Posts Tagged ‘Mortgage News’
New mortgage lending plummets
There were 49% fewer house purchase loans approved in January than in December, the Council of Mortgage Lenders (CML) has reported.
According to the body, the steep decline “emphatically demonstrates” the impact of the end of the stamp duty holiday, in December.
First-time buyers recorded the largest drop among house purchasers: in January, approvals were down to [...]
Two and five-year fixed rates trimmed back
The average cost of a two-year fixed-rate mortgage fell to a six-and-a-half-year low during February, according to new figures from the Bank of England.
The average rate stood to 3.88%, down from 3.97% a month earlier to a level last seen in July 2003.
Five-year fixed-rates also eased last month, declining to an average 5.49%, down from [...]
Rise in house purchase mortgage deals
Home buyers with a zero to 40% deposit currently have 1,798 mortgage deals to choose from, according to Moneyfacts.co.uk.
Researchers at the financial website have registered a 6% rise in the number of home loans on offer in the past month, taking the total up 68% year-on-year.
While those with 5% or less to put down continue [...]
Coventry allows unlimited repayments on 3.99% mortgage
Coventry Building Society has announced plans to reduce the rates on its residential re-mortgage products.
The new lower rates include a 2-year fixed-rate deal at 3.5% with £999 fees at 65% loan to value.
The lender also revealed a new fixed-rate mortgage offering borrowers the opportunity to make unlimited overpayments without penalty.
The new range of unlimited repayment [...]
Stamp duty should be “staggered”, expert claims
Banks would be encouraged to lend more easily to home buyers if stamp duty was changed to work like income tax, a mortgage expert has claimed.
Catherine Hearnden, director of MyMortgageDirect, said stamp duty should be calculated relative to the house being purchased.
“I think it should work like income tax, where it is staggered and increases [...]