The Yorkshire Bank and Clydesdale Bank which is owned by the National Australian Bank has seen a reduction in its overall lending during 2010 and has increased their pricing in interest rates. Read more
Spanish giant Santander have reduced rates across some of its mortgage range to attract more borrowers from other providers. Borrowers looking for a competitive deal could do worse than taking a look at Santander’s new range that was re-priced on Friday. Read more
The recent coalition government spending cuts may well be set wreck the mortgage market. Tens of thousands of struggling households are set to loose support from the government in a bid to cut the deficit and sure up the UK economy. Read more
More doom and gloom for the UK housing market as new figures show further prices slides. Last month showed the sharpest three month decline since April last year (2009).
The report shows that prices are down a further 0.7% during the month of October which followed a dismal performance during September and further drops of 0.9% in August and 0.5% back in July. At the current rate analysts are predicting a 1% reduction in house price inflation by the end of this year. Read more
In these troubled times its freshing to see a new mortgage lender entering the market and provides some hope that all is not lost and that at least for some, the UK market is still worth the risk.
The Financial Services Authority (FSA) has just approved Precise Mortgages to be able to sell regulated mortgages in the UK market. Precise historically provided buy to let mortgages which don’t require the same FSA approval but has wanted to move into the retail mortgage market, providing loans to home owners.
Precise’s chief executive Ian Lonergan pointed out that the firm had been working hard to deliver a proposition that focused on quality whilst providing an outstanding example of compliance in terms of the The Financial Services Authority (FSA) approach to responsible lending.
The company wishes to market its products to customers who its identified as responsible lenders, they aim to be launching products as soon as spring 2011.
Ian Lonergan was quoted as saying: “we have identified good quality borrowers who have been starved of credit. We are committed to bringing new funding to the UK mortgage market and it’s fantastic to get the green light from the regulator. Our dedication to the intermediary market remains as we continue with our strategy of distributing exclusively through mortgage brokers.”
Precise was setup up by mortgage industry experts who wanted to create a new breed of lender that would be dedicated to the intermediary market. By providing a new option for borrowers, they hope to open the doors to new money to help those in the UK who are responsible lenders but who are finding it hard to secure home finance in the current market. They hope that their new offering will be a real alternative to the high street banks and building societies who are locking people out of being able to get good quality value for money credit.
They pride themselves on being fair and how they deal with all their customers, they believe that by working to the highest standards and having appropriate, processes, procedures and training, they will be able to make the right decision which will hopefully in the long term benefit their customers.
Precise mortgages have been in the buy to let market for sometime, their newest offering is a new range of mortgages which include a two year tracker mortgages at 4.89% and a lifetime tracker mortgage which starts at 4.99% both excellent rates for buy to let mortgages.
Borrowers are also offered £1000 cash back and free valuations if they go for Precise’s two year tracker which starts at 5.34%.
Alan Cleary Precise Mortgages’ managing director said: “In our continued commitment to help and support the intermediary market, we have launched a range that boasts both competitive rates and product features to benefit the client.”
He went on to add that: “We hope that the new range will help those borrowers that have been locked out of the investment mortgage market.”
The Cheltenham and Gloucester Building Society dates back to 1850, its safe to say that during their 150 years of history they have a built up a fair amount of knowledge and expertise on mortgages. Having over 1.3 million hours of expertise must count for something in these difficult times, surely they know a thing or two about assisting their customers find the right mortgage. Read more
Now that the government has set out its spending review, borrowers are rushing to fix their mortgage in order to protect themselves from future increases in the base rate whilst giving themselves the peace of mind of knowing their monthly repayments. Read more
More reports have been published pointing to a UK house price crisis. Recently figures showed the lowest mortgage approval rate for ten years whilst both the Halifax and Nationwide have released data showing a drop in house prices. Read more
With the Bank of England at an all time low of 0.5%, Banks and Building Societies standard variable rates (SVR) are some of the most affordable mortgages around. Because of this borrowers are remaining on their lenders standard variable rate (SVR) at the end of their current mortgage term. Read more
Barclays, who recently celebrated hitting £100 billion in mortgage lending has launched a new product for borrowers on the standard variable rate (SVR).
At the start of the month, Barclays mortgage brand Woolwich celebrated increasing its mortgage holding by almost 50%. Over the past three years they increased their holding from £56 billion to around £100 billion in home loans. Read more