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Thomas Huertas, director of the Financial Services Authority's (FSA) wholesale firms division, told delegates at the retail banking conference that there is a great deal of evidence that banks and building societies are taking on board the obligations of the principles of Treating Customers Fairly (TCF), embedding it in the way that they do business. However, Mr Huertas warned that: "Mortgage lenders must assure us that they are continuing to lend responsibly, providing products that are suitable and affordable for their customers." In addition, he said the FSA expects customers to receive fair and impartial advice, adding that commission-based advice may be leading to conflicts of interest. "Any advice given must provide genuine assistance for the consumer, guaranteeing the principle of TCF," he added.
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The Bank of England's Monetary Policy Committee (MPC) has decided to bide its time with interest rates, holding it steady at 5.50% as it waited for more data on how past increases are impacting growth. However, with price growth still strong, many analysts think there is a very strong chance of rates hitting 5.75% in the near future to keep inflation under control. "Interest rates will go higher and we suspect that they will get to 5.75 per cent in July," said James Knightley, economist at ING. Furthermore, a range of business groups also welcomed the Bank's decision to keep interest rates on hold. "Another rise in such a short space of time would have been a rash decision, given that most commentators, including Mervyn King himself, acknowledge that inflation is likely to fall sharply towards the end of the year," said Stuart Law, managing director of Assetz. "Hopefully this is an indication that rates have now reached a peak, and that the Bank will resist the urge to introduce another rise as they attempt to communicate a firm control on inflation."
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Research conducted by the Halifax has revealed that house price growth slowed to just 0.3% in May, the smallest monthly gain this year, and the third consecutive slowing in the monthly growth rate. In addition, the Halifax House Price Index shows that the average house price is £196,893. However, annual house price inflation remained in the double digits despite the slowdown, with the average property costing 10.6% more in May than a year earlier. "The recent slowing in monthly house price inflation, together with further evidence of moderation in housing market activity, suggests that the interest rate rises since last summer are having an impact on the market," said Halifax chief economist Martin Ellis. "Higher interest rates, the negative trend in real earnings growth and rising food prices are likely to bite increasingly on householders' finances over the coming months, curbing housing demand."
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According to The Partnership, the number of fully-qualified domestic energy assessors (DEAs) has grown by 50% in the past two weeks to nearly 800, and a further 1,200 candidates have applied for accreditation, a dramatic increase since the Government's U-turn. "Over the past two weeks, we have been inundated with requests for information by qualified energy inspectors ready and keen to work with us," said Peter Ambrose, director of The Partnership. "We have over 550 assessors either in training or qualified, registered directly with us, and the numbers show no signs of slowing. We have always believed that the government's targets for the required numbers of inspectors would be easily achieved by August, and these latest figures confirm our expectations."
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A new study has shown that the Government's recent postponement of the Home Information Pack (HIP) scheme has done little to change the attitude of UK home movers. Research conducted by ConveyanceLink has shown that 87% of home movers polled have no faith in HIPs, whilst in a separate study the same percentage of estate agents don't believe HIPs can be implemented. "It's interesting to see the same massive percentage of consumers and industry professionals have no faith in the HIPs scheme. It's not surprising that people are sceptical; the entire system is in disarray and the regulations are simply unworkable," said Malcolm York, director at ConveyanceLink. "The Government has neglected to listen to the industry and has subsequently put livelihoods at risk throughout the property sector, which is completely unacceptable. There is no question that changes and improvements to the process need to be made, but HIPs still look like a disaster waiting to happen."
