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Bank of England report shows mortgage lending at it’s second lowest level since records began. Net lending totalled £86m for the month, down from June’s £518m and the second-lowest monthly lending figure since the Bank’s [...] Home owners have so little equity left in the homes after the credit crisis that they are struggling to remortgage, experts warned. The number of loans approved for those buying a [...] 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 [...] Whilst UK homeowners increased the value of their stakes in their properties by £3.2bn home equity releases by pensioners were used to fund debts.A recent survey by Age UK suggested that equity withdrawal was still being used by some sections of society as a last resort to pay off debts, or to find money when [...] The fact that remortgage interest rates are coming down is good news for borrowers as re-mortgage lenders are more comfortable with the new landscape of the remortgage market.Proof of this attitude to lend and is that they are now competing against each other on best buys, something we haven’t seen in the market for some [...] The cost of fixed rate mortgages fell to a new record low during May as competition continued to return to the market, official figures show. Rates charged on [...] As worries in the housing market grow now may be a good time to re-mortgage and switch your home loans. New figures published by the Bank of England last week showed that mortgage lending was far weaker than expected in March – falling by 83pc compared with February. Bank and building societies lent a total of just [...] The British Bankers Association (BBA) said that banks were “actively encouraging” borrowers to use any surplus cash to reduce their mortgages. “Homeowners are reducing mortgage debt by making, or maintaining, higher repayments using the extra cash generated by lower mortgage rates,” said David Dooks, the BBA’s statistics director. Remortgaging continued the steady increase seen in recent months, [...] UK home owners increased the value of their investment in properties by £22.3bn last year according to new Bank of England research. They reflect continued decisions by homeowners to pay off more of their mortgages, and lenders’ insistence that borrowers put down larger sized deposits. The trend towards equity injections started in the second quarter of 2009. [...] In an attempt to keep sales ticking over, last week’s Budget introduced a new policy to try and encourage the UK housing market to keep moving. The 1% stamp duty band – which cover homes worth between £125,000 and £250,000 – will be abolished for two years, but for first-time buyers only. The Nationwide said it would [...] Registered Office in England, 24 Charlton Drive, GL53 8ES, UK- 3506015 • Data Protection Registration Number- PZ5407728
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