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Bradford & Bingley has launched a three-year stepped tracker mortgage with £500 cashback. The

UK’s leading high street mortgage broker is offering the new product exclusively to first time buyers in association with the Woolwich. The product has an initial rate of 5.19 per cent for the first year which then reverts to the Bank of England Base Rate +0.54 per cent for the second year and BBR+0.64 per cent in the third year. “As it is widely believed that base rate has now reached its peak in this current cycle, buyers who are happy to take a tracker product could soon see the advantages that it has to offer,” commented the mortgage development manager for Bradford & Bingley, Duncan Pownall. “

The product’s low arrangement fee bucks the current trend for lenders charging higher application fees and as the higher lending charge is paid by the provider on loans up to 95 per cent LTV, this product competes with the very best three-year tracker deals available. “Mr Pownall added: “The £500 cashback is a helpful ‘moving-in present’ for first time buyers who will benefit from a financial boost when they need most.” 

The landmark G8 debt relief plan has been welcomed by some of the 18 counties it will help. The world’s richest countries have agreed to write off debt totaling $40 billion (£22billion) debt owed by 18 countries, mainly in sub-Saharan

Africa. Nine more countries are to be added within the next 18 months taking the total to $55 billion. Announcing the deal, Chancellor Gordon Brown said now was “not a time for timidity but a time for boldness”. He added: “We are presenting the most comprehensive statement that finance ministers have ever made on the issues of debt, development, health and poverty.” The deal was reached at a meeting of the G8 finance ministers in London ahead of July’s summit in

Scotland.

Ugandan Information Minister Nsaba Buturo said the decision was “commendable”, but added: “It’s something that should have been done yesterday.” Meanwhile

Ethiopia’s Finance Minister Sofian Ahmed called the debt cancellation plan “very encouraging”. Archbishop Desmond Tutu has also commented on the package. He told BBC News 24: “It is a splendid start and one hopes that they will, from here, go on to cancel all debt for most of the countries - I gather it is about 62 countries - who are heavily indebted.” Campaigner Bob Geldof, who has championed the cause and organized the global Live 8 concerts agreed the deal was a “victory”. 

Equity seems to have become the buzz word around the finance sector these days, but most consumers haven’t been given the insight into what equity is, or how they can use it to their advantage. By definition, equity is “the value of property after you have paid any mortgage or charges relating to it”. Put simply, it is how much of your mortgage you have actually paid off. So couples, who own property worth £120,000 and owe £70,000 to the bank, have £50,000 of equity in their home.

If this couple were to sell their home, the equity would be the amount of money they would be able to take away with them. The equity, which many property owners have in their homes, does not have stay tied up to the bricks and mortar. Many property owners are now utilizing the extra funds for a range of uses, including home improvements, cars, holidays and investment properties. Utilizing this equity has numerous advantages. For example, buying a new car or financing an extension through equity means that the funds can be easily obtained, as they can be secured against your property.

 Interest charges on the additional funds will be at the usually cheaper mortgage rates, rather than personal loan or car finance rates. Remortgaging your current property is the best way to release these equity funds. 

Landlords are not taking advantage of new loan-to-value rate mortgage. While some lenders are allowing potential landlords to mortgage higher percentages of the value of their property than ever before, few are using this availability, according to Mortgage Trust’s April 2005 Buy-to-Let Intermediary Forecast. In fact, almost two landlords in three said that they find no use for the higher LTVs available, preferring to borrow no more than 85 per cent of the value of a property. And 94 per cent of intermediaries added they are not actively recommending the new higher LTVs. “Although increased LTV limits may have secured a lot of publicity, these increases, in some cases way beyond 85 per cent, are aiming at a very thin market,” said Nicola Severn, marketing manager at Mortgage Trust.”

Buy-to-let landlords operating in today’s market are cautious investors who believe in responsible borrowing. They have little desire to mortgage themselves above modest levels, and at 77 per cent, Mortgage Trust’s average completion loan to value thoroughly supports this,” she added. And these cautious investors are increasingly re-mortgaging to secure existing loans in the face of possible rises in interest rates. Buy-to-let intermediaries now predict remortgaging will be a larger part of their business over the next three months. Changing beliefs about interest rates are contributing to this caution, Mortgage Trust explained.

House prices are up, according to the Office of the Deputy Prime Minister (ODPM). Figures out today show that in March house prices rose 2.1 per cent, seeing property values stand 12.6 per cent higher than in the same month last year. However, this rise should not be taken as a return to the housing boom of the last few years, economists have warned.

