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Range of mortgage products widest in five years
Consumers’ choice of mortgages reached record levels in July 2013 with more products on offer than at any time since the housing market crash, according to the National Mortgage Index from Mortgage Advice Bureau. The number of mortgage products available last month exceeded 10,000 for the first time in almost five years (since September 2008). July’s average
Fincorp becomes first bridger on Avelo Trigold Prospector
Fincorp is the first bridging lender to be listed on the Avelo Trigold Prospector platform after signing a deal that could see bridging start to become much more mainstream. Avelo Trigold said it had signed Fincorp up on an exclusive basis initially after brokers using its Prospector platform had asked for bridging to be included
Most bridging loans take two to four weeks, reveals survey
Recent research, carried out by United Trust Bank, has revealed that according to brokers the majority of bridging loan proposals take between two and four weeks to progress from application to drawdown. 27% of brokers indicated that in their experience the average time elapsed from application to completion was two to three weeks whilst 36%
Asking price discounts falling sharply
The number of properties available for sale that have been discounted and the amount of the discount offered from the original asking price have both fallen sharply over the past twelve months, research from Zoopla reveals. The proportion of properties on the market in the UK today with an asking price that has been reduced
FCA issues warning over Shawbrook Bank clone
The Financial Conduct Authority has issued a warning to consumers regarding an unauthorised organisation identifying itself as Shawz Online Brook, which is a clone of the FCA-authorised firm Shawbrook Bank. The website of the firm is very similar to that of Shawbrook Bank and even features the bank’s distinctive pink logo. The FCA said of
Secured lending hits another milestone in July
The Secured Loan Index has reported yet another milestone in secured lending in July, with the £45m barrier being broken for the first time in nearly four years, after nine of the twelve lenders reported month on month increases. June’s figure was a slightly lower-than-expected £41,994,482 but the longer month of July has proved positive
Virgin Money reduces rates
Virgin Money has cut its rates with residential fixed and tracker rates reduced by up to 0.40% across a range of LTVs. Its 2-year residential fixed rates and trackers are now available from 2.04% and a 2-year Buy-to-let fixed rate at 2.99% is available exclusively through intermediaries. Peter Rogerson, commercial director for mortgages and =savings
CML: Gross lending up 29pc year-on-year
Gross mortgage lending in July rose by 29% to £16.6bn compared to the same month last year which saw £12.9bn lent out, estimated figures from the Council of Mortgage Lenders showed. Compared to the previous month estimated gross lending rose by 12% from £14.8bn representing the highest monthly estimate for gross lending since October 2008
