March 2008 has been an extremely bleak month for mortgage lending with mortgage approvals declining considerably, according to the latest data from the British Bankers Association. The major mortgage lenders reported that March has been the lowest month for all forms of mortgage approvals since September 2000. House purchase approvals were the lowest since September …
Category Archives: Mortgages
Bank of England Makes Radical Lending Move
The Bank of England today announced a radical new plan to help ease the credit crunch by loaning Banks £50 billion. It announced it would allow banks to trade mortgage-backed bonds, whose deal has become problematic, for specially-issued Treasury bills. This would result in the freeing up of banks’ balance sheets, making it possible for …
HBOS Increases Mortgage Rates Despite Brown Appeal
Despite calls from Gordon Brown to lenders to follow the Bank of England’s rate cut, HBOS has increased mortgage interest rates on a range of its two year fixed rate deals. The move by the country’s biggest mortgage lender came only hours after a meeting between UK’s top bankers and the Government. Industry experts said …
CML Says Mortgage Lending Will Half in 2008
The Council of Mortgage Lenders (CML) reported that mortgage lending could fall by half this year unless the Bank of England releases more money to the mortgage lenders. Steven Crawshaw, the chairman of the CML, said the demand for property has decreased considerably nonetheless, “potential borrowing still significantly exceeds the industry’s collective capacity to supply …
Halifax to Raise Mortgage Rates
Halifax has announced that will raise mortgage rates for customers with smaller savings, starting from next Monday. Homeowners who haven’t saved at least 25 per cent of the value of their property will pay 0.14 per cent extra, on top of the main interest rates. In the other hand Halifax will encourage borrowers into putting …