Best Mortgage rates help pay off bills
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Mortgage Drought hitting House prices
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Fixed-Rate Mortgage slashed by Santander
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Mortgages: Encourage an early Pay Off
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If you've been finding it difficult to get the right mortgage, or get one at all, you'll be pleased to know more deals and better rates are slowing starting to emerge.
"Funding is not quite at the right level yet, but they are looking to lend a little bit more".
That's according to Andy Pratt, chief operating officer at Alexander Hall, who claims that confidence is gradually returning to the lending community, which can only mean good news for consumers.
It's claimed additional market competition has led to cheaper mortgage rates.
If you're a first time buyer you'll be pleased to know that Mr. Pratt says you're in a better position that you have been for a long time.
Here at Moneyextra we can compare the increase amount of deals for you to make sure your money works hard for you.
Best Mortgage rates from HSBC
433 ViewsHSBC has upped the stakes in the slowly recovering mortgage by offering a product with a rate of just 1.99 per cent.
The loan is set at a discount of 1.95 per cent from its standard variable rate of 3.94 per cent for two years, has a £999 arrangement fee and is available up to 60 per cent of a property's value.
Industry experts have said the mortgage represents good value and beats those with lower interest rates over the two-year period because of the smaller arrangement fee.
An HSBC spokesman has also dismissed suggestions that mortgages linked to the standard variable rate may mean 'cloudy' charges for customers.
Nevertheless, some lenders have raised their SVRs in recent months, even while the Bank of England's interest rates have remained at 0.5 per cent.
If you're thinking of taking out a mortgage then head over to MoneyExtra.com, the online money experts.
Remortgage market show signs of recovery
405 ViewsThe downturn in mortgage approvals and lending looks to be on the turn.
That's the opinion of experts within the industry who say they have seen significantly more business in new year.
It's claimed that this is due in part to more buy to let mortgages and remortgages being issued, and increased competition between lenders, according to the John Charcol Index.
The amount of choice available to consumers has increased and in many cases there are lower rates for both new fixed and tracker mortgages.
It also means that borrowers with as little as 15 per cent equity in their properties have a significantly improved range of products to chose from.
If you're looking for information about mortgages or any other aspect of the financial industry then visit MoneyExtra.com, the money experts.
Cuts to interest on mortgages are being funded by falling savings rates.
That's the claim coming from an investigation which found that since November rates on bonds have fallen by up to 0.65 per cent.
Analysts have said the findings show that providers cannot seem to offer competitive mortgage and saving deals at the same time.
The report says that providers have shifted their focus from savings to mortgages, which is more profitable.
The swing is in contrast to last year, where the requirement on providers to hold more capital reserves pushed savings rates upwards.
Now that the demand for deposits has eased rates are falling as a consequence.
If you're considering your mortgage or saving options then visit MoneyExtra.com, the money experts.
Mortgages availability is on the up!
425 ViewsThe number of mortgages available for homebuyers has shown a recent increase.
That's according to research from Moneyfacts.co.uk which shows that at the beginning of the month there were almost 1,800 deals available requiring deposits of 40 per cent or less.
That's a 6 per cent increase on the availability last month and 68 per cent more than a year ago.
Even at the bottom end of the scale there has been a healthy increase in mortgage availability, with a 90 per cent increase of mortgages requiring small down payments.
Some of the lenders to cut interest rates across their mortgage ranges have included Lloyds, RBS, Cheltenham & Gloucester, Northern Rock and Alliance & Leicester.
It is hoped that the rise in mortgage availability may signal a recovery in the housing and lending markets.
If you’re considering a mortgage or just need advice then visit MoneyExtra.com, the money experts.
Best Mortgage deals by switching schemes
489 ViewsThe Bank of England's decision to keep the base rate fixed at 0.5 per cent and inflation running at 3.5 per cent is hitting savers hard.