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House prices in the UK could rise to the equivalent of ten times average salaries by 2026, a study by the newly-established National Housing and Planning Advice Unit (NHPAU) has revealed. To avoid this, more homes must be built in order to boost supply, NHPAU said. At present, a typical UK home costs the equivalent of seven times salary, but even at current levels, more than a third of non-homeowners think they will never be able to buy, the NHPAU added. "First time buyers have seen a big rise in the deposit needed to buy a home and the amount of their income spent on mortgages," said Professor Stephen Nickell, chair of the NHPAU. "Demand for housing is growing and unless action is taken, pressure on the market will only get worse," he added
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Despite continual attempts to prove its commitment to the intermediary sector, the Royal Bank of Scotland (RBS) Intermediary Partners is restructuring its team, with planned redundancies across the branch. The union representing the lender's employees Amicus confirmed that RBS is restructuring the department of 250 people, with approximately 30 positions affected. "In an organisation as large and diverse as the Royal Bank of Scotland there are always opportunities for colleagues to take on new roles, not just in a restructure but as business as usual," said Chris Pearson, director of intermediary mortgages at RBS. "You have got to expect and indeed embrace change in such a dynamic marketplace, and this sometimes this means structural change."
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BEVERLEY BS FIXED RATE MORTGAGE of 5.49% to 30.6.12 withdrawn w.e.f. 11.6.07. (more...)
LLOYDS TSB SCOTLAND Selected FIXED RATE MORTGAGES withdrawn & replaced. NEW STEPPED FIXED RATE MORTGAGE range for FTBs only of between 5.49% & 7.09% in 1st year to between 6.99% & 7.49% in final year, including exclusives for direct business & intermediaries only. NEW FIXED RATE MORTGAGE range of between 4.98% & 7.09% to 31.7.09; 6.19% & 6.69% to 31.7.10; 5.99% & 7.09% to 31.7.12 & 6.29% & 6.89% to 31.7.14, including exclusives for direct business & intermediaries only. All w.e.f 8.06.07. (more...)
PINK HOME LOANS FIXED RATE MORTGAGES of 5.75%, 5.85% & 5.95% to 31.5.12 withdrawn, funded by Bristol & West, w.e.f. 14.6.07. (more...)
PINK HOME LOANS VARIABLE TRACKER RATE MORTGAGES of 4.84% & 4.94% to 30.6.09, funded by Bank of Scotland Mortgages, withdrawn w.e.f. 7.6.07. (more...)
WEST BROM FOR INTERMEDIARIES NEW FIXED RATE MORTGAGE with no extended tie-ins; 6.19% to 31.8.10, max 95%, fee £995, with incentives of free valuation & remortgages free legal fees w.e.f. 12.6.07 (more...)
Buy-to-Let Update
GMAC-RFC Buy-to-let conforming FIXED RATE MORTGAGES increased by up to 0.20% & END-DATES extended to 1st October w.e.f. 11.6.07. (more...)
NATWEST INT PERSONAL BANKING Buy-to-Let STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 7.69% w.e.f. 1.6.07. VARIABLE BASE RATE TRACKERS increased by 0.25% w.e.f. 1.6.07 & FIXED RATES increased by 0.25% & extended to July. (more...)
ROYAL BANK OF SCOTLAND INT LTD Buy-to-Let STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 7.69% w.e.f. 1.6.07. VARIABLE BASE RATE TRACKERS increased by 0.25% w.e.f. 1.6.07 & FIXED RATES increased by 0.25% & extended to July. (more...)
WEST BROM FOR INTERMEDIARIES NEW BUY-to-let FIXED RATE MORTGAGES of 6.19% to 31.8.09, max 85%, with incentives of free valuation (max £525) & for remortgages free legal fees; 5.99% to 31.8.09, max 85%, both w.e.f. 12.6.07. (more...)
Savings Update
INTELLIGENT FINANCE MINI CASH ISA rate guarantee extended to be at least equal to Bank Base Rate to 31.12.08 (previously 31.12.07). (more...)
MELTON MOWBRAY BS FIXED RATE SAVINGS BONDS withdrawn and replaced paying increased rates w.e.f. 11.6.07. FIXED RATE SAVINGS BOND: a fixed term account maturing 31.7.08 with a minimum investment of £1K paying 5.75% on maturity. FIXED RATE SAVINGS BOND: a fixed term account maturing 31.7.10 with a minimum investment of £1K paying 6.00% yearly. Both Bonds: earlier access permitted on 90 day loss of interest. Additions permitted whilst issue remains open. (more...)
