‘Mortgages’ News
£345 billion worth of savings available to UK mortgage holders through offsetting
Posted 2008-02-18
UK mortgage holders could potentially save an average of £70,000 each using offsetting. Research from Intelligent Finance (IF) has shown that UK borrowers could save a total of £345 billion. Offset mortgages were introduced in 1997 but initially seen as a niche product; however they are popular in Australia. Cammy Amaira, Director of sales at IF said: “In Australia, the popularity of offset has a lot to do with mind-set. Australians value home ownership as much as we do, but they don’t want their mortgage to take over their lives, making offset their ideal choice. “ ...
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Lets have more 25 year mortgages - Chancellor Darling
Posted 2008-02-17
Alistair Darling has called for 25 year fixed rate mortgages to become the norm. Darling believes these mortgages will give homeowners more security. He said: “For many households, particularly those on low incomes, fixing the level of mortgage repayments for several years makes real sense. It can also contribute to wider macroeconomic stability.” The only major UK lender that provides 25 year mortgages is Nationwide. After announcing the launch of their 25 year mortgage in March 2007, it sold out in five weeks. ...
Read Lets have more 25 year mortgages - Chancellor Darling
Homeowner should look to pay off their mortgages early
Posted 2008-02-13
Mortgage experts John Charcol has advised mortgage holders to take advantage of the recent drop in the base rate and pay off their mortgage early. By paying off their mortgages at the same rate as before the cut, homeowners could improve their quality of life. Katie Tucker, spokesperson for John Charcol said: “For many people, the mortgage is what dictates when you can retire. By paying it off even a few years early it can make a different to your quality of life not only because of age, but because of the money you free up to spend on other things.” ...
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Mortgage lenders respond to interest rate decision with loan rate cut.
Posted 2008-02-6
UK mortgage lenders have responded to the Bank of England’s decision to cut interest rates by cutting home loan rates. The Bank cut the base rate of interest to 5.25% in response to the ongoing credit crunch and worries over the economy. Mortgage lenders are now passing on the cut to homeowners resulting in a £100,000 mortgage decreasing by £16 a month. David Kern, economic adviser to the British Chamber of Commerce said: “The MPC’s decision to cut interest rates to 5.25% per cent was necessary for the economy. In the face of worsening global and domestic conditions, a refusal to act would have entailed unacceptable risks.” Mr Kern believes that the move may not be enough, with the more acute threat of rising inflation. He added: “We would have welcomed a bold UK move five per cent.” ...
Read Mortgage lenders respond to interest rate decision with loan rate cut.
Lenders call for tighter regulation
Posted 2008-02-5
Mortgage lenders have called for tighter regulation to stop fraudulent new build deals. The Council of Mortgage Lenders (CML) believe that difficult conditions in the property market could encourage developers to offer deals such as cash-back offers that inflate the value of the property. Other deals the CML are concerned about are offers of white goods, holidays and free legal fees. The CML said: “In recent years, discounts and incentives have had the effect of making the real value of new homes less than transparent. This is bad news for genuine buyers and for lenders. Buyers may find themselves with a mortgage more than the property’s value, while lenders may find themselves exposed to fraud and the risk of loss.” ...