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Nationwide Grabs Bigger Share Of Mortgage Market


May 24th, 2012. Nationwide Building Society has written a third of all the new mortgages taken out this year as traditional lenders scaled back in the moribund housing market. Ahead of the crisis Halifax would have sold one-in-four mortgages but now Lloyds Banking Group, which rescued the lender during the crisis, is accounting for one-in-five of new loans. Santandar, owner of Abbey National, Alliance & Leicester, Bradford & Bingley, is also scaling back its lending. Nationwide's lending to first time buyers is also up 9% with 24,000 customers helped onto the housing ladder for the first time. The society is also being affected by the scandal over missold PPI (payment protection insurance) but Nationwide said its total charge of £103m was small in the context of the £9bn bill incurred by the industry.: Nationwide Building Society News

The Co-Op Bank Re-launch Their Fixed Rate Mortgages with Further Rate Cuts


January 1st, 2012. Mortgage rates for Co-Op customers are set to fall by as much as sixty base points as the bank re-launch their fixed rate mortgages with substantial reductions. With a range of different fixed rate products on offer, the cuts to mortgage rates could provide consumers with a number of benefits as the New Year approaches. The Head of Mortgages at the Bank, James Hillon, explained that whilst a wave of lenders are pushing up mortgage rates "the Co-Op are committed to bucking this trend". The recent rise in rates are said to be influenced by the current Euro Zone crisis, something which the Co-Op are actively working against.

HSBC Launch Competitive Tracker Mortgages in Annual Sale


December 28th, 2011. The latest annual sale from HSBC sees fee free tracker mortgages on offer. The sale will apply to a range of mortgage products, even covering those with 90% LTV (Loan To Value) ratio and will be part of the bank's eighth annual sale, which will run between 22 December 2011 and 31 January 2012. The new fee free offer is available to a range of customers. The Head of Mortgages at HSBC, stated that the bank is "committed to supporting both first time buyers and homeowners" explaining that "[their] new January sale offer reflects this".

Leeds Building Society offer new Fixed Rate mortgage terms


December 21st, 2011. Leeds Building Society, the UK's 5th largest building society, has announced significant changes to their fixed rate mortgage offer. In addition to increasing the loan-to-value (LTV) on their 5-Year Fixed Rate mortgage, they have also introduced a 90% LTV tier with a rate below 5%.

Coventry Wins Best Building Society Award


December 2nd, 2011. Coventry Building Society won Best Building Society for 2011 - 2012 awarded by Your Mortgage, a prize won by Nationwide for the past thirteen years. Your Mortgage said: "Coventry Building Society has proved itself a worthy winner of the title of Best Building Society in the Your Mortgage Awards 2011/2012: Coventry Building Society News

Hinckley and Rugby Bring Back Fee-Free Discount Deal


November 17th, 2011. Hinckley and Rugby Building Society has reintroduced their fee-free discount mortgage after pulling it from the market earlier this year. The fee-free discount mortgage is available at a rate of 3.49 percent, up to 75 percent LTV and offers a 2.15 percent discount off the standard-variable-rate-mortgage-comparisons (SVR). Borrowers get a free valuation on properties below £1 million. Hinckley and Rugby commented: “We are bringing back this popular mortgage in response to buyers who want a great rate without having to pay the hefty fees some lenders are charging: Hinckley and Rugby Mortgage News

60 Percent of Homeowners Missing Out on £1,200 by not Remortgaging


November 8th, 2011. Almost 60% of homeowners say they have never remortgaged outside of moving home, according to Barclays. They're potentially missing out on years worth of reduced mortgage payments. A spokesman for London and Country Mortgages, said that improvements in mortgage products over the past year have meant that there's far greater opportunity for borrowers to make savings on their mortgage by reviewing their deal. London and Country Mortgages pointed out that Kent Reliance charges 6.08 percent on standard variable rate (SVR), while Lloyds increased the SVR for Bank of Scotland only this week, lifting it from 4.84% to 4.95%.: Remortgage News

