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ANZ National Raises Home Loan Rate on Credit Costs, Herald Says

ANZ National Bank.. New Zealand’s largest lender raised its fixed mortgage rates for the second time this year as global credit market turmoil increases funding costs, the New Zealand Herald reported. ANZ National lifted its two-year fixed rate to 9.7 percent from 9.5 percent, the Herald said, citing a statement issued by the bank. The three-year rate rose 0.25 percentage points to 9.55 percent.

The move is in response to “severe” market conditions and an increase in wholesale interest rates, ANZ National said, according to the newspaper. Another New Zealand bank, ASB Bank., raised its floating mortgage rate by 20 basis points to 10.75 percent, the Herald reported. The official cash rate set by New Zealand’s central bank is at a record 8.25 percent after it was increased four times last year. It is the highest benchmark rate after Iceland’s among Aaa rated economies.

Posted in bank loan, banking finance, home lender mortgage, home finance, home loan lender, loan rate, loan, loan calculator, home equity loan rate, home improvement loan, home loan | Comments(0) March 2008



Housing market cooling as loan approvals drop to three-year low

Mortgage approvals fell for the fifth consecutive month in November, tumbling to a three-year low as demand from new homebuyers continued to decline. In the latest symptom of rapidly cooling conditions in the once-booming housing market, Bank of England figures showed that the overall number of new home loans agreed, including those for remortgaging, had plunged by 26 per cent from a year earlier to 238,000.

Mortgages for house purchase, a key indicator of the health of the housing market, fell even more sharply, dropping by 37 per cent from levels a year earlier to only 83,000 – the lowest figure since January .Economists noted that this left the number of loans agreed for house purchase only 6,000 above lows plumbed in November, and dangerously close to levels that in the past have been associated with year-on-year declines in house prices.” This is further evidence of a sharp downturn in activity in the housing market,” Simon Rubinsohn, chief economist at the Royal Institute of Chartered Surveyors, said. “We expect buyer interest to remain flat over the coming months as concerns persist over the outlook both for the economy and, more specifically, house prices.” Gary Styles, economics director at Home track, the housing data group, said: “Approvals are going to continue to move down gently in the coming months as much of the adjustment has occurred, but we can expect this to lead to very weak actual lending figures from banks from February or March.” The downturn in the housing market since September has heightened speculation that the Bank of England’s Monetary Policy Committee will order further cuts in interest rates, perhaps as soon as next week, after last month’s quarter-point reduction.

Pressure on the Bank to deliver a further cut in borrowing costs was ratcheted up this week after its latest survey of credit conditions showed that lenders had “reduced materially” the availability of mortgages in the closing months of last year and planned to tighten lending conditions still further.

 

Posted in loan mortgage, home mortgage, best mortgage rate, best mortgage, home finance, home lender mortgage, home equity loan bankruptcy, home equity loan comparison, loan, home loan, loan calculator, home equity loan rate, home equity loan minnesota, loan rate, home equity loan | Comments(0) January 2008



Regulation needed in home loan reversion

The Association of British Insurers is attempting to further protect consumers by campaigning for the regulation of home loan reversion plans. Home loan reversion plans let mortgage homeowners release some or all of the capital that is contained within their property. Should you wish to release this capital the lender will give you the percentage you want immediately and then take the same percentage from the value of your property when you come to sell it.It is possible to release 100 per cent of the value of a property should the consumer need to get access to capital quickly.

Although the Government has announced plans to regulate reversions, the Association of British Insurers is urging it to pick up its pace in doing so.Helen McCarthy, policy advisor at the Association of British Insurers, said: “Equity release is an important element of the larger retirement picture.Regulation of home reversion plans will ensure there is a level playing field with lifetime mortgage products, which already come within FSA regulation, and ensure that there is protection for the consumer across the whole of the equity release market.”

Posted in home equity loan comparison, home equity loan bankruptcy, home lender mortgage, home finance, home equity loan minnesota, loan rate, home loan, loan, loan calculator, home equity loan rate, home equity loan | Comments(0) December 2007