WESLEYAN SAVINGS BANK variable rates increased by 0.25% w.e.f. 8.6.07. CLASSIC: £100 - 3.30%, £1K - 3.80%, £5K - 4.55%. MINI CASH ISA: £10 - 4.80%, £100 - 5.00%, £3,001 - 5.10%, £9K - 5.15%. (more...)
WEST BROMWICH BS 1 and 2 YEAR GUARANTEEED GROWTH BONDS will be withdrawn w.e.f. close of business 12.6.07 and new issues launched paying increased rates w.e.f. 13.6.07. (more...)
Offshore Update
NATWEST Sterling ADVANTAGE INTERNATIONAL increased by 0.25% w.e.f. 11.6.07: £1 - 2.00% (no change), £2K - 2.25% (nc), £10K - 3.75%, £25K - 4.00%, £50K - 4.60%, £100K - 4.70%, £250K - 4.75%, £500K - 4.90%, £750K - 5.00%, £1m - 5.25%. (more...)
ROYAL BANK OF SCOTLAND INT LTD Sterling ROYALTIES INTERNATIONAL increased by 0.25% w.e.f. 11.6.07: £1 - 2.00% (no change), £2K - 2.25% (nc), £10K - 3.75%, £25K - 4.00%, £50K - 4.60%, £100K - 4.70%, £250K - 4.75%, £500K - 4.90%, £750K - 5.00%, £1m - 5.25%. (more...)
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Mortgage of the week
21 May, 2007
Mortgage Talk highlights a selection of the week's mortgage deals.
Short Term Fixed Rate
The Halifax is offering a fixed rate deal until the 30th September 2009, at a rate of 5.29%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.50%. The overall cost for comparison is 7.4% APR. An Early Repayment Charge is payable if you repay all or part of the mortgage during the fixed rate period. There is a valuation fee of £315 and an arrangement fee of £999.
Long Term Fixed Rate
The Nationwide is offering a five year fixed rate deal, at a rate of 5.58%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.74%. The overall cost for comparison is 6.5% APR. An Early Repayment Charge is payable if you repay all or part of the mortgage during the fixed rate period. There is a valuation fee of £295 and an arrangement fee of £499 that can be added to the loan.
Short Term Discount or Tracker
BM Solutions is offering a two year tracker scheme at the Bank of England base rate minus 0.65%, equating to 4.85%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.49%. The overall cost for comparison is 7.3% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage within two years. There is a valuation fee of £350 and an arrangement fee of £1000 that can be added to the loan.
Long Term Discount or Tracker
The Alliance & Leicester is offering a five year discounted scheme at 2.26% off its standard rate, equivalent to a current rate of 5.13%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.39%. The overall cost for comparison is 6.7% APR. There is an early redemption penalty upon repayment of this loan up to the end of the discount period.
There is valuation fee of £280 and an arrangement fee of £599 that can be added to the loan.
Cashback
The Chelsea Building Society is offering a mortgage fixed at 6.94% until the 1st June 2012, with a 6% cashback on completion. The overall cost for comparison is 7.5% APR. There is a requirement to repay the cashback on early repayment of the loan within the fixed rate period. There is a free valuation and free legal work, but an arrangement fee of £845 that can be added to the loan.
Buy to Let
BM Solutions is offering a two year tracker buy to let deal at the Bank of England base rate minus 0.26%, equating to 5.24%, reverting to their standard variable rate, currently 7.50%, at the end of the period. The overall cost for comparison is 7.4% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the first two years of the loan. There is a valuation fee of £350, while the arrangement fee of
£799 can be added to the loan.
There is no guarantee that it will be possible to arrange continuous letting of the property nor that the rental income will be sufficient to meet the cost of the mortgage.