“The rise back up in annual house price inflation to 12.6 per cent in March from 10.5 per cent in February reported by the ODPM should not be taken as a renewed sign of strength in house prices. Rather it should be seen as further evidence that house prices are fluctuating around a broadly softening trend,” said Howard Archer, chief UK economist at Global Insight. “This seems likely to continue in the near future at least. While latest data and survey evidence relating to housing market activity has largely shown stabilisation (and in some cases very modest improvement), this is at a relatively low level and at least partially reflects seasonal factors,” he added. The ODPM data, which records house prices on completion, found that in March the average home in the UK cost £183,346 - up from the February figure of £179,491.

Confidence in the housing market has slipped sharply, according to latest survey. It found that the number of people who feel house prices will fall over the next 12 months increased from 48 per cent in March to 64 per cent in April. Additionally, 57 per cent of house price pessimists blame their feelings on the fear of rising interest rates - that is the highest level since interest rates rose to 4.75 per cent last August. As such the managing director, Jim Buckle believes: “There is no justification whatsoever for the Bank of England’s Monetary Policy Committee to increase interest rates. “The economy is already under enough pressure.”

With consumer confidence already shaky and higher taxes likely to take another bite out of consumer incomes, growing job insecurity is the last straw,” he said, talking about the recent Rover redundancies. However, it is not only interest rates that are scaring people. Last month 22 per cent listed fear of unemployment as a top concern - up from just 4.4 per cent last October. Overall, respondents expect prices to slip 7.7 per cent over the next 12 months compared to a drop of 2.6 per cent in March. Mr Buckle concluded: “Buyers are feeling less pressured now that the market is cooler an less frenetic than in recent years.

Housing chiefs in Hartlepool have told people to beware cold callers posing as members of the company Housing Hartlepool. They were alerted to a potential scam operation after an elderly lady got in touch because she had received a call from a person ‘representing’ Homecall. She was asked a series of questions, including whether she paid her telephone bill monthly or quarterly and assumed the call related to Housing Hartlepool’s own Homecall service so got in touch to complain.

However, the firm assured her it was nothing to do with them. “Our Homecall service was launched by the Council in 1986 and it became part of the Housing Hartlepool operation when we took over the council housing stock last year,” explained Community Monitoring Centre manager, Chris Mulgrew. “I want to stress that we only take referrals from potential customers themselves or their relatives, and we never cold call. “We only telephone a person if we have been asked to do so, and we will always make it clear that the call is being made by Housing Hartlepool. “Housing Hartlepool is the non-profit company, which took over the running of the town’s former council housing stock last year.

Mortgage payments are set to rise for thousands of homeowners when their low fixed rates expire this year. Taken out two years ago, the end of the schemes are likely to hit consumers hard at a time when many are likely to be struggling already. However, economists say that only three-quarters of the effect from the 1.25 per cent rise in interest rates since November have filtered through. “There are a number of people, a significant number of people coming off two year fixed rates,” said the director-general of the Council of Mortgage Lenders, Michael Coogan. “That is going to be a significant increase [in mortgage payments] to many individuals,” Mr Coogan added.

Some 600,000 people took out fixed rate mortgages when the base rate was 3.5 per cent at the peak of the housing market boom. Meanwhile, it has been predicted by Capital Economics that the average mortgage payment expiring in the first half of this year will go up by 24 per cent, or 130 pounds. Likewise, UK economist at BNP Paribas, Alan Clarke has called this imminent problem a “time bomb ticking”.But the Bank of England Governor, Mervyn King played down fears that this problemwould have a broader impact on the economy.

Nationwide has launched the lowest two-year fixed rate deal from any major high street lender. Nationwide Building Society said the new rates reflected recent movements in the money markets. The new rates, some of the lowest available, include the two year fixed rate deal which has been reduced from 4.95 to 4.69 per cent.

The three year fixed rate has dropped from 5.09 to 4.89 percent, while the five year fixed rate, which was previously set at 5.09 per cent, is available from 4.89 per cent. “Our competitive fixed rate mortgages are now some of the lowest available, which is great news for homebuyers and people looking to remortgage,” said Nationwide’s executive director, Stuart Bernau. “For example, in comparison to the Halifax’s deals, our two year fixed rate product is now at least 40 basis points lower, saving borrowers a minimum of £556 on a £100,000 mortgage over the two year period. “There is also a ten year fixed rate available from 4.99 per cent - down from 5.09 per cent.

A new homes website has reacted with optimism to Hometrack’s latest housing market report. The survey is less doom and gloom than the authors of it may have us believe - in fact the site believes things are looking up. The survey recorded a further fall of -0.1 per cent for the third consecutive month. Overall, it is the eleventh month running house prices have fallen.