Barclays is extending its range of fixed-rate mortgage deals to 90% loan-to-value (LTV) from today, and including a fee-free three-year fix at 4.99%. The new range, offered by the bank’s Woolwich arm, also includes a 90% LTV five-year fix at 5.49%, with no application fee for customers who qualify for a Barclays Loyalty mortgage and [...]
fixed-rate
Standard variable rates save £2,600 a year
Around 1.8 million borrowers whose fixed-rate mortgages have come to an end are currently saving approximately £2,600 a year each, through having reverted to their lenders’ standard variable rates. According to new research from the Council of Mortgage Lenders (CML), many seem to be happy to adopt a “wait and see” attitude when it comes [...]
House purchase lending shrinks 12%
Mortgage lending increased only slightly in February, despite a “particularly downbeat” January, the Council of Mortgage Lenders (CML) reports. There were 32,300 loans for house purchase, worth £4.6 billion. The figures were up 8% by volume and 5% by value from January but down 12% (by both volume and value) on an annual basis. Loans [...]
Early signs of improvement in property market
February saw some signs of improvement in the UK residential housing sector, with buyer, tenant and mortgage demand increasing, according property services group, Countrywide.
Property viewings increased by 40% across the group’s network of 1,300 estate agency and lettings offices, and the number of house sales agreed also rose 47%, when compared with January, although sales [...]
Tracker rates lowest on record
Rates on tracker mortgages have plummeted, research from Moneyfacts.co.uk claims.
The average rate on a two-year tracker is down to 3.4%, the lowest level since the financial website started monitoring rates in 1988.
According to the data, a number of lenders have reduced rates in the last month, including ING Direct, Nationwide Building Society, Northern Bank, Northern [...]
BoE governor committed to low interest rates
As homeowners on lenders’ standard variable rates increasingly seek out fixed-rate deals to offset the threat of a rise in the base rate, the Governor of the Bank of England has reaffirmed his commitment to keeping interest rates low.
Speaking in Newcastle last night, Mervyn King admitted that inflation could rise to 5% during 2011 (currently [...]
“Rate-spoilt” homeowners reluctant to fix
New research from unbiased.co.uk suggests that the average mortgage borrower is only prepared to enter a fixed-rate deal if the interest rate is around 3.3%.
With the Bank of England’s base rate still at 0.5%, the professional advice portal suggests the emergence of a “rate-spoilt” generation, as back in January 2009, a rate of 4% would [...]
Halifax launches 90% LTV first-time buyer deal
Halifax has launched a two-year, fee-free, fixed-rate first-time buyer mortgage, at 5.79%.
The lender claims that the loan allows those getting a foot on the property ladder to save at least £1,986, based on today’s first-time buyer typically paying a product fee of around £995, conveyancing costs £506, a valuation fee of £240 and around £250 [...]
CBI: higher mortgage payments in 2011
The Confederation of British Industry (CBI) is predicting that the base rate will begin “rising gently” in the Spring, to hit 2.75% by the end of 2012.
Higher mortgage payments are therefore named as a factor in keeping household spending flat next year, showing a rise of only 0.9% in 2011, and 1.2% in 2012.
The industry [...]