That's according to industry experts who claim that it is becoming increasingly difficult for investors to find high returns on their savings accounts. The average rate on an instant access savings account is now only 0.86 per cent.
But shoppers can still save money by switching to an offset mortgage scheme. It works by using your savings to reduce the amount of interest you pay on your mortgage.
The scheme is not for everyone, however - buyers need to check the rate offered against normal mortgages. Offset mortgages are generally felt to be best suited to those with large sums in their savings accounts already.
If you're considering taking out a mortgage or just want to find out more then visit Moneyextra.com, the money experts.
If you've been struggling to find a mortgage that suits your needs at a great rate, you might be interested in a new 2 year fixed rate mortgage launched by the Co-op.
This mortgage has been added to the range that they offer and is also available through Britannia, with an interest rate of 3.19 per cent accessible on up to 75 per cent loan to value deals.
However this does increase to 4.49 per cent for 85 per cent loan to value.
Now both of these deals do have an arrangement fee of £999, making it a very competitive offer for potential home owners.
John Hughes from Co-operative Financial Services explained how these two deals have been added to give customers even more choice on their mortgages.
Compare Mortgages and avoid the slump!
539 ViewsUK house prices fell by 1.5 per cent in February, according to figures released by the Halifax.
It matches a similar drop of 1 per cent reported by Nationwide.
Halifax believes the drop, the first since June 2009, confirms recent rises were fuelled by the small number of properties for sale and a corresponding drop in mortgage lending.
The bank said that a mixture of bad weather, more properties for sale and the restoration of full stamp duty all had an adverse impact on demand for mortgages.
The average price for a house is now around £165,000, and experts have predicted that 2010 may well see static prices over the year.
But not all is doom and gloom; compared to the same time last year prices are up 4.5 per cent.
If you've been effected by the slump in the housing market then go to Moneyextra.com for tips and advice.
If you're a first time buyer and you haven't quite saved the 20 per cent deposit that everyone says you'll need, don't worry.
Santander has launched a 90 per cent loan to value mortgage for first time buyers of new builds.
This 10 per cent difference may sound small but it will be a huge help to people who've already managed to save 10 per cent of their deposit.
If you don't want a house, but you would like a flat then you'll be pleased to know that Santander has also increased the maximum loan to value rate for first time buyers of new build flats from 70 per cent to 80 per cent.
The move has also been welcomed by house builders who've struggled to sell one and two bedroom properties, ideal for first time buyers.
Mortgage Market Revival
448 ViewsProperty sales in the UK have doubled in the space of a month, suggesting a possible revival in the mortgage market.
The Property Activity Index Sales showed that the number of completed property transactions in February was twice that of the previous month, and the highest since March 2008.
Every region except central England saw strong growth, particularly the North West with an over 150 per cent increase.
The city with the biggest jump was Nottingham where house sales trebled to over 200 per cent.
It's thought that the dramatic increases are due to a slow January period for mortgage lending.
Freezing conditions along with a rush to buy before the end of the stamp duty holiday in December all helped to subdue sales in the first month of the year.
But February's increases are an indication that the housing market is on its way to recovery, with levels already comparable to 2007.
If you're considering buying or selling a house then get in touch with Moneyextra.com, the money experts.
Housing demand exceeds supply
562 ViewsDemand for homes is greatly outstripping supply and that will see far more of us renting privately in the future due to inflated prices.
That's the indication coming from research from the Council of Mortgage Lenders which shows that in the last decade around 130,000 to 170,000 homes were built each year.
Groups such as Shelter believe that figure should be closer to 250,000.
Much of the blame is being placed on private sector funding constraints including mortgages and public sector spending cutbacks.
Meanwhile Lib Dem shadow chancellor Vince Cable has predicted that a continuing rise in unemployment and interest rates will push many borrowers "over the edge".
That comes as data reveals that there were 46,000 mortgage repossessions in 2009, with the CML predicting another 53,000 for this year.
If you've been affected by mortgage problems or finding a home then get in contact with MoneyExtra.com, the online money experts.