Remortgages soar 33% year-on-year


October 11th, 2011. The number and value of remortgages taken out in August 2011 increased by more than 30 percent on the same period of last year, as the market showed ?welcome signs of life?, according to the CML. The average LTV of home movers was 69%, while 9.4% of their income went on mortgage interest payments: Remortgage News

Mortgage deals soar above 14,000


October 7th, 2011. The number of mortgage products increased for the tenth consecutive month in September, up by more than 500 for intermediaries to a 41-month high of 14,361, according to Mortgage Brain. Mortgage deals with an 80 percent LTV and above have increased 30 percent in the last 6 months, while buy-to-let mortgages have also performed well as lenders have returned to the sector. Fixed rate deals remain the most popular: Mortgage Products News

November completion date for Yorkshire?s takeover


September 24th, 2011. Yorkshire Building Society will complete its takeover of Norwich and Peterborough Building Society on November 1st. The enlarged group will retain its position as the UK?s 2nd largest building society. The Norwich and Peterborough name will be retained as a separate and distinct brand within the Yorkshire, similar to the Chelsea and Barnsley brands following their acquisition: Yorkshire Building Society News

Leeds offers 5 year fixed rate buy to let deal at 4.99%


September 22nd, 2011. Leeds Building Society?s 5 year fixed rate buy to let mortgage at 4.99 percent, available up to 70 percent LTV, allows 10 percent capital repayments each year without penalty and there is no higher lending charge. The 4.99 percent rate is the lowest currently available in the market, when also taking into account the Society?s fixed fee of £1,299. Previously, Leeds had higher versions available at 5.69 percent up to 60 percent LTV and 5.99 percent up to 65 percent LTV, but its standard, lower rate of 4.99 percent can now be obtained up to 70 percent LTV. Leeds Building Society?s Sales and Marketing Director said, "We have delivered certainty and peace of mind, not only in terms of a fixed monthly payment but also with a fixed fee. Clearly, this is of significant benefit to those landlords looking to budget and manage their portfolio. "We believe it?s a very good time to lock into a low fixed rate, and this product will attract professional landlords who may wish to move onto a highly competitive rate and fix their monthly commitments: Leeds Mortgage News

First Direct: Housing deposits rise tenfold


September 17th, 2011. According to First Direct, the average deposit needed to buy a house in 1990 was £6,793. This has risen to £65,924 this year, an increase of almost 10 times. Over the same period house prices have risen four-fold, meaning that a buyer needs to pay a far greater proportion of the total cost upfront as a deposit. In 1990 the average percentage of a house price that a buyer could borrow as a mortgage ? the so-called loan-to-value (LTV) rate ? the 88 per cent. That figure today is just 73 per cent: First Direct Mortgage News

Buy-to-Let Investors Return To The Market


September 16th, 2011. Property investors have been returning to the buy-to-let market in larger numbers since the spring, with many landlords refinancing to fund the expansion of their portfolios. John Heron of Paragon, the buy-to-let lender, says capital raising was the main reason for landlords remortgaging during the second quarter. Mortgage brokers have also reported an increase of enquiries from professional landlords. TBMC, a broker that specialises in buy-to-let, saw a 9.4 per cent rise in applications during the second quarter: First Direct Mortgage News

Leeds Building Society reduces interest rate on Buy to Let 2 Year Discount


August 31st 2011. Leeds Building Society has reduced the rate on its 2 year discount Buy to Let deal from 4.29 percent to 3.99 percent, available up to 70 percent Loan to Value (LTV). This flat fee product also allows the flexibility of 10 percent capital repayments each year, without penalty: Leeds Building Society News

