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Bank of england
Approvals stable as remortgaging stutters
The Bank of England (BoE) has revealed that loan approvals for house purchase in May numbered 49,815, largely unchanged on April’s figure of 49,828.
IMLA: Mortgage securitization is key
Tony Ward, deputy chairman and director of IMLA said more needs to be done to encourage foreign investors to invest in UK mortgage backed issues.
Fixed rate popularity high
A quarter of borrowers opted for fixed rate mortgages in May, as economic and political uncertainty pushed consumers to look for security, according to John Charcol.
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FSA to be abolished by 2012
Last night, Chancellor George Osborne fulfilled the Tory's campaign promise to scrap the FSA after what he called its spectacular regulatory failure and bolster the Bank of England's supervisory powers.
BoE to control FSA; Commission clamp-down on banks
Chancellor George Osborne is set to reveal this week the Bank of England will take overall charge of regulation of the financial sector and have "oversight" across the FSA.
First-time buyers unaided by low rates
Estate agency Spicerhaart has claimed low interest rates have failed to help the first-time buyer crisis, despite Bank of England figures showing fixed rates have fallen to their lowest level since 1995.
CML may revise lending outlook downwards
The Council of Mortgage Lenders (CML) has warned that its £150bn lending predictions for 2010 may have to be revised.
BoE: Mortgage lending fell in April
The Bank of England (BoE) has said that while total mortgage approvals for house purchase increased slightly in March, data from the major UK lenders showed their approvals for house purchase edged lower in April.
Mortgage lending drops 12% in April
Gross mortgage lending fell to an estimated £10.2bn in April, down 12% on the £11.6bn recorded in March, according to the CML.
Base rate predicted to stay low
Last week’s much anticipated Bank of England Inflation Report forecast that the Consumer Prices Index (CPI) was likely to remain above its 2% target for the rest of this year, but pointed to interest rates remaining low in the short term.
New coalition cautiously welcomed
The mortgage industry has cautiously welcomed the new coalition Government, but has called for a clear commitment to the housing market.
Cost of borrowing to stay low
The Bank of England Base Rate looks set to remain low for the foreseeable future.
FSA may be here to stay
Many advisers will be disappointed to learn this morning the FSA is likely to survive the change of Government, as new Chancellor George Osborne has been forced to water down plans to hand over banking supervision to the Bank of England.
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