Abbey have today made their twenty-sixth mortgage re-price of the year, with the announcement that they are to cut the cost of their two, three and five-year fixed rates.
The UK’s second largest lender, Abbey is responding to the news that Halifax reduced their mortgages by up to 0.35% last week.
This is the first time in the last twelve months that competition for mortgage business has started to hot up.
Simon Tyler, Managing Director of Chase De Vere says: “After a massive drop in lending, the big banks and building societies are now extremely keen to lend funds to the right borrowers and, they will do it at extremely competitive rates.
“Chase De Vere has access to some fantastic exclusive deals. There are now real savings to be made by those looking to remortgage”.
21/08/08
Tuesday, August 26, 2008
Friday, August 01, 2008
UK Mortgage Market
After 9 months of uncertainty the fallout from the Northern Rock debacle finally hit the mainstream mortgage market in May. During the early Post Northern Rock months it was those with adverse credit history and mortgage brokers that needed Sub Prime mortgages who felt the squeeze. But mortgage lender’s started to tighten their lending criteria and, one by one, retired from the market.
Mainstream mortgages became more expensive and criteria less flexible during the first four months of 2008. Borrowers became increasingly aware that mortgages were becoming more difficult to arrange. And finally, in May, the whole of the UK’s mortgage broking community juddered to a halt as the market hit the bottom of this cycle. read more
Mainstream mortgages became more expensive and criteria less flexible during the first four months of 2008. Borrowers became increasingly aware that mortgages were becoming more difficult to arrange. And finally, in May, the whole of the UK’s mortgage broking community juddered to a halt as the market hit the bottom of this cycle. read more
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