Mortgage fraud on the increase
419 ViewsA report from the Credit Industry Fraud Prevention Service has discovered that mortgage fraud is on the rise.
CIFAS's Fraudscape report also show that overall levels of fraud have increased by around 10 per cent.
The rise is being blamed on the recovery in the housing market and possible help from ‘corrupt solicitors'.
It's thought that fraudsters are increasingly taking over more complex mortgage accounts as an alternative to conventional bank accounts.
The use of intermediaries working within the industry may be helping.
The scam is harder to pull off when mortgages are harder to obtain, but the recent loosening in the mortgage market has seen a small but significant upsurge in fraud.
This trend is bad news for mortgage borrowers, as lenders are likely to make it even harder to borrow, or try and recoup the cost of fraud from their honest customers.
If you've been affected by mortgage or identity-based fraud or just need some advice then get in contact with MoneyExtra.com.
We’re able to offer a range of help and advice.
Banks must do more to make cheap mortgages with lower loan to value ratios more widely available.
That's according to Catherine Hearnden, director of MyMortgageDirect, who says that mortgage customers are beginning to realise that if they want to take out a mortgage with a small deposit, they will have to pay for it.
Although a growing number of 90 per cent mortgages are becoming available, this still leaves many first time buyers having to produce big deposits.
The average house price stands at around £160,000 – so 10 per cent of that is £16,000, a sum still beyond the reach of many first timers.
Ms Hearnden argued that lenders must continue to provide more support to borrowers in order to get the mortgage market moving again.
If you're looking for a cheap mortgage, talk to MoneyExtra.com, no matter how big or small your deposit is.
House prices in February have fallen for the first time in nine months.
There was a seasonally adjusted 1 per cent month-on-month decrease, ending a period of sustained growth that has stretched back to April 2009, according to the latest figures from leading mortgage lender Nationwide.
This may sound like good news for first time buyers, but the lack of availability of cheap mortgages for people who are not coming to the market with large deposits is still keeping affordability low.
Some of the fall is being blamed on the recent bad weather which may have kept prospective buyers at home, and the end of the stamp duty holiday.
It's unclear whether the figures are a one-off blip or in fact herald the start of a new trend.
According to Land Registry House Price figures the average price of a house in England and Wales was now £165,088 in January.
If you're looking for a good deal on a first time buyer mortgage, why not contact the team here at MoneyExtra.com?
The Financial Ombudsman Service has named those British banks who received the highest number of complaints over the second half of the last financial year.
Barclays, Santander, Northern Rock, Nationwide Building Society, Cheltenham & Gloucester, Alliance & Leicester and NatWest all made the list.
But it was the Bank of Scotland which received the most complaints relating to mortgages. 561 customers made a complaint between July and December 2009, 34 per cent of which were upheld in favour of the consumer.
In other sectors GE Money Home Lending had 56 complaints in the same period, but 67 per cent of these were upheld - the highest percentage of any lender.
The FOS data also shows that in the second half of 2009 the ombudsman service upheld an average of 53 per cent of complaints in favour of consumers, slightly down on the 59 per cent in the first half of the year.
If you're unhappy with your bank, maybe there are other options for meeting your finance needs? Talk to MoneyExtra.com and let us help you find your way.
Despite the housing market showing some signs of recovery, experts are now warning that it's once again slowing down and could face a double dip scenario.
Potential home owners' struggling to secure cheap mortgages because of tight lending restrictions is thought to be contributing to a future drop in the house prices.
This is the case even though the government has urged banks to ease up on lending.
Kate Barker, who's a housing market specialist and sits on the Bank of England' monetary policy committee, claims that the levels of mortgages that are available are unlikely to return to what they were pre recession.
House prices have bounced back some what since they hit rock bottom, which was around 20 per cent lower than their peak in 2007, however experts claim this growth is unlikely to continue.
