Svr
Record numbers of mortgage borrowers are sitting on lenders’ SVRs and missing out on large savings by not switching, according to the Yorkshire Building Society (YBS).
Research by Legal & General (L&G) has revealed broker confidence took a serious knock in the second quarter of 2010.
Lloyds Banking Group (LBG) is to introduce a Homeowner Variable Rate for new Lloyds TSB and Cheltenham & Gloucester (C&G) mortgages from 1 June in place of its current Standard Variable Mortgage Rate.
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The major UK lenders have predicted that house prices will remain flat over the coming year, with mortgage lending rising moderately, according to the latest Bank of England Trends in Lending report.
The Bank of England has revealed that the number of loan approvals for house purchase fell to 47,094 in February.
Listen to Paula John, editor-in-chief of Mortgage Solutions, taking part in today’s Money Box Live discussion on mortgages.
The Bank of England has voted to hold the base rate at 0.5% for the twelfth month in a row.
Savills Private Finance (SPF) has revealed that over half (53%) of its clients believe that a Conservative Government in power would have no effect on house prices and mortgage availability.
The Bank of England has maintained interest rates at 0.5%, meaning the base rate has now been held for a year.
London-based Leon Kaye Solicitors is investigating the legality of the clause in Skipton Building Society’s mortgage contract which allowed the lender to hike its SVR to 4.95%.
Moneysupermarket has urged borrowers on standard variable rate (SVR) deals to consider changing to another deal.
Last week’s Mortgage Solutions poll revealed that 55% of brokers don’t think the FSA’s arrears proposals will have a cost implication for their business.
Borrowers on standard variable rate (SVRs) deals should switch as other lenders are expected to increase their SVR rates, according to Moneysupermarket.
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