Exclusive: Lenders want a sunset clause on mortgage limits August 21, 2014 The Bank of England should make new limits on mortgages temporary by inserting a sunset clause immediately, the Building Societies’ Association (BSA) will tell regulators next week. Other lenders are also worried – specialist banks fear they will be unable to lend to certain categories of rich borrower, and some big banks are worried the [...]
Bank of America makes record $16.65bn settlement with US regulators over mortgage-backed securities August 21, 2014 Bank of America is to pay out $16.65bn (£10bn) to settle an investigation into sales of mortgage-backed securities dating back to the financial crisis. As agreed with the US Justice Department America's second-largest bank will pay a $9.65bn cash penalty to the US government and provide around $7bn of relief to consumers. The figure is [...]
Mortgage lending surges again despite housing market wobble August 20, 2014 MORTGAGE lending hit its highest level in six years in July, industry data showed yesterday, dampening worries that the housing market was slowing down. Banks and building societies gave out £19.1bn in home loans last month, up 15 per cent compared with July 2013. That figure is seven per cent higher than the level just one [...]
Mortgage lending rises 15pc to its highest level since 2008 August 20, 2014 Gross mortgage lending rose to £19.1bn in July, the Council of Mortgage Lenders (CML) said today – the highest monthly figure since August 2008, when it stood at £19.3bn. The figure rose 17 per cent from £16.7bn in July 2013, and seven per cent from June's £17.9bn. The number of property transactions also increased, by [...]
Nationwide hit by mortgage loan crackdown despite first quarter profits rise August 18, 2014 Nationwide’s profits more than doubled in the first quarter of its 2014 financial year, the building society said yesterday. But its mortgage lending volumes were hit hard as tougher new rules came into force in April. Gross mortgage lending came in at £5.8bn in the three months from April to the end of June, down [...]
Northern Rock steps up law suit against UBS August 17, 2014 NORTHERN Rock has called on a US judge to advance its case against Swiss bank UBS, which it is trying to sue over a portfolio of mortgage loans the British lender bought in the years before the financial crash. The British bank wants to sue UBS for $48.5m (£29m), arguing the investment bank knew the [...]
Northern Rock launches Societe Generale toxic debt suit August 14, 2014 Northern Rock is suing Societe Generale, alleging the French investment bank knowingly sold it toxic mortgage assets dressed up as valuable securities. The so-called bad bank part of the failed British lender was given permission by a New York judge to launch the suit after he kicked out SocGen’s attempt to get the case scrapped. [...]
Home repossessions slide to lowest since crisis ahead of interest rate hike August 14, 2014 The lowest number of homes were repossessed in the first half of 2014 than in any six month period since 2006, according to figures released yesterday. The Council of Mortgage Lenders (CML) yesterday showed that 11,800 homes were repossessed in the first half of the year, down from 15,600 in the first half of 2013. [...]
Top five tips for buying property at auction for beginners August 14, 2014 There’s more than one way to buy a property, but a significant proportion of buyers still favour making a trip to the estate agent or, increasingly, searching online to find their next home. For years, savvy property investors have found bargains in auction houses, where a vast range of buildings, from period houses in need [...]
London house prices to finally cool down as homeowners rush to sell properties August 11, 2014 The frothy London housing market is likely to come off the boil in the months ahead, with owners rushing to sell their properties following the recent surge in prices and buyers increasingly reticent to match the escalating valuations. The number of people looking to sell homes in the capital has climbed by nearly a third, [...]