If you need some impartial advice on your first mortgage or even re-mortgaging, please don't hesitate to contact our helpful and friendly team here at Moneyextra.com.
House sales in Scotland picked up in the last three months of 2009, with the total value of first time buyer mortgages issued rising as against the previous quarter.
Although the Council of Mortgage Lenders found that the performance of the housing market in Scotland in quarter four was slightly behind that of the UK as a whole, the number of new mortgages and remortgages issued rose by one percentage point.
Scotland's property market held out better than the rest of Britain's during the slump of the last two years, and so the slower rate of growth is understandable.
But the CML does not see home loans becoming easier to get hold of any time soon – although lending conditions are expected to relax a little in the coming months.
If you're a first time buyer and want to be sure you get a good deal, or if you're looking to save money by remortgaging, get in touch with the team at MoneyExtra.com, and we'll help your money go further.
Buy to Let Mortgages are looking strong
523 ViewsBuy-to-let mortgages are once again looking strong.
Remortgaging activity among property owners with buy-to-let mortgages continued to drop in the last quarter of 2009.
That's according to new research from Paragon Mortgages.
The company found that only 30 per cent of landlords sought new mortgages for buy-to-let properties through brokers in quarter four, compared to 39 per cent in the previous quarter.
Low interest rates and a lack of products on the market are thought to be keeping landlords with their existing lenders.
At the same time, however, the Council of Mortgage Lenders found that first time buy-to-let mortgage lending was up in quarter four – although it remains well below the levels seen in 2008.
If you're a landlord looking to cut your costs or a newcomer to the buy-to-let game looking to get in on the action, why not speak to the team at MoneyExtra.com? We can help make sure you get the best deal.
Mortgages have reached a new low
490 ViewsFollowing on from last week's CML figures for January mortgage lending, new data from the British Bankers’ Association confirms that last month plumbed new depths.
New mortgage lending was just £8.02 billion, the BBA found: the lowest level since March 2001.
Like the Council of Mortgage Lenders last week, the BBA put January's drop down to many people looking to take advantage of the stamp duty holiday by taking out a mortgage early and the bad weather.
Nevertheless, many industry-watchers are anticipating an improvement in the next few weeks, as the cold snap comes to an end.
There are good deals around, particularly for those with large deposits.
Whether you're looking for a first time buyer mortgage or you're looking to get the best remortgaging deal, the team here at MoneyExtra.com are ready to help you.
With affordable mortgages for first time buyers in short supply, people hoping to take their first steps on the properly ladder will welcome the launch of a new range of home loans from the Post Office.
Aimed squarely at first time buyers, the mortgages will be available at a 75 per cent loan to value ratio in both variable and fixed rate forms.
One the one hand, buyers who don't mind seeing where the market takes them can opt for a two year tracker at 3.19 per cent – while for the more cautious, there are two, three and five year fixed rate deals starting from 3.89 per cent.
At the same time, the Post Office is cutting the interest rates on some of its other variable and fixed rate mortgages with immediate effect, following on from a similar move by Santander earlier this week.
If you're a first time buyer and don't know where to turn to get the best mortgage deals, then the team here at MoneyExtra.com will search and compare mortgages to get the best deal for you.
Mortgages for first time buyers in Scotland have become much harder to get hold of over the last two years.
North of the border, houses have held their value much better than in England – making it even harder for first time buyers to get that all-important first foot on the properly ladder.
New figures from Hometrack show that the average deposit a Scottish first time buyer needed to put down to get a mortgage was £24,573 in 2009.
That’s compared to just £9,738 in 2007 – a 154 per cent increase.
The Council of Mortgage Lenders, meanwhile, found that the average deposit put down by a first time buyer was 25 per cent of the property value last year.
The days of cheap and easy 100 per cent mortgages appear to be long gone, and first time buyers seem to be suffering once again by the lower loan to value ratios lenders are insisting upon.
