All Entries in the "Mortgage News" Category

The UK Economy will shrink more than 1 percent in Q4

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The UK Economy will decline at lightening speeds in the fourth quarter according to the National Institute of Economic and Social Research NIESR).
The reports show that the UK recession will be a deep one by the end of the fourth quarter and in the three months to November gross domestic product fell by 1 percent [...]

Royal Bank of Scotland: North West Survey

Royal Bank of Scotland (RBS) latest economic activity survey shows the North East is feeling the huge strains amid the economic down turn.
The latest data from RBS PMI Report from the North West shows a further slowdown during November, Job losses went up whilst new orders, output and outstanding work all tumbled at record

Northern Rock ignores Government Urges

Northern Rock the fully Nationalized Bank ignored the government and only past on 0.5 percent of last week’s 1 percent base interest rate cut by the Bank of England Monetary Policy Committee.
Existing Northern Rock customers who are on tracker mortgages that are pegged to the Bank of England rate will benefit from the full 1 [...]

Housing market sees its first sign of improvement since 2006

Finally we have some good news regarding the housing market in England and Wales, the number of people looking to buy a property has surged in November to the highest level since 2008 reports show today.
It’s suggested it’s due to bargain hunters searching through the repossessed homes and forced

HSBC and First Direct Offer Mortgage Deal at 3.49 percent

HSBC the bank that has managed to stay relatively strong compared to its rivals during the global financial crisis announced that they will be increasing mortgage lending by 20 percent next year.
First Direct which are part of HSBC (LON:HSBA) had even more good news for the mortgage market, the on-line bank has announced a new [...]

Royal Bank of Scotland and NatWest Mortgage Rate Update

Royal Bank of Scotland (RBS) and subsidiary NatWest have cut its Standard Variable Rate (SVR) by 0.75 percent to 4.44 percent from 5.19 percent, the changes will take effect from January 1 2009.
RBS reduced their SVR after last week’s base interest rate cut of 1 percent by the Bank of England Monetary Policy

Lloyds TSB Chief Economist: Housing market firmer than we are led to believe

Lloyds TSB (LON:LLOY) chief Economist, Trevor Williams makes reference to the official house price figures that will be released on Tuesday, saying that the house price decline may not be as bad as we are led to believe.
With both Nationwide and Halifax reporting house prices falling around 12.4 percent in the year leading up to [...]

President-elect Barack Obama: US economy will continue on its downward path

The US President-elect Barack Obama made it clear yesterday that the US economy would continue to worsen, but he had little to say in his television interview about the cost to the US taxpayer regarding his rescue plan, he also declined to comment if his intentions were to raise taxes for the rich American to [...]

HSBC will increase mortgage lending by 20 percent in 2009

HSBC Holdings Plc (LON:HSBA) have vowed that they will boost the mortgage market in 2009 by increasing it’s lending by 20 percent. The move has pleased government officials who have been urging building societies and banks to resume lending in a bid to get the worsening housing market moving again.
Mervyn King, the Bank of England [...]

RBS/NatWest, Abbey and Northern Rock leave SVR above 5 percent

Royal Bank of Scotland (RBS) subsidiary NatWest along with Abbey and Bradford & Bingley have all kept their Standard Variable Rates (SVR) above 5 percent, almost 3 times the Bank of England base interest rate.
Two of the banks with the highest SVR are Northern Rock and Alliance & Leicester, they are charging borrowers 5.84 percent [...]

Royal Bank of Scotland Cuts Fixed Mortgage Rates

Royal Bank of Scotland (RBS) Intermediary Partners has announced reductions on its interest rate on its select two-year fixed rate mortgage deals.
If you have 25 percent deposit or 75 percent Loan to Value (LTV), First Active have reduced their online only product 2-year fixed from 5.55 percent to 5.20 percent with a £999 arrangement fee [...]

Nationwide waivers collar clause and cuts SVR to 4 percent

Nationwide Building Society said last night it would cut its Standard Variable Rate SVR by 0.67 and waive the collar clause in its existing tracker mortgage rates. Nationwide have vowed that they will pass any future cuts on in full. This now put Nationwide’s Standard Variable Rate SVR at 4 percent.
By Nationwide ignoring the collar [...]

Halifax only cuts its SVR by 0.25 percent

Halifax, which is part of HBOS and Britain’s biggest lender, announced that it will only be passing 0.25 percent of the 1 percent Bank of England Base Rate cut onto it customers that are on variable rate deals.
Halifax Standard Variable Rate (SVR) will reduce to 4.75 percent after the 0.25 percent cut from January 1. [...]

Fannie Mae and Freddie Mac: 4.5 Mortgage

The US Treasury have announced a plan to push down the US mortgage rates, the idea behind the plan it for Fannie Mae and Freddie Mac to pay a higher price for loans from lenders, the lenders will be then in a position to offer loans to borrowers for as little as 4.5 percent for [...]

Barclays Mortgage arm Woolwich reduces SVR by 1.15 percent

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Barclays (LON:BARC) mortgage arm Woolwich have announced they will be reducing their Standard Variable rate (SVR) by 1.15 percent to 5.49 percent following the bank of England interest rate cut today, not such a great reduction considering Woolwich did not make any cuts in November.
HSBC (LON:HSBA) have agreed they will also cut their SVR by [...]