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• Hong Leong Bank Aims For 10 Pct Growth In Housing Loans
• ANZ National Raises Home Loan Rate on Credit Costs, Herald Says
• January’s figures ended the seven month slump in home loan approvals, says the Bank of England…
• Mortgage loans for business and home purposes
• Got a home loan? Take care of property papers
• Loans become an issue as personal savings grows in importance
• Home loan holders express election jitters
• Home loans in Spain from Leeds & Holbeck
• Australia’s Nov. Personal Loan Commitments Down 0.3% On Month
• LOANS ARE AVAILABLE’: Avante offers incentives at Denali

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One of the UK’s largest asset management organizations has called for personal savings to be placed higher on the election agenda. F & C Asset Management has commented on a new report by Mintel, showing that 16 million adults, one in three of the UK adult population, are saving nothing towards their futures. Among those who do save, only 44 per cent are putting aside more than £100 a month. F&C have welcomed the “impeccable timing” of the report, claiming that it is vital that the major political parties stress the importance of personal savings to the electorate.

“Whilst the election has focused on important issues such as the state of public services, tax and immigration, the poor health of the nation’s personal savings is simply not getting the attention it deserves,” said Jason Holland from F&C.”Politicians of all parties need to match pro-savings rhetoric with concrete plans,” Mr Holland added. Both parties have recently addressed the issue of compulsory savings, with Prime Minister Tony Blair ruling out forcing people to save towards their future. As yet, however, none of the major political parties have put forward a comprehensive personal savings plan.

Election jitters are prolonging problems in the stagnant housing market, according to Hometrack’s April survey. Last month saw a small fall of -0.1 per cent in property prices - the tenth consecutive month they have dropped. Hometrack says buyers are returning to the market, but over supply is a problem that is causing prices to continue to fall.

However, the last four months have seen reducing price falls, which suggests the market is now stabilizing.”The forthcoming election, a change of pope and a newly married heir to the throne have done nothing to improve the housing market which remains in the doldrums,” commented Hometrack’s housing economist, John Wriglesworth.”Despite buyers returning to the market, there continues to be an excess supply of unsold properties.”Election jitters are not helping, but this is only temporary,” he added. Mr Wriglesworth believes that after the election, no matter who wins, there will be “a bounce back in the market”, as the economic and political prospects begin to even out once again and consumer confidence grows.

Leeds & Holbeck Building Society has unveiled two new mortgage products for properties on Spain’s Costa del Sol. The new two-year fixed rate mortgage and three-year Base Rate Tracker are reportedly ideal for customers looking to purchase either a home to live in or a holiday home in the south of Spain.

The loans are available to EU (including UK) nationals permanently residing in Spain, Gibraltar or the UK and UK expatriates resident in Gibraltar or Spain. The two-year fixed rate offers a rate of 5.59 per cent until August 1st 2007, up to 66 per cent loan to value, no higher lending charge, a £199 completion fee and tapered early repayment charge. The three-year Tracker tracks Bank of England Base Rate plus 0.90 per cent until August 1st 2008, has no higher lending charge, no completion fee, one per cent cash back up to a maximum of £1,000 and also offers tapered early repayment charge. Leeds & Holbeck also offers an Espana Variable mortgage, which tracks the Bank of England Base Rate plus 2.00 per cent and allows unlimited capital repayments, with no completion fee payable.

Australia’s total personal finance commitments fell a seasonally adjusted 0.3% to A$6.872 billion in November, from the prior month, the Australian Bureau of Statistics said Monday. On a seasonally adjusted basis, total commercial finance rose 8.1% to A$45.760 billion over the same period. Meanwhile, housing finance for owner occupation rose 2.0% to A$15.556 billion, while lease finance grew 1.9% to A$624 million in November.

Activity in the Australian manufacturing sector may slow in 2008, according to an Australian Industry Group survey released on Monday. The survey covering more than 500 manufacturers found that growth in sales volume will slow to 2.7% this year, just above the medium term average. However, the nominal sales are expected to gain 7.2%, faster than 6.9% growth in the previous year.

The Australian Industry Group Chief Executive Heather Ridout said that much of the sales performance would be driven by domestic demand, as export volume will suffer due to deteriorating export competitiveness when the dollar stays around 85 cents. He urged the new Rudd Government to commence its review of trade policy and look to enhance supports for exporters.

Avante Homes is offering buyers an opportunity to meet with a mortgage professional Feb. 13-15, at its Denali neighborhood sales center at the Mountain’s Edge master- planned community in the southwestern valley. The builder also will offer special prices on homes in that area Feb. 16-18, according to Dean Welsh, Avante vice president of new home sales.

