Manchester mortgage broker North Mortgages has implemented a new service to help homeowners save money on their home by remortgaging early.
The new Remortgage Reminder service prompts homeowners to begin looking for a better mortgage three months before the current mortgage deal is due to end.
North Mortgages’ chief mortgage broker, Jonathan Smith, said: “The economic climate [...]

Britain’s biggest lender, Halifax, made an unpopular adjustment to its new tracker mortgage products.
Following the 1.5% rate cut from the Bank of England last week, UK lenders withdrew their tracker mortgage products.
Halifax has now joined Abbey and LloydsTSB in relaunching tracker deals, but has doubled the difference between the base rate and the interest rate [...]

Following the unprecedented rate cut from the Bank of England last week, many lenders retracted their tracker mortgages.
This was to combat the losses that would be made if remortgage customers rushed to take out a tracker mortgage when the base rate was at a record low.
Abbey and LloydsTSBs’ tracker mortgages are available to mortgage and [...]

Borrowers looking for a fixed rate mortgage or remortgage deal are still paying too much, according to moneyfacts.co.uk.
The average mortgage two-year fixed rate is 6.13%, whilst the two-year swap rate is only 3.61%. Before the economic slowdown, the difference between these two was only 0.10%.
Though the base rate cut last week reduced costs for lenders, [...]

Lead generation company Paaleads.com has reported that the Bank of England’s dramatic rate cut last week has caused large increases in mortgage lead sales.
Simon Williams, head of business development at Paaleads.com, said:
“On Thursday we generated and sold an all time record number of remortgage leads, more than three times as many as a typical Thursday.”
The [...]

Due to the credit crunch, many buy to let property owners are struggling to remortgage their properties, and are facing repossession or having to sell their properties at a loss.
A new scheme is about to be launched by mortgage advisor Egerton Partners to help landlords who are unable to remortgage or sell their properties.
The company [...]

In a move that has surprised many analysts, the Bank of England has cut interest rates to just 3%.
The 1.5 percentage point cut was much greater than anticipated.
Borrowers are now waiting to see whether this cut will be passed on to them through the banks.
The cut, if passed on to customers, could make mortgaging and remortgaging easier and [...]

According to a recent study of 200 UK mortgage brokers, the buy to let mortgage sector is being dominated by professional landlords who are either buying more mortgages, or remortgaging their existing properties.
The number of first time buyers in the buy to let sector has shrunk to its lowest level in recent times this quarter.
The [...]

Louise Cuming, Moneysupermarket.com’s mortgage expert, yesterday said that homeowners may find remortgaging difficult.
She said that those with a loan-to-value of more than 75% would struggle to get a remortgage deal with a low interest rate in the current climate.
Ms Cuming also said that first time buyers should hold back from entering the property market until [...]

CEO of HSBC David Hodgkinson yesterday warned that, even if the Bank of England makes another interest rate cut, it may not be passed down to borrowers.
Mr Hodgkinson said that there would be some “stickiness” in mortgage and remortgage rates, despite the Bank cutting the interest rate by a further 0.5% as expected on Thursday.
Since [...]