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- Struggling Mortgage Owners Can Defer Mortgage Payments For Two Years
- MPs Accuse Lenders of Being Too Cautious
- Libor Stays High as Base Rate Cuts are Forecast
- Borrowing Still Tough as Deposits Go Up
- Hopes Rise for a Rate Cut
- Fixed Rates Rise Again
- Tesco Joins Mortgage Market
- Increase in Tracker Mortgages in Wake of Credit Crunch
- Rates Up For Those With Small Deposit
- Not Everyone is Raising Mortgage Rates
The Government is launching a new scheme to help homeowners where their income has been hit by redundancies or loss of overtime payments.
The Council of Mortgage Lenders has defended its members against MPs’ accusations of being over cautious with mortgage lending. Some MPs have said lenders are hoarding cash while the market sorts itself out.
Although the three-month Libor rate is remaining frustratingly high, there are expectations for the base rate to be cut again this year and throughout 2009, as forecasts are for inflation to come down, maybe as low as 1% in 12 months time.
As Nationwide announced requirements for higher deposits, and reduced borrowing limits, the cheapest tracker rate on the market comes from First Direct.
With fears for a recession now overtaking fears for inflation, expectations are rising in the City for a Bank of England base rate cut this week. Inflation is expected to peak soon, but the economy is in dire need of a boost. A rate cut should help variable mortgage rates.
Nationwide has raised its fixed mortgage rates as other lenders have done so in the wake of recent financial turmoil. Borrowing has become tougher, especially if you don’t have a large deposit.
Britain’s biggest supermarket is joining the mortgage market, to be launched after it buys RBS out of its share of the Tesco Personal Finance joint venture.
Following the collapse of Bradford and Bingley, other lenders have now removed their deals from the market - over 11% of mortgages were pulled.
Following continuing uncertainty on the money markets, HSBC has raised its mortgage rates for those with less than 25% deposit. B&B has announced redundancies and the PM travels to the US for financial discussions.
Northern Rock is cutting mortgage rates when others are raising theirs, leading to suspicions of it using taxpayers’ money to boost its market share. Brokers have seen an increase in enquiries for Northern Rock products since its nationalisation.