Northern Rock Launch Limited Offer 90% Deal At 4.95%


August 26th, 2011. Northern Rock has launched a 2-year fixed rate mortgage at 4.95% up to 90% LTV, with no product fee and £250 cash back. The deal is part of the lender's range of two-, three- and five-year fixed rate deals available for one week only, exclusively to intermediaries. It includes two-year fixes from 2.48% up to 50% LTV and 2.67% up to 75% LTV. Northern Rock is also offering a 3 -year fixed rate from 3.19% up to 75% LTV, with a £995 product fee, and a five-year fix from 3.85% up to 75% LTV (See Northern Rock Mortgage Comparisons): Northern Rock limited offer mortgages

Chelsea Building Society Launches 10-Year Fixed Mortgage at 3.99%


August 26th, 2011. Chelsea Building Society has launched a ten-year fixed rate mortgage at 3.99% up to 70% LTV. The deal has a fee of £1,495 and is available direct only. Chelsea, Yorkshire Building Society's subsidiary, is also offering a ten-year fixed rate deal at 4.19% with a £195 fee. (See Chelsea Building Society Mortgage Comparisons): Chelsea Building Society Launches 10-Year Fixed Mmortgage

Mortgage Lending In Scotland 'Rises Sharply'


August 24th, 2011. Mortgage lending has risen at a higher rate in Scotland than the UK as a whole in the 2nd quarter of 2011, according to new data. The Council of Mortgage Lenders (CML) said loans worth £1.3bn were taken out - an increase of 42% on the previous quarter: Scottish Mortgage Lending Rises

Mid-Sized Lenders See Market Share Double


August 23rd, 2011. There was little change with the largest lenders that feature in the Council of Mortgage Lenders's top 30 lenders' data, but mid-sized entrants increased both their market share and lending levels. Mid-sized lenders undertook around £19.6bn of gross mortgage lending last year, nearly double their combined lending of £10bn in 2009, new data from the CML shows. The mid-sized lenders include Coventry Building Society, Northern Rock, Co-operative Financial Services, Clydesdale, Yorkshire Building Society and Yorkshire Bank, ING Direct, Bank of Ireland, Leeds Building Society and Principality Building Society.: Mortgage Market News

Mortgage Rates Dropping By The Day


August 15th, 2011. Barclays, Clydesdale and Nationwide are charging less now than they were a month ago, let alone in January when most commentators said the age of cheap money was ending. If you have plenty of equity (around 30 or 40 percent) and a good credit record you can get 5 year fixed rates for under 4 per cent with the likes of Nationwide, Northern Rock and Yorkshire: Mortgage Rates Falling

Leeds Building Society new lending up 61%


August 9th, 2011. Leeds Building Society delivers 61% increase in new lending and 49% rise in pre-tax profit Unaudited interim results for six months to 30 June 2011. Leeds Building Society, the UK?s fifth largest building society, announced a very strong set of half year results (See Leeds Building Society Mortgage-Comparisons): Leeds Building Society News

Ad Watchdog Presses On With Money Advice Service Advice Complaints


August 9th, 2011. The Advertising Standards Authority (ASA) is pressing ahead with three points raised by complaints about the Money Advice Service (MAS). In late July, seventy seven financial services professionals complained about tv ads for Money Advice Service. The watchdog will investigate claims that the term "Money Advice Service" and use of the word "advice" in the ads is misleading because the complainants allege it's information, not advice: Money Advice Service News

Six UK building societies upgraded by Moody's


August 1st, 2011. Yorkshire, Nationwide Building Society and Principality Building Society have all been upgraded 2 notches by credit ratings agency Moody's, but 8 mutuals are still on a negative watch list. Coventry Building Society's rating was also upgraded one notch and Newcastle Building Society and Nottingham Building Society have been revised up to stable from negative: Building Societies News

Coventry Building Society and Yorkshire Building Society rule out Northern Rock bids


August 1st, 2011. Coventry Building Society and Yorkshire Building Society have both decided against making offers for nationalised lender Northern Rock. Coventry was among firms named as official bidders for Northern Rock last week, having been believed to be making active investigations into a takeover bid. However, in a statement, the mutual said: "Having noted press speculation, Coventry Building Society can confirm that it has not entered a bid in connection with the sale of Northern Rock." (See Northern Rock Mortgage Comparisons): Northern Rock Mortgage News

