Archive for December, 2008

Alliance and Leicester launches new remortgage products

Tuesday, December 30th, 2008

Alliance and Leicester (A&L) announced a range of fixed rate and tracker mortgage products on 23rd December. The lender offers remortgage customers a refunded valuation and free legals or £200 cashback on all products. Fixed rate mortgage deals include one with a rate of 3.99%, 60% LTV, over a  two year fixed period, with a […]

Number of remortgages hits record low

Tuesday, December 30th, 2008

The British Bankers’ Association announced in late December that the number of mortgages granted to new borrowers in November hit a record slump. The number of mortgage deals granted fell by nearly two thirds from October to November; only 17,773 mortgages for new house purchases were approved during the month. The BBA said that it […]

2 million Brits want mortgage holiday

Wednesday, December 24th, 2008

Research from price comparison website has revealed that two million UK homeowners are considering mortgage payment holidays. Despite the government’s promise to defer interest payments on mortgages for up to two years, some borrowers, who have struggled to remortgage, are being forced to take action now. The research suggests that mortgage payment holidays on […]

FSA warns against mortgage lender

Wednesday, December 24th, 2008

The Financial Services Authority has issued official warnings to borrowers not to deal with a named Welsh company. is not registered or regulated by the FSA, and due to this, the watchdog said, is liable to face criminal prosecutions. The FSA advised consumers not to mortgage, remortgage or invest in Pure-Money, which is based […]

Nationwide brings back 95% mortgage

Wednesday, December 24th, 2008

Borrowers struggling to find a good mortgage or remortgage deal may be pleased to know that Nationwide has reintroduced 95% LTV mortgages to its products on offer. Since the credit crunch, borrowing more than 60% of the value of a property has been difficult. The deal, however, comes with a 7.18% interest rate for two years, making […]

Mortgage brokers back in business

Friday, December 19th, 2008

The Association of Mortgage Intermediaries announced today that business is beginning to pick up again for mortgage brokers. In September, only half of mortgage brokers were able to assist clients as lenders were offering the best mortgage and remortgage deals directly to customers. Since September, the 50% of mortgage brokers unable to assist customers has […]

Finding remortgage deals “a struggle”, report claims

Friday, December 19th, 2008

New research from the Bank of England, entitled “The Financial Position of British Households”, was released today. The report was composed from 2,400 interviews with families between September and October. The research found that 15% of interviewees who had attempted to find a remortgage deal recently had faced a struggle to do so. 10% of […]

Remortgage deals must be sought early, says expert

Friday, December 19th, 2008

Due to the credit crunch, home owners and landlords are being advised to act quickly when considering a cheaper remortgage deal. Kate Faulkner, managing director of Designs on Property, has urges remortgage customers to start seeking their deals “really early.” She continued: “It’s not something that you can do six weeks before you remortgage; it […]

Remortgage money “for necessities”

Friday, December 19th, 2008

According to new research from Durham University, homeowners who remortgaged when house prices were healthy used the cash for necessitites. Rather than blowing the money, families spent it on things they desperately needed. Professor Susan Smith of Durham University said that the credit crunch will affect families on a similar income, who will now be […]

HSBC move will help remortgage customers

Thursday, December 11th, 2008

HSBC has pledged to increase mortgage lending by one fifth in 2009. The high street lender said that it will lend £15 billion in mortgages next year, in a move welcomed by mortgage brokers as a boost to the remortgage market. Some brokers, however, have said that this will not help first-time buyers and those […]

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