Remortgage
For those looking to remortgage, the Bank of Scotland is offering a tracker until the 30th June 2009 at a rate of 5.74%, reverting to the standard variable rate of 7.25% for the remaining term of the mortgage. The overall cost for comparison is 7.2% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the fixed rate period. This mortgage offers a free valuation, free legal work and no arrangement fee.
Your existing lender may impose penalties if you switch your mortgage to a new lender.
Lifetime Tracker
The Norwich & Peterborough is offering a lifetime tracker deal at the Bank of England base rate plus 0.24% for the full term of the loan, currently equating to 5.74%. The overall cost for comparison is 6.00%. There is no Early Repayment Charge on this loan, but there is a valuation fee of £220 and an arrangement fee of £499, which can be added to the mortgage.
100% Mortgage.
Mortgage Express is offering a two year tracker at the Bank of England base rate plus 0.64%, equating to a current rate of 5.99%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.50%. The overall cost for comparison is 7.5% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the discount period. There is no valuation fee, but an arrangement fee of £999 that can be added to the mortgage.
Capped Rate Mortgage
The Skipton Building Society is offering a tracker mortgage at a current rate of 5.80%, capped for three years to a maximum rate of 5.99%, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.64%. The overall cost for comparison is 6.7% APR. An Early Repayment Charge is payable if you repay all or part of this mortgage during the capped rate period. There is a valuation fee of £220, and an arrangement fee of £599 that can be added to the loan.
Figures based on £150,000 purchase price or value and £100,000 repayment mortgage over 25 years. All figures are subject to revision, but current at time of going to press.
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CHESHIRE BS STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 7.54% for new & 7.04%/7.54% for existing borrowers w.e.f. 1.6.07. All rates linked to SVR adjusted accordingly. (more...)
COVENTRY BS All FIXED RATE MORTGAGES for self certification only, withdrawn & replaced. NEW FIXED RATE MORTGAGES without penalty, self certification only, for direct business only: 5.89% to 30.6.10, max 65%, fee £1249 & 6.09% to 30.6.10, max 85%, fee £1249. NEW FIXED RATE MORTGAGES without extended tie ins, for self certification only, for direct business only: 5.79% to 30.6.10, max 65%, fee £1249 & 5.99% to 30.6.10, max 85%, fee £1249. All w.e.f 24.5.07. (more...)
CUMBERLAND BS STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 6.99% w.e.f. 1.6.07 for both new & existing borrowers. All rates linked to SVR & base rate adjusted accordingly. (more...)
DIRECT LINE STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 7.13% w.e.f 11.5.07 for both new & existing borrowers. VARIABLE BASE RATE TRACKER MORTGAGES increased by 0.25% w.e.f 11.5.07. (more...)
FIRST NATIONAL All BANK BASE RATE TRACKER RATE MORTGAGES increased by 0.25% w.e.f 10.5.07 (more...)
FURNESS BS STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 7.44% w.e.f. 19.5.07 for new borrowers & 1.6.07 for existing borrowers. All rates linked to SVR and base rate adjusted accordingly. (more...)
HARPENDEN BS STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 6.44% w.e.f. 1.6.07 for both new & existing borrowers. (more...)
LEEK UNITED BS NEW FIXED RATE MORTGAGES without extended tie ins, for direct business only: 5.70% to 31.7.10, max 90%, fee £350 & 5.90% to 31.7.10, max 90%, no fee. W.e.f 21.5.07. (more...)
MANCHESTER BS Standard variable mortgage rate increased by 0.25% to 7.54% with effect from 1st June for new & existing borrowers and increased variable base rate tracker mortgages as from 21st May. (more...)
NORWICH & PETERBOROUGH BS New 5 & 10 year sub prime fixed rate mortgages launched w.e.f 18.5.07 (more...)
PINK HOME LOANS All 2 & 3 year fixed rate mortgages & selected 4 year fixed rate mortgages funded by igroup withdrawn. Fees on all remaining products increased to £950. W.e.f 18.5.07 (more...)
