Paragon sees lending return as rents rise November 24, 2010 UK SPECIALIST mortgage lender Paragon Group said yesterday it expected lending to increase as a result of higher demand in the private rented sector as it reported higher-than-expected full-year results. The lender said profit before tax stood at £71.8m for the year to 30 September 2010, up almost 25 per cent from £54.3m the previous [...]
Nationwide says house price slump unlikely November 23, 2010 Nationwide Building Society, Britain’s second-biggest mortgage lender, reported a 26 per cent jump in first-half profit, and said it did not expect big house price falls despite signs of property market weakness. Nationwide, which publishes a closely watched monthly house price survey, said major price falls were unlikely in 2011 because continued low interest rates [...]
Growing euro crisis raises the stakes November 22, 2010 IT’s all starting to feel a little too much like we’ve returned to 2007. First a few little-known mortgage lenders, then Bear Stearns (Greece) in early 2008, then Freddie and Fannie (Ireland) – and then, eventually Lehman Brothers (Italy or Spain?) and the whole pack of cards came crashing downs. What at each stage seemed [...]
Mortgage lending slumps November 18, 2010 Gross mortgage lending last month was the lowest October total since 2000, according to figures released yesterday. The Council of Mortgage Lenders estimated that lending was down nine per cent, from £13.6bn in October 2009 to £12.4bn last month. The figures coincided with fresh Bank of England data on the level of mortgage lending by [...]
Investing your love in bricks and mortar November 18, 2010 1 BUDGET Before you start the fun stuff – househunting – make sure you have covered the boring stuff: finances. Work out how much you can afford to put towards mortgage repayments each month, based on your joint net income, and joint outgoings. If, like Kate and William, you are thoroughly modern and are already [...]
Blackstone and TPG line up to bid for troubled Egg bank November 17, 2010 BLACKSTONE and TPG are believed to be preparing a bid for US lender Citigroup’s online bank Egg. Citigroup bought the unit in May 2007 for £546m from British insurer Prudential. However binding offers are expected to fall well short of that level, at around £300m. Barclays bank is also believed to have an interest in [...]
New rules for loan sellers November 16, 2010 MORTGAGE sellers could face tough new rules under proposals by the Financial Services Authority (FSA). The watchdog is calling for sellers to hold professional qualifications before they can approach potential home buyers. The FSA has conducted a major review of the market as it seeks to protect buyers from being sold home loans they cannot [...]
Banks face a grilling over foreclosures November 14, 2010 BANKS under fire over their foreclosure practices face twin hearings in Congress this week, at which they will come under renewed pressure to find ways to keep borrowers in their homes. The hearings tomorrow and Thursday will include the first appearances by executives from major US lenders like Bank of America and JPMorgan Chase since [...]
Home repossessions tumble November 11, 2010 THE number of homes repossessed by lenders in Britain fell to a two and a half year low in the third quarter, data showed yesterday, but courts issued more orders to reclaim homes, suggesting there may be a rise ahead. Figures from the Council of Mortgage Lenders showed that 8,900 homes were repossessed in the [...]
Home repossessions down 5pc November 11, 2010 The number of homes repossessed in the third quarter fell five per cent to 8,900, the Council of Mortgage Lenders has said.