If you are a first time buyer or looking to remortgage, though, don’t despair - here at Moneyextra.com we make it easy to compare the market and make your money stretch as far as it can.
If you've been struggling to get a mortgage through these tough economic times, you might have noticed that finally there're now more competitive mortgages to choose between.
New figures claim that there are more than 2000 deals for people to choose from making it more important than ever to compare before you buy.
The Mirror reports that one of the biggest mistakes that can be made is for people to be seduced by rates that seem to be the best only to find out that there's a sting in the tail- in other words always read the small print.
Borrowers will need to think very carefully about what they want i.e. a fixed rate or variable mortgage.
If you're struggling to work out what will be right for you or you just want to compare what's out there, here at Moneyexta.com we do all the hard work for you to ensure you get the best deal at the cheapest possible price.
Has the end of the stamp duty holiday put you off trying to get a mortgage?
Well you'll be one of many people as mortgage lending in the UK dropped sharply in January, analysts say it's the after math of the rush before Christmas to get on the property ladder before the end of the stamp duty break.
The Council of Mortgage Lenders says gross mortgage lending declined to an estimated £9.1 billion in January, a 32 per cent fall from £13.4 billion in December.
Seasonal factors mean that mortgage lending usually falls in January anyway compared with December, but lenders say that the drop was particularly sharp this year.
Don't let stamp duty put you off; here at Moneyextra.com we do all the hard work for you to ensure you get the best deal at the cheapest possible price.
Are you over paying on your mortgage while rates are low?, well your not alone.
New figures from research by the Co-operative Bank, show that the number of mortgage customers making overpayments has increased by 50 per cent over the last year alone.
The findings also explain how around 8 in 10 of those overpaying are doing so because they feel it makes good financial sense, due to the low return on savings at present.
If you're one of the people not over paying on your mortgage, you're also in good company, as the research found that just under 3 in 10 of you would prefer to put your money into savings or spend the left over money on clothes or holidays.
If you're thinking about switching your mortgage or you're a first time buyer, here at Moneyextra.com we search and compare the best deals to make sure you get the best deal.
Despite recent claims, it's argued that mortgage rates are only falling for those who already have equity to invest in their property.
That's according to industry experts who say that prospective buyers with a ten per cent deposit, the average rate of interest is currently nearly 6.5 per cent, which is the highest it's been since December 2008.
However, in comparison for someone with a 25 per cent deposit, the average rate is 4.27 per cent, which is the lowest since July 2009.
A spokeswoman said "First-time buyers are being offered little incentive to enter the market and there are no real signs of things getting better anytime soon for those with a small deposit".
If you're a first time buyer, don't despair, here at Moneyextra.com we compare lots of different rates and deals, to make sure the money you've saved works hard for you.
An industry expert says the Bank's of England's decision not to extend its Special Liquidity Scheme will not lead to increased mortgage rates.Bank Governor Mervyn King ruled out extending the scheme, which was due to end in 2011, during the recent inflation report.The scheme means banks and building societies can swap mortgage backed bonds and other unwanted assets for government bills.The news follows concerns of people raised in the Telegraph, that mortgages will dry up and rates will rise sharply towards the end of the year because lenders will struggle to borrow from wholesale markets to fund deals.If you're first time buyers or looking to remortgage, here at Moneyextra.com we make it easy to compare the market and make your money stretch even further.
People who are faced with huge mortgage debts could be better off having their homes repossessed, according to the government's housing minister.The controversial comment came after figures from the Council of Mortgage Lenders (CML) revealed a 15 per cent rise in people losing their homes during 2009.John Healey told BBC Radio 4 that "sometimes it is impossible for people to maintain the mortgage commitments they've got". As a result, he said that repossession could be the 'best option'.To help you avoid repossession, why not take a look at Moneyextra's debt solutions. One of our debt advisors will call you direct to discuss the best options available.
