HBOS, part of Lloyds Banking Group, will offer a new Mortgage to their customers who are in negative equity and whose current deal is about to expire. (more…)

Northern Rock which was saved timely from collapsing by the government and nationalized just a year ago, revealed that its residential arrears were up from 2.92% to 3.67% which is actually two and a half times the industry average of 1.53%. Northern Rock persuaded its existing borrowers to remortgage elsewhere and even failed to reduce the standard variable rate along the lines of the bank rate cuts. (more…)

It is claimed that first time buyers (FTBs) and people claiming to Remortgage need to make a deposit of 30 per cent. According to Moneyextra mortgage index, average loan-to-value or LTV rates have dipped to a two-year low. The average LTV for first-time buyers was 82 per cent last year which has sunk to 71 per cent this year. (more…)

Rating agency Moody’s have given an almost junk-bond status to the building societies of the UK. The Building Society sector which holds several accounts of British citizens is heading for massive losses due to housing market crash. For example Chelsea Building Society, which has holds accounts of thousands of savers and 90,000 mortgage borrowers, saw its bank financial strength rating  or BSFR drop from C to E+ while raying of West Bromwich, the seventh largest society fell from C- to E+. (more…)

Despite an increase in loan approvals, February forecasts remain unchanged and the figures show no signs of increase in loan value. The Council of Mortgage Lenders state that the number of Mortgage approvals in February was 4% higher than the previous month at 24,300. However the number of all the loans approved was £3.1bn exactly the same as in the month of January, and it was still only at just over half the level in last February. (more…)