banks are refusing to cut mortgage costs for borrowers, and some are still pushing rates up, in spite of sharp falls in their own funding costs in recent weeks. Swap rates, which determine the price of fixed-rate lending, jumped at the beginning of June, triggering an immediate ripple of price increases on mortgage deals. These underlyin...

The best fixed rate mortgage deals

Mon, 15 Jun 2009 22:59:59 -0000

The best fixed rate mortgage deals The cost of fixed-rate mortgages is already beginning to rise, and experts are predicting that it will go higher still in the coming months. This is bad news for consumers because, according to new data from the Council of Mortgage Lenders (CML), 69 per cent of mortgages taken out in April were fixed-rate deals the highest share since June 2008 at...

Sunny side of the street

Fri, 29 May 2009 22:59:59 -0000

Sunny side of the street The new Nationwide house price survey has revealed further signs of recovery in the UK housing market, with news that property prices rose by 1.2 per cent this month, the second rise in three months... Buyers continued to return to the market in May as house prices rose for the second time in three months. TheNationwide Building Society research showed that th...

Mortgage affordability hits five-year high

Tue, 12 May 2009 22:59:59 -0000

Mortgage affordability hits five-year high First-time buyers and home movers are benefiting from the lowest debt servicing costs since 2004, according to the Council of Mortgage Lenders (CML). This is despite borrowers needing large deposits to be able to enter the market and overall lending remaining constrained. House purchase lending accounted for 35% of all mortgage lending in Mar...

Mortgage lending plunges by 60pc

Mon, 2 Mar 2009 23:59:59 -0000

Mortgage lending plunges by 60pc Mortgage lending dived by more than 60 per cent during January to just one 10th of its level 12 months ago, figures showed today. Mortgage lending dived by more than 60 per cent during January to just one 10th of its level 12 months ago, figures showed today. Photo: AP Net mortgage lending was �690 million during the month, down from �1.7...

Banks triple profit margin on mortgages, despite low interest rates

Thu, 1 Jan 1970 22:59:59 -0000

Banks triple profit margin on mortgages, despite low interest rates High-street banks and building societies have almost tripled their profit margin on five-years fixed-rate mortgages over the past year, denying consumers the benefit of the lowest interest rates in history. undefined undefinedBy Robert Winnett and Harry Wallop Homeowners are now being offered le...