PRINCIPALITY BS FIXED RATE MORTGAGES of 5.34% & 5.99% to 31.7.10 withdrawn & replaced. NEW FIXED RATES with no extended tie-in: 6.19% to 31.7.10, max 95%, no fee, with incentives of free valuation & for remortgages free legal fees; 5.49% to 31.7.10, max 95%, fee £1499 w.e.f 23.5.07. (more...)
PROGRESSIVE BS STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 7.54% w.e.f 21.5.07 for new borrowers & w.e.f 1.6.07 for existing borrowers. (more...)
RBS IP NATWEST STANDARD VARIABLE RATE: increased by 0.25% to 7.69% with effect from 21st May 2007 for new and existing borrowers. (more...)
RBS IP ROYAL BANK OF SCOTLAND STANDARD VARIABLE RATE: increased by 0.25% to 7.69% with effect from 21st May 2007 for new and existing borrowers. All rates linked to SVR adjusted accordingly. (more...)
SAFFRON BS STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 7.34% for new & existing borrowers w.e.f 1.6.07. All rates linked to SVR adjusted accordingly. (more...)
SCARBOROUGH BS Entire MORTGAGE range withdrawn & replaced. New VARIABLE BASE RATE TRACKER MORTGAGES increased by up to 0.55% & for self cert only, increased by up to 0.55%. NEW FIXED RATE MORTGAGES increased by up to 0.40% & for self cert only, increased by up to 0.40%. All w.e.f 21.5.07. (more...)
SCARBOROUGH BS Entire SUB PRIME MORTGAGE range withdrawn & replaced. NEW FIXED RATE MORTGAGES: 6.09% to 30.8.09, max 80%, fee £695 & 6.49% to 30.8.09, max 80%, no fee, with £250 rebate. NEW VARIABLE BASE RATE TRACKER MORTGAGES: 6.09% for 2 years (BBR + 0.59%), max 80%, fee £595 & 6.49% for 2 years (BBR + 0.99%), max 80%, no fee with £250 rebate. All w.e.f 21.5.07. (more...)
THE MORTGAGE BUSINESS NEW FIXED RATE MORTGAGES for self-cert only & with no extended tie-in: 5.84% to 31.8.09, max 90%, fee 1.25%; 5.79% to 31.8.10, max 90%, fee 1.25% both with incentives of no higher lending charge; 5.84% to 31.8.09, max 90%, fee £1399 w.e.f 24.5.07. (more...)
ULSTER BANK (NI) STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 7.57% w.e.f 18.5.07 for new & existing borrowers. BANK BASE RATE TRACKER MORTGAGES increased by 0.25% w.e.f 18.5.07. (more...)
ULSTER BANK (NI) NEW DISCOUNTED VARIABLE RATE for remortgages only & with no extended tie-on: 5.55% to 30.6.09 (2.02% discount), max 75%, fee £999 with incentives of free legal fees or £300 rebate w.e.f 18.5.07. (more...)
Buy-to-Let Update
ABBEY Buy-to-let STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 7.59% w.e.f. 21.5.07. (more...)
BRADFORD & BINGLEY NEW range of buy-to-let FIXED & DISCOUNTED VARIABLE BASE RATE TRACKERS at 85% with minimum RENTAL cover of minimum 110% based on pay rate & max 90% with minimum rental cover of 125% all available for second-time buyers & remortgages only. W.e.f. 21.5.07. (more...)
CHELTENHAM & GLOUCESTER Buy-to-let amendments to products available to intermediary business & products with 'Large Loan' criteria: FIXED RATE of 5.78% to 31.5.10 withdrawn. ALL FIXED RATES increased by up to 0.20% & END DATES increased by 2 months to 31 July. 'LARGE LOAN' range amended to include fee free products and available for loans of minimum £1m (previously £1.5m). DISCOUNTED VARIABLE TRACKER for 5.34% (BBR 0.16% to 30.6.09) increased by 0.30%. W.e.f. 21.5.09. (more...)
