Tesco delays entry into UK mortgage market
Tesco, the leading UK supermarket group, has confirmed plans to enter the UK mortgage market in the first quarter of 2011 have now been delayed until the summer of 2011. It seems that a number of regulatory issues and the company's inability to put together a transparent and user-friendly mortgage operation have forced the slight delay. The company is adamant that the new service will be more transparent than anything on the market at the moment and more user-friendly. If this is the case, then a wait of just a few months may well be worth the wait for UK house buyers?
Competition in the UK mortgage market continues to build despite the fact that the UK property sector is still under pressure. We have seen some overseas companies attacking the UK market with many trying to take advantage of the disdain between current mortgage lenders in the UK and UK property buyers. Whether the new entrants to the UK mortgage market will be able to loosen their purse strings, at a time when traditional mortgage lenders have tightened their own purse strings, remains to be seen but this could be the difference between a move to a new era, or a return to the old era.
Mortgage market continues to tighten
News that Halifax, the largest mortgage provider in the UK, has cut its mortgage range by half overnight should be a wake up call to those dithering about taking on a mortgage. A number of prominent City figures have come forward to suggest that while international money markets will benefit from the US bailout (if it goes ahead), the cost of capital for the UK's banks could remain high for up to...Read More
UK mortgage rates hit 15 year low
In a sign of the times the average fixed rate home loan for up to 75% of a property's value has fallen to 3.8% in May which compares favourably with the average of 4.47% in September last year. There has also seen a drop in almost every different type of mortgage instrument which is not only a reflection of the ultralow UK base rate but also issues with the UK property market. While on the su...Read More
When will the government hammer UK mortgage providers?
Today's revelation that fixed rates in the UK mortgage sector have been increasing over the last six months, at a time in UK base rates have remained at 0.5%, is causing concern within consumer and government circles. Despite the fact that the UK government, in tandem with the FSA (Financial Services Authority), has been attacking the UK mortgage sector for opportunistic profit margins increases t...Read More
Nationwide increase mortgage tracker rates
Those who have followed the UK financial rescue package closely will know that one of the conditions of the deal was the fact that UK base rate reductions would be passed onto the consumer immediately. Well, if the Nationwide is anything to go by this is not happening as yet with increases in their low deposit and higher deposit tracker mortgages.
When you consider these moves in t...
UK homeowners better off than 12 months ago
A report by the Halifax claims that the average UK household is today 11% better off in cash terms than just 12 months ago. However, with more people around the country struggling to make their budget stretch this will come as a surprise although apparently it is quite literally down to the reduction in mortgage rates.
Those with tracker mortgages or variable rate mortgages, which h...