The number of repossessions hit its highest in 14 years during 2009, figures have shown.The Council of Mortgage Lenders (CML) revealed that 46,000 homes were repossessed last year. This is the highest number since 1995.However, the statistics showed that arrears and home possessions fell in the final quarter of the year – suggesting that some light is finally appearing at the end of the tunnel.Remember, if you are worried about your debt problems, Moneyextra has a range of debt solutions to help.
First time buyers climbing the ladder
631 ViewsHousing market activity improved in January, despite freezing cold temperatures.That's according to the National Association of Estate Agents (NAEA), whose market report showed that Brits braved the bad weather to buy more homes than the previous month.The number of sales for first-time buyers also rose by four per cent – now making up nearly a quarter of the market.If you're looking to jump on the ladder, or simply step up a rung, look no further than Moneyextra. We can find the very best mortgage deals to suit you.
Mortgages: Enter the new market
491 ViewsYorkshire Building Society has revealed a trio of new mortgages today, as competition continues to improve on the market.Included is Yorkshire's lowest ever headline two year fix – available at 3.09 per cent and up to 60 per cent loan-to-value. This for a fee of £1,195.Also on offer are one and three year fixes of up to 75 per cent LTV – with fees of £195 and £495 respectively.This is the third time the building society has cut rates this year.Tom Girling, product manager for mortgages, said that the move will provide increased competition in the mortgage market.Remember, at Moneyextra.com, we compare and save to bring you the best deals at the lowest prices.
Mortgages rates are cut back
482 ViewsCo-operative Financial Services has announced cuts in its mortgage rates by up to 0.55 per cent.The new range will be available from Wednesday, and will include a best buy ten-year fixed rate at 5.29 per cent, available with an arrangement fee of £999.Three, five and ten year deals are offered at 75 and 85 per cent loan-to-value (LTV) and will be available to customers of both Britannia and The Co-operative Bank.The news came on the same day as Nationwide extended its LTV limit to 70 per cent on all fixed and tracker mortgages.Remember, Moneyextra compares the best deals around at the lowest prices.
Mortgages: Santander two year deal
585 ViewsSantander has reduced the rate on its five year fixed rate mortgage and launched a new two year tracker.First time buyers and homeowners will both be able to take advantage of the two year mortgage at up to 70 per cent loan-to-value.Interest on the fixed-rate mortgage is 3.44 per cent while the rate on the tracker mortgage is 2.49 per cent.The five year mortgage is available at an LTV of up to 75 per cent with an interest rate of 5.44 per cent.Mortgage director at Santander, Phil Cliff, says that "now is a great time to take advantage of the low mortgage rates available". He added that, whether customers are looking for a tracker or a fix, Santander have a variety of market-leading deals available.Here at Moneyextra.com we compare a whole host of mortgage deals to make sure you get the best mortgage at the cheapest possible price.
If economist's predictions come true and interest rates begin to rise again, then people with variable rate mortgages could see a big rise in their repayments within a year or two. Nearly 30,000 mortgage borrowers with Skipton Building Society will soon feel the effects of this as the bank hikes its rates to 2 per cent even though the Bank of England's rate remains unchanged. Citing exceptional circumstances the UK's fourth biggest building society announced their home loans would be charged at 4.95 per cent from March 1st.That will add £82 a month to the repayments on a £100,000 repayment mortgage which has 25 years to run. If your looking for a mortgage or to change a mortgage here at Moneyextra.com we compare lots of different rates to get you the best deal.
First time buyers have been given a glimmer of hope today as it's claimed availability of mortgages is on the rise.The BBC reports that the number of home loan deals on the market in the UK has jumped in the last month.The trend in lenders relaxing their criteria has continued with the number of deals on offer up by 20 per cent compared with the start of the year.The good news for first time buyers is that some of these include deals requiring a relatively small deposit of 10 per cent.If you're a looking at getting a mortgage for your first house, here at Moneyextra.com we compare lots of different deals and rates for you to ensure you get the best deal.
