Northern Rock in massive remortgage bid

February 26th, 2009

Nationalised bank Northern Rock has launched a new plan to encourage more mortgage lending. Having changed its plan to discourage customers from borrowing from it, Northern Rock is now planning to increase new mortgage lending to movers, new buyers and remortgage customers by 5 billion GBP this year. The Council of Mortgage Lenders has welcomed […]

Repossessions rocketed in 08 as remortgages dwindled

February 26th, 2009

The Council of Mortgage Lenders announced that the number of remortgages rose to 40,000 last year. This represents a 54% increase on the number of repossessions in 2007. The rise is due in part to the lack of affortable remortgage deals, leaving many unable to afford their standard variable rates.

Mortgage fraud will not help borrowers, expert says

February 17th, 2009

CEO of Alexander Hall mortgage advisors Andy Pratt said that lying to lenders will not longer help mortgage or remortgage customers secure a loan. Pratt said that, with so much emphasis now on deposits rather than repayments, lying about income levels will make little difference when applying for a mortgage. He also said that remortgage […]

Remortgages shrink by 33%

February 17th, 2009

New research from the Council of Mortgage Lenders show that the number of remortgages granted in the UK has plummeted by a third. 33% fewer remortgage deals were taken out compared to 2007’s figures. Remortgaging now may involve raising a large deposit or taking on a less beneficial rate due to the financial crisis.

Yorkshire Building Society unveils new remortgage deal

February 13th, 2009

Yorkshire Building Society today announced that it is offering news mortgage deals. Mortgages start at 3.99%, and the new range offers fixed rate products of two, three or five years with LTV ratios of 60-75%. A remortgage deal at these prices is available to borrowers, with free valuation and legal services included.

Brits start remortgaging overseas

February 13th, 2009

With remortgage deals becoming increasingly hard to find in the UK, the contrast with mortgage prices abroad is becoming ever more defined. Conti Financial Services, the overseas mortgage specialist, is now offering overseas property owners remortgage deals at 2.49%, whilst the best rate in the UK at the moment stands at around 3%. Over two […]

Fall in cost of equity release schemes could save homeowners thousands

February 9th, 2009

The cost of equity release schemes has fallen by 2% in the past 5 years. Though rates on equity release schemes are fixed at the start of the term, many retired homeowners could save by switching to cheaper products through equity release remortgage deals. Dean Mirfin, business development director of specialist adviser Key Retirement Solutions, […]

Abbey slashes fixed rate deals

February 9th, 2009

Big-name lender Abbey today cut rates on many of its fixed rate mortgage deals. As well as cutting the price of its fixed rate mortgage deals, there are also cheaper remortgage deals available. For anyone looking to buy, move home or remortgage, Abbey will be launching a fee-free two-year fixed rate remortgage at 4.49% available […]

Woolwich unveils new fixed rate deal

February 2nd, 2009

High street lender Woolwich has launched its lowest ever fixed rate deal. The new deal starts off at 2.29% for one year, which then reverts back to a tracker deal at hank base rate plus 2.29% for the rest of the mortgage term. The mortgage deal is available under Woolwitch’s Switch and Save scheme, which […]

Brown ‘wanted financial early warning system 10 years ago’

January 27th, 2009

The Prime Minister said today that he called for better financial regulation ten years ago. Due to the reluctance of banks to lend to each other, mortgage and remortgage deals are now too expensive for many borrowers. Mr Brown today claimed that he said in Harvard a decade ago that an early warning system and […]

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