CUMBERLAND BS Buy-to-let STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 7.50% w.e.f. 1.6.07. (more...)
FURNESS BS BUY-to-let STANDARD VARIABLE MORTGAGE RATE increased to 7.44% & BANK BASE VARIABLE TRACKER RATES increased by 0.25% w.e.f. 19.5.07. (more...)
MANCHESTER BS Buy-to-let VARIABLE BASE RATE TRACKERS increased by 0.25% w.e.f. 21.5.07 & STANDARD VARIABLE RATE to be increased to 7.54% w.e.f. 1.6.07. (more...)
MANSFIELD BS Buy-to-let STANDARD VARIABLE RATE increased by 0.25% to 7.49% w.e.f. 18.5.07. (more...)
MORTGAGE EXPRESS NEW buy-to-let FIXED & DISCOUNTED VARIABLE TRACKER RATE MORTGAGES at 85% with minimum RENTAL cover of 110% based on pay rate & max 90% with minimum rental cover of 125% all available for second-time buyers & remortgages only. W.e.f. 14.5.07. (more...)
RBS IP NATWEST Buy-to-let STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 8.19% w.e.f 21.5.07. (more...)
SAFFRON BS Buy-to-let STANDARD VARIABLE RATE to be increased by 0.25% to 7.34% & ALL VARIABLE BASE RATE TRACKERS increased by 0.25%, w.e.f. 1.6.07. (more...)
SCARBOROUGH BS Buy-to-let MORTGAGE PRODUCT RANGE withdrawn & replaced & maximum number of properties increased to 15 within total advance of £2.5m w.e.f. 21.5.07. (more...)
STROUD & SWINDON BS ALL BUY-TO-LET mortgage products withdrawn w.e.f. 21.5.07. (more...)
TBMC ALL BUY-TO-LET mortgage products withdrawn w.e.f. 21.5.07. (more...)
ULSTER BANK (NI) Buy-to-let STANDARD VARIABLE MORTGAGE RATE increased by 0.25% to 7.57% & BANK BASE RATE TRACKERS increased by 0.25% w.e.f. 21.5.07. (more...)
Savings Update
BATH BS variable rates will increase by 0.25% w.e.f. 15.6.07. LIFESTYLE: £25 - 1.35%, £1K - 2.90%, £5K - 3.10%, £10K - 3.60%, £20K - 3.90%, £50K - 4.40%, £100K - 4.50%. DIRECT SAVER: 5.50%. INTRODUCER BOND Issue 2: 5.50%. LIFESTYLE 30: 4.50%. LIFESTLYLE 60: 5.25%. WESSEX: 5.50%. SAVERSAURUS: 5.00%. SOLID SAVER: 5.00%. REGULAR SAVER: 6.75%. MINI CASH ISA/TESSA ONLY ISA: 5.55%. REGULAR SAVER MINI CASH ISA: 5.75% . Monthly options will also increase. (more...)
BUTTERFIELD PRIVATE BANK variable rates increased by 0.25% w.e.f. 18.5.07. 35 DAY NOTICE: 5.25%. 95 DAY NOTICE: 5.30%. (more...)
CLOSE BROTHERS MONEY MARKET RESERVE increased by 0.25% w.e.f. 16.5.07. MONEY MARKET RESERVE: £1 - 4.50%, £10K - 4.75%, £100K - 5.00%, £500K - 5.10%. MONEY MARKET RESERVE with rebated commission: £1 - 4.75%, £10K - 5.00%, £100K - 5.25%, £500K - 5.35% (more...)
DERBYSHIRE BS THE NATIONAL TRUST DERBYSHIRE SAVINGS launched w.e.f. 21.5.07: an instant access account with a minimum investment of £1 paying 4.00% yearly, £500 - 4.50%. 12 withdrawals permitted per account year (1 May - 30 April). 1% of 1/12 monthly balance paid monthly to The National Trust. (more...)