Compare the best low rate mortgages
573 ViewsReforms of the UK mortgage market, recommended by the Financial Services Authority are too timid and may cause a second housing crash after the general election. This follows a conference on long term thinking in finance. Houses process are now only 8 per cent below their peak in 2007 and assets prices are being propped up by cheap money from the lowest rates in history, leaving the market vulnerable. The provocative paper argues that new structures proposed by the FSA are unlikely to prove robust in future housing crises. It also suggests that the FSA should develop indicators for the resilience of the mortgage market, to help to identify potentially vulnerable areas. Here at Moneyextra.com we compare lots of different mortgages and rates fro you, to make sure you get the best deal at the cheapest price.
Compare mortgages and refuse rejection
472 ViewsThe number of mortgages being approved in the UK dropped last month for the first time in more than a year.That's according to new figures released by the bank of England, which claims that banks granted 59,023 loans last months, down from 60,045 in November.The Telegraph reports that economists had been expecting the figure to increase to nearly 62 thousand.Both Halifax and Nationwide suggest that the rally in prices is likely to stumble this year, as the economy struggles to make a strong recovery.Here at Moneyextra.com we take the hard work out of searching for a mortgage for you.We compare lots of different home loans to make sure you get the best deal.
Compare mortgages get the better deal
613 ViewsThe Financial Services Authority (FSA) says borrowers who are in arrears need to get fair treatment. The watchdog's proposed new rules to try and bring down the number of repossesssions. They include making sure lenders apply payments to arrears first, and preventing firms from levying a monthly arrears charge if a payment plan's been agreed. Lesley Titcomb from the FSA says, "Lenders need to be in no doubt of their obligations to customers who fall behind with payments and must realise that such circumstances are not an opportunity to create further profits." If you're looking for a good deal on a new mortgage, here at MoneyExtra.com we compare and save to find the right deal for you.
Mortgage deals for first time buyers
810 ViewsHomeowners are having to shell out less of their income on mortgage payments than at any time for more than five years, according to the Council of Mortgage Lenders (CML). New figures show the record low base rate of interest has meant that an average of 10.6 per cent of gross income's needed to cover the mortgage, compared to 11.1 per cent in October. The CML say that means the debt burden on property owners is actually the lowest since the organisation began looking at the data in 1974, and that it's making home ownership more affordable. If you're looking for a new mortgage deal, here at Moneyextra.com we compare loads of deals to find the right mortgage for you.
Inflation could impact on mortgage rates
937 ViewsHomeowners are being warned to prepare themselves for a rise in interest rates, after a record increase in inflation. Figures from the Office of National Statistics show inflation leapt by a record 0.6 per cent on the previous month - equating to an annual rise of 2.9 per cent. The Bank of England sets its inflation target at 2 per cent. It's expected to go up again next month because of the VAT increase, and some analysts believe the Monetary Policy Committee will increase interest rates as a result. At Moneyextra.com we compare loads of different mortgages to make sure you get the best deal and make the most of your money.
SME's prefer overdrafts over bank loans
558 ViewsSmall and medium sized enterprises in the UK are favouring overdrafts over bank loans.That's according to a new study which claims that despite higher rates of interest, one in three companies had applied for as new overdraft facility in the past two years, compared to just one in five for a bank loan.An industry expert said "Business operators may feel an affinity with their current account provider, so seeking an overdraft extension rather than a loan from another provider may seem a more appealing option".He went onto say that "The rates of interest they face paying, are likely to be far higher than for a business loan".If you're looking for a current account or a loan to help your businesses or personal life, at Moneyextra.com we do all the hard work by comparing lots of different accounts and rates to make sure you get the most out of your money.
Banks are increasingly restricting the best mortgages deals to current account customers in an attempt to lock customers in during the recession.Banking specialist David Black, said "banks are increasingly focusing their cross selling initiatives upon their current account customers and this has all the hallmarks of a trend that will accelerate. According to research by the Daily Telegraph the proportion of home loans which require borrowers to have a current account with their lender is four times higher than a year ago.If your looking for a mortgage, here at Moneyextra.com we compare loads of deals to make sure you get the best deal and the right mortgage for you.
