Archive for November, 2008
Are Banks Treating Customers Fairly? FSA says No!
The Telegraph.co.uk is reporting that banks are not ‘treating customers fairly’ regarding Mortgage arrears. The FSA has issued letters to the ‘offending’ lenders that are showing ‘weaknesses in arrears and repossession handling’, especially to those banks that specialise in grant mortgages to borrowers with poor credit histories. Jon Pain, the retailing manager from the FSA [...]
Borrowing For a Mortgage? Have a Deposit!
You can save up to £2,200 a year if you have a deposit of up to 40% of the property value. Those who have a lower deposit are paying up to this amount on the same loan!
According to new research released by mform.co.uk, on a 2 year tracker mortgage of £150,000, borrowers with a 40% [...]
First Time Buyers - Not Getting the Full Picture
New market analysis compiled by mform.co.uk has revealed that mortgage lenders are not always making their best rates available to first time buyers. With the Bank of England base rate cut, the standard variable rate has come down, however lenders are denying access to the better rates for new mortgage products.
Typically, the SVR deals acted as default [...]
News in the Wake of the Base Rate Cut
Ever since the Bank of England dropped the base rate 1.5%, there has been a plethora of news in the mortgage and finance industry. Here is a quick list of some of the top stories we’ve recently come across:
B&B chair Pym tells MPs buy-to-let market “now closed” - MoneyMarketing
Shareholders approve Lloyds takeover of HBOS - [...]
Interest Rates Drop 1.5%
Wow, didn’t see this one coming, and neither did other industry leaders…
Ben Thompson, mortgages director at Legal & General said:
If you consider that just six months ago Mervyn King was saying that there would be no rate cuts until 2010, the mindset now is completely different.
The size of the cut, the biggest since 1981, [...]