Eurozone crisis may affect mortgages brokers warn

Mortgage interest rates could start to rise again as a result of the turmoil in the eurozone brokers are warning.Some lenders, including Woolwich, Halifax and Santander, have pushed up their tracker rates for new borrowers.

This increase follows a rise in the rate at which banks lend to each other – Libor – which has been [...]

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Private sector rents at new high in England and Wales

Average private sector housing rents in England and Wales rose by another 0.7% last month, to hit a new monthly high of £718, a report has said.It means rents have risen by 4.3% in the past 12 months, with tenants paying an average £29 a month more than they were a year ago.

The figures were [...]

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Mortgages- low interest rates keeps lid on arrears say lenders

Low interest rates have kept the level of UK mortgage arrears and home repossessions steady according to the Council of Mortgage Lenders (CML).A total of 9,000 homes were repossessed in the second quarter of the year – 100 fewer than in the previous three months, the CML said.

The CML has predicted that a total of [...]

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Mortgage lending jumped in June say lenders

Mortgage lending jumped in June- allbeit from a very low level, the Council of Mortgage Lenders (CML) has said.The total number of new home loans to house buyers rose by 22% from May, to 46,700.

And those specifically to first time buyers reached a 10 month high, up 24% from May to 18,100.

Although the level of [...]

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UK interest rates remain on hold at 0.5%

UK interest rates have been kept at a record low of 0.5% by the Bank of England’s Monetary Policy Committee (MPC).Economists had expected interest rates would remain unchanged due to the subdued economy. GDP figures for the second quarter showed growth of 0.2% with a majority of economists expecting mortgage interest rates to remain unchanged [...]

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Home repossession fears exaggerated says Bank governor

The governor of the Bank of England has said that fears of home repossessions are overdone as UK interest rates are set to remain low.
Sir Mervyn King said conditions were not right for an interest rate rise. He felt that when there was one, there would be a delay in it feeding through to other [...]

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Mortgage interest rates at lowest level for 23 years

Interest rates on new mortgage deals have fallen to their lowest level for 23 years since 1988, according to new research.
This is due to lenders finding it cheaper to raise funds in the wholesale financial markets.

This has been due to the expectation that the Bank of England is unlikely to raise its bank rate above [...]

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Standard variable rate mortgages faces interest rates rises warns Which?

The consumer group Which? has accused banks and building societies of raising interest rates on homeowners who have standard variable rate mortgages.
Which? warns that thousands will be pushed into financial difficulty when interest rates go up.

More than 40% of mortgage borrowers are now on standard variable rates- which generally start after cheap introductory mortgage deals [...]

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House prices rise in prosperous areas

The average house price rose in the 10 most prosperous areas by 219%
The value of homes in the most economically prosperous UK locations – including Cornwall, the Isles of Scilly, Bournemouth and Poole – surged ahead of properties in the country’s poorest areas, a survey showed.

Homeowners in the 10 areas with highest growth rates in [...]

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UK interest rates kept on hold at 0.5 pc

UK interest rates have been kept at the record low of 0.5% again by the Bank of England’s Monetary Policy Committee.
Data this week pointed to a slowdown in growth in manufacturing, construction and services, which economists took as a sign that the Bank would not change rates with the recovery still weak.

This is despite the [...]

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