Halifax Improves Mortgage Range With Further Cuts to Fixed Rates


July 26th, 2011. Halifax is making reductions of up to 0.35% across its range of 2, 3 and 4 year fixed rate mortgage products. This is the latest move in a series of rate cuts across the Halifax mortgage range for homebuyers and remortgagers. Halifax is currently offering its lowest 2 year fixed rate deal so far this year at 2.79% for homemovers and remortgagers, available at 0-60% LTV with a £1395 fee. (See Halifax Mortgage Comparisons): Halifax Mortgage News

Yorkshire Building Society well-placed for growth


July 29th, 2011. Yorkshire Building Society yesterday reported a doubling of mortgage lending, and said it's well placed to grow. The UK?s second-biggest building society, which is in the process of merging with rival Norwich and Peterborough Building Society (N&P), also reported a drop in its bad debt rate (See Yorkshire Building Society Mortgage Comparisons): Yorkshire Building Society Mortgage News

Money Advice Service under investigation for 'misleading' claims


July 29th, 2011. The government's Money Advice Service (MAS) will be forced to defend claims made in its TV promotions - and even the use of the word advice in its name. 77 individuals, all from within the financial services industry, have lodged complaints against the Money Advice Service. The ASA has looked into the complaints and decided the Money Advice Service may have breached its advertising code (See Mortgage Street Money Advice Service News): Money Advice Service News

Paragon Mortgages on lookout for acquisitions


July 28th, 2011. Buy-to-let mortgage specialist Paragon said it was on the lookout for acquisitions. Paragon, which has benefited from strong demand for rented accomodation. In May, Paragon reported a 35 percent rise in first-half profits and said it expected further growth in lending for the rest of the year. (See Paragon Mortgage Comparisons): Paragon Buy-to-Let Mortgages News

Chelsea Building Society launch 5, 6 and 7 year fixes from 3.99%


July 28th, 2011. Chelsea Building Society has launched 5, 6 and 7 year fixed rate mortgages with rates starting from 3.99%. The rates on offer on all the 5, 6 and 7 year mortgages include 3.99% at 70% LTV, 4.89% at 80% LTV and 5.39% at 90% LTV. All deals are available direct-only and come with a fee of £195 and £500 cash back. (See Chelsea Mortgage Comparisons): Chelsea Mortgage Deals

Santander UK?s gross mortgage lending down 21%


July 27th, 2011. Santander Mortgage UK has seen a 21 percent fall in gross mortgage lending in the first six months of the year, compared to the first half of 2010. The loan to value on new business in the first half was 64% and net mortgage lending was £0.4bn negative in the first half of 2011, which it says reflects the weaker pipeline from the last quarter of 2010 during which market pricing became less attractive in the lower LTV segments of the market. (See Santander Mortgage Comparisons): Santander Mortgage News

Money Advice Service to be told to push IFAs


July 27th, 2011.Unbiased plans to take the government-created Money Advice Service to task over its failure to push consumers who contact them towards an IFA. IFA promotional website Unbiased.co.uk has vowed to tackle the failure on the part of the government-created Money Advice Service to push consumers to independent financial advisers on its website and during telephone calls. (See Mortgage Street Money Advice Service News): Money Advice Service News

Nottingham Building Society joins Legal and General's mortgage club


July 25th, 2011. Nottingham Building Society has joined Legal and General's Mortgage Club panel for Appointed Representatives. The 10th largest mutual, just behind Newcastle Building Society and Norwich and Peterborough Building Society (N & P) by asset size, is based in the midlands with branches throughout Nottinghamshire, Derbyshire, Lincolnshire and South Yorkshire. (See Nottingham Building Society Mortgage Comparisons): Nottingham Building Society Joins Mortgage Club

