The number of remortgages taken out in August 2008 dropped to an almost record-breaking low.
Figures from the Council of Mortgage Lenders say that over the month of August, only 74,000 remortgages were taken out, almost matching the record low of 73,000 in March.
The number of loans to buy houses dropped to 42,000 over the same [...]

Following its nationalisation in February, Northern Rock has warned that it will find it difficult to repay the remaining £11.5bn outstanding on its £26.9 bn government loan due to the economic slowdown.
The bank has already repaid the government £15.4bn.
To achieve this, the bank has reduced its mortgage book, and is encouraging existing homeowning customers to redeem [...]

Two lenders announced yesterday that they had cut their mortgage rates following the 0.5% interest rate cut by the Bank of England last week.
The Co-operative has announced that it will pass on the base rate reduction in full, in a bid to attract customers looking to mortgage or remortgage their property.
Nationwide has also said taht its [...]

Halifax has announced that the average monthly rate paid by mortgage holders has decreased since August 2007.
According the the lender’s most recent figures, the average rate paid by their borrowers fell from 5.91% to 5.83% in the 12 months before August 2008.
This will come as good news to those already paying mortgages and those looking [...]

The Bank of England yesterday cut UK interest rates by a very substantial 0.5%.
UK banks are now expected to respond by announcing rate cuts for mortgage holders and those looking to remortgage may hope for better deals due to the cut.
Many borrowers and savers alike hope that the interest rate cut will help kickstart the [...]

Mortgage broker John Charcol has urged mortgage holders who are nearing the end of their fixed rate mortgages to find a new deal as quickly as possible.
Ray Boulder, John Charcol’s senior technical manager, said that those looking to remortgage should start looking into their options six months before their deals expire.
In the current economic climate, [...]

The south-west has suffered a spate or repossessions, with hundreds of people unable to keep up mortgage repayments or remortgage effectively, the Guardian Online reports.
Figures released yesterday reveal that repossessions in Devon and Cornwall increased by 41% earlier this year compared to the same period in 2007.
Mortgage experts in the area predict that there will [...]

Supermarket giant Tesco has announced its entry into the mortgages market.
The supermarket chain already offer personal finance products such as loans and car insurance.
The company also has a mortgage comparison service, but will now be tempting first-time buyers and those looking to remortgage with low cost deals.
Tesco said that they feel the move into the [...]

Dean Mirfin, business development director at Key Retirement Solutions, has advised that people who have taken out an equity release product should remortgage to make a “considerable saving.”
Mirfin said that the demand for such products is increasing despite the credit crunch, meaning that lower interest rates are obtainable through remortgage deals.
He said: “Remortgaging is simple. [...]

Instant Access Properties, a central player in the buy-to-let phenomenon, has gone into administration.
The firm owned by Jim Moore will leave 4,500 exchanges incomplete.
The company blamed the global credit crisis and the fact that there are “fewer mortgages provided by banks.”
With one more broker bankrupted and other banks withdrawing mortgage products, people seeking remortgage deals [...]