DERBYSHIRE OFFSHORE INCOME 60 TRACKER increased by 0.11% to 5.62% w.e.f. 18.5.07. (more...)
EGG INTERNET ONLY will increase by 0.25% to 5.50% w.e.f. 23.5.07. (more...)
KENT RELIANCE BS selected variable rates will increase by up to 0.25% and direct fixed rate products will be withdrawn and replaced increasing rates by 0.30% w.e.f. 1.6.07. (more...)
NATIONAL COUNTIES BS SAVINGS BOND Issue 16 will be withdrawn and replaced with Issue 17 w.e.f. 23.5.07: a one year fixed term account with a minimum investment of £1K (£5K for monthly option) paying 6.10% yearly (5.94% monthly). Earlier access permitted subject to 120 day loss of interest. No additions permitted. (more...)
NATIONWIDE BS CASHBUILDER CARD will be launched w.e.f. 1.6.07: an instant access cash card operated account with a minimum investment of £1 paying 2.40% yearly, £10K - 2.60%, £25K - 3.00%, £50K - 3.30%. CASHBUILDER will no longer have cash card facility available. (more...)
SAFFRON BS variable rates will increase by up to 0.30% and 1 YEAR FIXED RATE BOND will be withdrawn and replaced paying an increased rate w.e.f. 1.6.07. (more...)
ULSTER BANK (NI) variable rates increased by up to 0.25% w.e.f. close of business 21.5.07. (more...)
Offshore Update
BRITANNIA INTERNATIONAL LTD 1 Year Fixed Rate Deposit Issue 15 withdrawn and Issue 16 launched paying an increased rate w.e.f. 21.5.07: a 1 year fixed term account with a minimum investment of £5K paying 6.10% on maturity (5.94% monthly). No earlier access or further additions permitted. (more...)
STANDARD BANK Euro OPTIMUM increased by 0.12% w.e.f. 21.5.07: 5K - 0.37%, 50K - 1.12%, 100K - 1.37%, 250K - 1.87%. (more...)
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Budget Effect on Housing Market
STAMP DUTY
Thresholds remain unchanged, despite calls to bring them in
line with higher house prices. But owners of the most
expensive houses will avoid a rumored higher rate, which
should come as relief to those affected by Sir Michael Lyons's
council tax recommendations this week that there should be
new bands for owners of houses worth more than £2.5
million.
FIRST-TIME BUYERS
There had been speculation of a new nil-rate stamp duty
threshold of £150,000, up from £125,000, to help first-timebuyers,
two thirds of whom now pay stamp duty. Instead, the
Chancellor announced further encouragement of the Open
Market HomeBuy scheme, under which qualifying buyers
fund 75% of a home purchase, with the Government and
lenders providing the remaining 25 per cent temporarily
interest-free.
GREEN BUILDING
Environmentalist homebuyers shall benefit from green
measures, including a stamp-duty exemption until 2012 for
new carbon-neutral homes worth up to £500,000. Those
valued above the threshold will benefit from a £9,000 discount
on their stamp duty bill. The Government hopes the
exemption will encourage green building.
HOME IMPROVEMENTS
The Chancellor indicated the promotion of "green mortgages"
to fund energy improvement measures and announced a VAT
rate of 5% on energy-saving products in homes, such as
double glazing and insulation. Elderly homeowners are
among the Budget's winners. Gordon Brown announced
grants for them of up to £4,000 for the installation of central
heating and insulation and a VAT rate of 5% on home
modifications.
INHERITANCE TAX
An expected £300,000 threshold for inheritance tax was
confirmed, with Mr. Brown announcing that it would rise in
stages to £350,000 by 2010, although this falls short of the
£460,000 level that Halifax says would be needed to keep the
threshold in line with house price inflation since 1995.
OVERSEAS HOMES
Property owners with homes abroad learnt that they will be
spared a tax charge if the purchase is made by a company.