Yorkshire Building Society to acquire Egg mortgage book


July 25th, 2011. Yorkshire Building Society is to acquire the mortgage and savings business of Egg Banking from American bank Citigroup. Yorkshire Building Society, said the deal comprises a £2.5bn savings book and a £430m mortgage book. It added it would also acquire the Egg brand. (See Yorkshire Building Society Mortgage Comparisons): Yorkshire Building Society to Acquire Egg Mortgages

Nationwide To Reduce All Two And Three-Year Fixed Mortgage Rates



July 20th, 2011. Best buy three-year fixed rate at 3.39% (up to 70% Loan to Value) available. Nationwide is to reduce all its two year fixed rate mortgages and 3-year fixed rates mortgages by up to 0.30% for new applications. The reduction means Nationwide will offer a best buy three-year fixed rate at 3.39% (up to 70% LTV)1. All changes take effect on Thursday 21 July 2011. (See Nationwide Mortgage Comparisons): Nationwide To Reduce All 2 And 3 Year Fixed Mortgage Rates

More Lenders Cut Fixed-Rate Mortgages


July 19th, 2011. More lenders have cut the cost of fixed-rate mortgages, with Woolwich the latest lender to launch a cheap 2 year fixed rate deal. On Tuesday, Woolwich, the mortgage arm of Barclays, cut its 2-year fixed rate by 0.24 percentage points to 2.54 per cent. (See 2 Year Fixed Rate Mortgage Comparisons): Woolwich Launch 2 Year Fixed Mortgage

TMW extends "switch to fix" to all buy to let trackers and cuts interest rates


July 13th, 2011. The Mortgage Works has extended its switch to fix facility to all buy to let trackers without paying any early repayment charges and raised lending on new-build flats to 65% LTV. In addition, the specialist lender has launched a number of buy-to-let products and reduced its existing range of two-year fixed and tracker products by up to 0.4%. (See Buy To Let Mortgage Comparisons, Tracker Mortgage Comparisons): TMW "Switch to Fix"

Kensington Increases Maximum LTV to 90%


July 12th, 2011. Kensington has increased the maximum LTV on its core range to 90% following the launch of a limited tranche of 90% LTV deals through Legal and General. The lender has also simplified its minimum income requirements for first time buyers borrowing more than 80% LTV. (See 90-LTV Mortgage Comparisons): LTV News: Kensington Mortgages

IFAs should be seen as the "gold standard" for advice


July 12th, 2011. The Money Advice Service does not help consumers find local IFAs. It says it is free but it is not. It says it is unbiased but IFA Promotion already owns that URL. Why don?t they call the Money Advice Service the Money Information Service? After all, the FSA is rebranding as the Financial Conduct Authority (See Mortgage Street Money Advice Service News): Money Advice Service News

Remortgage Deals Rise 11% Year-On-Year


July 11th, 2011. The Council of Mortgage Lenders has reported that the number and value of remortgage loans in May this year increased by 11% and 9% respectively compared to May last year, as the market showed increasing signs of stabilisation. Its latest figures reveal that the number of remortgage loans advanced in May was 29,000, worth £3.6bn, up 17% in number and 20% in value compared to April. (See Remortgage Comparisons): Remortgage News: Remortgage Deals Rise

Better Returns From Offset Mortgages Than From Savings Accounts


July 11th, 2011. According to one lender?s research, offset mortgage holders in Britain are £1.4 billion better off than if they had had their savings in an ordinary savings account. First Direct, a division of HSBC, conducted research on its own customers over a 2 year period and concluded that offset mortgage borrowers had achieved a better return than they would have made using the available "best buy" savings accounts. (See Offset Mortgage Comparisons): Offset Mortgages News: Better Returns From Offset Mortgages

House prices surveys: mixed messages paint a clear picture


July 11th, 2011. Halifax says house prices are rising, based on mortgage approvals; LSL/Acadametrics says they are falling, based on actual transactions. But there is no ignoring the overall trend. (See Halifax Mortgage Comparisons): House Prices News: Halifax House Prices

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