Mortgages News

Leeds launches 5-year fixed rate mortgage

Leeds Building Society has launched a market leading 5-year fixed rate mortgage at only 5.99% with no higher lending charge, 10% capital repayments allowed each year without penalty and available up to 80% loan to value.

Base interest rate on hold at 5%

As expected, the Bank of England's monetary policy committee (MPC) kept base rate unchanged at 5%. However, the MPC remains worried about inflation and it's likely that the Governor, Mervyn King, will continue to have to write letters to Chancellor Alistair Darling explaining why inflation as measured by the Consumer Price Index (CPI) is outside the MPC's target range for a couple of months yet.

Energy Saving Tips to cut fuel costs

Around half of the households in this country have never switched supplier, leaving some homes paying 30% more for their fuel than they should be. It is possible to reduce that overspend straightaway simply by switching to a better value tariff - there are more than 14,000 to chose from - which does not even always mean changing supplier.

Woolwich cuts trackers, offers new fixes

Barclays mortgage subsidiary Woolwich is cutting the rates on its most popular Lifetime Tracker product (from 10/07/08) to encourage customers to take advantage of these fully flexible, fee free products at a time when many are sitting tight waiting for better news on short term fixed rates. It is also re-introducing fixed rate products with loan to value options of up to 90 per cent.

Housing market slow-down confirmed

The Communities and Local Government (CLG) index, which is based on housing completion prices, fell by 0.3% month on month in May. House prices typically rise between April and May, averaging an increase of more than 1% on the month over the previous five years. The annual rate of house price inflation continued to decline, slowing from 4.9% to 3.7% in May.

Fixed mortgage rates continue to rise

Although swap rates in the money markets peaked three weeks ago and have since come down, the cost of fixed rate mortgage deals has not reflected this change. In fact, rates are continuing to rise.

Financial Capability Action Plan unveiled

Action to give people more support to tackle their money concerns has being announced by Yvette Cooper MP, Chief Secretary to the Treasury and Hector Sants, CEO of Financial Services Authority (FSA). The Financial Capability Action Plan sets out new measures to give people free advice and assistance to help them to manage their finances

Nationwide reduces some mortgage rates

Nationwide Building Society annouced a reduction today to some of its fixed rate and tracker mortgage deals which will take effect from 9 July. The new rates put the cost of a two-year fix from 6.58% (with £599 fee) or 6.98% with no fee, while a newly-launched two-year tracker will be available from 5.98% (with a £599 fee) or from 5.78% with a £1,499 fee.

Bradford & Bingley rights issue rescued

Bradford & Bingley has confirmed it is going ahead with its rights issue, revised again back up to £400 million from £258 million with the backing of major UK-based shareholders, including M&G Investment Managers, Legal & General Investment Management, Insight Investment and Standard Life Investments, with an unchanged price of 55p per share.

Mortgage availability predicted to fall further

They Bank of England's Credit Conditions Survey says lenders will put a further squeeze on the availablility of home loans until September, and the number of borrowers expected to default on their mortgages is predicted to rise.