Many British buyers have established a company to buy
overseas property to avoid stringent inheritance rules in other
countries.
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One homebuyer in five is now paying stamp duty
of at least £7,500, representing nearly a fourfold
increase in five years, latest figures show. Analysis
by the Halifax bank found that nearly 300,000
purchases fell into the three per cent bracket last
year as the number of properties sold above its
pounds 250,000 threshold soared.
The Daily Telegraph 05.03.2007
■ Good news for landlords. Demand from tenants is
rising at the fastest pace for nine years on the back
of strengthening economic activity, buoyant
employment conditions and sustained migration
from EU accession countries. Citywire 05.03.2007
■ The buy-to-let mortgage market is expected to
grow by more than 40 per cent by 2016, according
to research published yesterday. A study by lender
Alliance and Leicester and the Centre for Future
Studies predicts that the rental sector will soar over
the next decade, playing a "pivotal role" in the future
of the UK housing market. By 2016, the portion of
mortgage lending taken up by buy-to-lets is
expected to increase from 8% to 12%, the study
predicts.
The Sunday Sun 04.03.2007
■ Olympic rowing on the Pershore Lake, awardwinning
architecture and a five-star hotel. Paul Dale
imagines the Birmingham of 2027, if Professor
Parkinson's city centre masterplan visioning study
was acted upon.
The Birmingham Post 08.03.2007
■ Britain's economy is in rude health but a further
interest-rate rise could be on the cards, according to
a global financial system watchdog. The
International Monetary Fund heaped praise on
Britain's economy yesterday in a new report, but
said vigilance would be required to keep inflationary
pressures, such as that created by rising house
prices, under control.
Press Association National Newswire 08.03.2007
■ House-price inflation cooled for a fourth
consecutive month in February as interest rate hikes
continued to eat away at buyer affordability. The
Royal Institution of Chartered Surveyors said 24 per
cent more of its members reported a rise in prices
than a fall during the month, down from 28 per cent
in January.
www.rics.org
In wake of recent interest rate rises, homeowners
are reluctant to put their house on the market,
meaning that estate agents are experiencing the
biggest drought of houses coming on to their books
in seven years.
The Daily Telegraph 13.03.2007
■ Scotland's newest and smallest city is growing in
confidence, and Edinburgh and Glasgow are not, in
fact, the most important cities in Scotland. That
accolade goes to Stirling, or so they say in Stirling.
It has, arguably, played a more significant role in the
formation of Scotland's identity than its larger
siblings.
The Times 16.03.2007
■ Public approval of the Bank of England has
slumped to the lowest level in seven years, following
the Monetary Policy Committee's surprise interest
rate increase in January. An NOP survey
commissioned by the Bank has shown that the
institution's approval rating slipped from 43% to 37%
last month - the lowest level since the survey first
started around the turn of the millennium. The news
will cause concern in Threadneedle Street, where
the Bank is thought to be mulling a further rate
increase in the coming months.
The Daily Telegraph 16.03.2007
■ Specialist intermediary lender UCB Home Loans is
moving into the adverse mortgage market with a
range of new products. It will be offering a range of
self-cert adverse loans up to 85% loan to value and
status adverse loans up to 90% LTV. The three
adverse product categories available are a Self-Cert
and Status Extra Light Adverse up to £1,000 in
County Court Judgements (CCJs) or defaults and
up to one month's mortgage or rent arrears (none
registered in last three months).
Citywire 22.03.2007
■ Thousands of buy-to-let property investors are
set to be surprise winners from the much-criticised
income tax changes in this week’s Budget.
Wealthier landlords could possibly benefit from tax
cuts approaching £1500 a year, while well-off retired
people topping up pensions with rental income could
also experience similar tax benefits. Key to these
tax gains is not being subject to national insurance.
While those in employment pay NI on earnings,
income from buy-to-let properties is generally
exempt from this levy.
Financial Times 24.03.2007
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