Bank of England reports flat mortgage lending

Figures from the Bank of England show that the number of mortgages approved for UK home buyers was barely changed in July at 48,722.
The figures reinforce data from lenders and surveys which suggest that prices have reached a plateau after the revival that started in the spring of 2009.

The Bank’s figures show that in July, [...]

Interest only re-mortgages being ended by mortgage lenders

More than one million home owners on interest only deals face a sharp rise in interest rates when their current deal expires.
Banks and building societies are increasingly nervous about offering interest only mortgages deals to borrowers, ahead of new lending rules, designed to curb excessive lending.

Coventry Building Society has become the latest mortgage lender to [...]

UK mortgage lending picks up again

Mortgage lending to home buyers increased again in June according to the Council of Mortgage Lenders (CML).
Its figures showed that there were 52,000 new loans granted to home buyers, 19% more than in May and up 14% on the same month a year ago.

The CML said activity was “still on an upward trajectory” and described [...]

Retired home owners face repossession as banks refuse to extend mortgages

Hundreds of thousands of retired home owners face have having their homes repossessed as banks refuse to extend their mortgage terms.Lenders have imposed tight age restrictions on elderly borrowers who have been unable to pay off their mortgage before reaching retirement.

Falls in their investments as a result of the worst economic crisis in a generation [...]

UK homeowners increased the value of their stakes in their properties by £3.2bn

UK homeowners increased the value of their stakes in their properties by £3.2bn in the first three months of 2010, new figures show.
The injection was slightly lower than the £3.4bn increase of the last quarter of 2009, the Bank of England’s figures reveal.

The rise was due to homeowners paying off more of their mortgage and [...]

Clydesdale and Yorkshire banks error hits mortgage repayment borrowers

Thousands of Clydesdale and Yorkshire Bank customers face increased mortgage payments after a miscalculation error.
About 18,000 variable and tracker rate customers are being contacted about the changes, believed to range from less than £25 to hundreds of pounds a month.

The banks, which are both owned by National Australia Bank, said the error was [...]

UK mortgage lending increased in June- Council of Mortgage Lenders (CML)

UK gross mortgage lending, which includes lending to people remortgaging as well as house buyers, rose by 15% in June to £13.1bn.
This was 7% higher than a year ago and also the biggest monthly figure so far this year.

However, the CML said June’s increase was just a seasonal pick-up and that lending remained subdued.

“There are [...]

More affordable loans lift UK mortgage borrowing

The number of loans made for house purchases rose slightly in the UK in May as low interest rates continued, lenders have said.
About 42,000 home loans were granted in May, up 2% on the previous month and 15% higher than May 2009, the Council of Mortgage Lenders (CML) said.

Mortgage interest payments accounted for the lowest [...]

Self certified mortgages to be banned by FSA

The UK Financial Services Authority (FSA) watchdog has put forward proposals designed to curb excessive mortgage lending.
The FSA says it is “adamant” that new rules will include a ban on lending without proof of income.

It says it wants to ensure that lenders lend only to those who can afford it – and that means having [...]

Fears for mortgage rate awareness

Three quarters of mortgage holders do not know how an increase in interest rates of one percentage point would affect their budget.
Some do not know what type of mortgage they have or even when it expires, a poll has found.

The survey of 2,262 people was conducted for an education group, the Consumer Financial Education Body.

The [...]

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