First time buyer mortgages are now affordable in nearly one in four of local authority areas across the UK.That's according to the latest Halifax First Time Buyer Annual Review, which claims that compared to 2007, when just six per cent of areas were affordable the situation has 'improved significantly'.Lower house prices and higher levels of affordability are joined by increased availability of mortgages, following a 33 per cent rise in the number of deals on the market from 1,209 in April 2009 to 1,610 in December. At Moneyextra.com we compare loads of different mortgages to make sure you get the best deal and make the most of your money.
Lenders are now competing for borrowers business, as loan rates are only slightly higher than they were two years ago when BBR stood at 5.5 per cent.From today Nationwide will be offering a new personal loan rate of 7.6 per cent APR typical for loans of between £7,500 and £14,000 for up to five years.Many people who have overspent at Christmas use a personal loan to consolidate their debt and reduce interest charges.Nationwide believe this is a popular strategy for people as in Jan 2009 almost 60 per cent of all of its loans were used for debt.If you're thinking about taking out a personal loan at Moneyextra we do all the hard work for you by comparing hundreds of prices and making sure you get the best deal.
Borrowers are choosy about loans
510 ViewsThe number of people taking out mortgages to buy a home rose again in November and the number of people looking for other loans and overdraft continued to fall.This means consumers have continued to pay back unsecured loans with consumer credit falling for the fifth month in a row.Although credit card lending rose slightly in November, people paid back 376 million more than they borrowed during the month.At Moneyextra we compare rates to make sure you get the best deal and the most from your money.Hetal Mehta, senior economic adviser to the Ernst and Young Item Club said "An acceleration in mortgage approvals and higher mortgage lending bodes well for housing market prospects, but it is unlikely to be sufficient to sustain the rapid price increases seen over the second half of 2009."
Mortgage Lending Down 10% in November
353 ViewsMortgage lending in the UK fell 10% in November according to the Council of Mortgage Lenders (CML).That is the first monthly fall since August.Banks and Building Societies lent a total of £12 billion to new customers and those wanting to remortgage last month.That also amounts to a 14% year on year fall.The CML says although there is usually a seasonal fall at this time of year, 10% is a bigger drop than normal.With warnings of more job cuts and pay freezes in 2010, there are concerns the New Year could see a slow start for mortgage lending.
House prices are still being pushed up by a relative shortage of properties for sale, but comparing mortgages could mean you can still move house. According to the Royal Institution of Chartered Surveyors (Rics) its November figures show that prices have risen for the fourth month in a row. The number of surveyors reporting price rises outstripped those reporting falls, with a positive balance of 35 per cent. The Rics asks its members questions about prices, supply and demand. It says the latest figures are the strongest reading since November 2006 and that the trend is likely to continue. Despite modest increases in the number of properties coming on to the market, it's clear this isn't significant enough to keep pace with the levels of demand, says a RICS spokesperson. It's claimed to be a sign of an increasing level of buyer interest in the market. With such levels of demand, comparing mortgages and using a mortgage calculator could be the way for you to move house when you want.
If you're a Northern Rock customer then on January 1st you'll be told whether your mortgage will be held in the 'good bank' or 'bad bank' section of the institution.The nationalised bank will be split into two halves to pave the way for a partial sale.One business called Northern Rock plc, described as the 'good bank' will hold all savings accounts, carry out new lending and hold £10bn of existing mortgages.The second 'bad bank' will be called Northern Rock Asset Management plc will hold the majority of the mortgages and repay outstanding government loans.If you're a customer and you want to review your savings or mortgage options Moneyextra.com has loads of help and advice to ensure your money works hard for you.
Latest UK Financial News - Last updated 2010-03-18 13:02:29
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