“Home shoppers can get a loan, buy an Avante home and save as much as $100,000 at our Denali neighborhood,” Welsh said. “I invite those people interested in owning a new home to come out to Denali this Wednesday, Thursday and Friday to meet with our lender partner on-site and get prequalified for a new home loan — a process that can be done in 30 minutes or less.”They can preview our five model homes at the same time and know they can really qualify for the home they want,” Welsh said. The neighborhood features five two- and three-story detached courtyard-style patio home designs and a clubhouse with swimming pool. Welsh said Avante hopes the prequalification process can help potential buyers realize they are capable of qualifying for a mortgage and buying a new home in the current housing and mortgage markets.

NAB’s standard variable home loan rates will increase by 0.29 of a per cent to 8.98 per cent. That increase is higher than the official rate hike of a 0.25 of a per cent, but below the Commonwealth Bank’s increase of 0.3 of a per cent, and AMP Bank’s 0.33 percentage point hike.

But the NAB says a number of its fixed rate home loans will fall by 0.11 of a per cent to 8.1 percent. It says even with the changes, the bank will still bear a significant amount of the funding costs associated with the credit crunch that it has been incurring since August last year. It has also announced it is launching a new home loan with no exit fees, to address government and community concerns about fees.

Rates on 30-year mortgages dipped slightly last week, the fifth decline in the past six weeks. Freddie Mac, the mortgage company, reported that 30-year fixed-rate mortgages averaged 5.67 percent last week, down from 5.68 percent a week earlier. The 30-year mortgage, which ended last year at 6.17 percent, has been below 6 percent for five weeks, a stretch that has not been seen since 2005.Analysts attributed the declines in mortgage rates to growing fears that the country could be slipping into a recession. The Labor Department reported that businesses cut 17,000 jobs in January, the first monthly job loss since August 2003, while the Institute for Supply Management’s index for the service sector dropped sharply in January to the lowest level since October 2001, right after the terrorist attacks.” Economic news released in the past week showed that the economy continues to be weak,” said Frank Nothaft, chief economist for Freddie Mac. Another factor pushing mortgage rates lower was the recent decision by the Federal Reserve to cut a key interest rate for a second time in January as Fed policymakers moved aggressively to lower borrowing costs in an effort to keep the country out of a recession. Analysts are hoping that this low level for mortgage rates will help spur a rebound in the housing market, which suffered steep declines last year in sales of both new and existing homes.

The mortgage industry can usually tell you in a matter of minutes whether you are approved for a loan by entering your information into an automatic underwriting system. But what if your credit profile doesn’t fit inside the standard guidelines? You may be eligible for a manual underwrite, where a real person eyeballs your credit file. In the mid 1990’s, the mortgage industry saw the credit score and its predictive power to assess a borrower’s ability to repay a mortgage step into the limelight as one of the most indicative factors for loan approval. After conducting statistical test after statistical test, Fannie, Freddie and Ginnie, the three big lending institutions, mandated that the credit score should be used in conjunction with manual underwriting to assess loan approval.

Not too long after, automated underwriting systems (AUS) were developed that expedited and streamlined the underwriting process even further. Today, a loan officer simply inputs a borrower’s key information into the preferred underwriting automatic engine, including credit score, income, amount being borrowed, cash reserves, employment and housing history, and the value of the property. The underwriting engine recommending approval or denial for the loan returns a response. If your loan receives a denial from an AUS, the buck doesn’t necessarily stop there.

Life happens to people, and oftentimes it’s going to take a real live person understanding the nuances of a file to make an underwriting decision. That’s when your lender may suggest submitting your file to underwriting for a manual review. After all, not everything in life can be automatic, right?

Britain’s biggest mortgage lender has increased rates on its tracker home loans by up to 0.20 percentage points – a week after the Bank of England cut the base rate by a quarter point.

Traditionally, borrowers have expected tracker rates to fall when interest rates have been cut, but the current liquidity crisis affecting the mortgage market means new rules apply. Halifax’s decision is perhaps even more surprising when you consider that it was one of the first lenders to announce that it would pass on this month’s full 0.25 of a percentage point cut in interest rates to borrowers from March 1, lowering its standard variable rate (SVR) from 7.5pc to 7.25pc.And Halifax has not been alone. Rates on some tracker mortgages have risen by as much as 0.23pc since the beginning of December 2007, despite the Bank of England cutting the base rate twice by a total of 0.5pc, The company’s analysis highlights a Lloyds TSB tracker aimed at borrowers taking an interest-only £100,000 loan. At the beginning of December the rate was 6.11pc – 0.36pc above the Bank of England base rate – and the monthly cost was £509.17.

SOARING home loan costs following 11 successive interest rate rises has turned the screw on struggling homeowners, many of whom are now finding it impossible to cope. According to Veda, the credit agency, there has been a 35 per cent increase in the number of people defaulting on credit agreements in the past year. For many, the situation is chronic, while for others it might be a temporary blip.

But, with experts reporting that lenders are instigating repossession proceedings more quickly than ever, borrowers need to act fast. Unfortunately, borrowers under such pressure often make the mistake of sticking their heads in the sand, hoping their problems will simply disappear. So, to make it easier, here are some of the most frequently asked questions.