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• LOANS ARE AVAILABLE’: Avante offers incentives at Denali

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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.

A leading mortgage broker is advising consumers to use their ISA allowance to pay off their mortgage. Charcol says that repayment savings can outweigh current ISA investment returns. Its research found that a one off overpayment of £7,000 can save over £24,000 in interest.

However, investors need to hurry as this year’s ISA deadline is just two weeks away, at the end of this financial year.”The April 5th deadline will once again focus people on where to invest a lump sum,” said the product development manager for Charcol, Elliot Nathan. “However, with many experts predicting muted stock market returns, and mortgage affordability still, historically speaking, good, the alternative of paying the mortgage becomes more and more appealing,” he added.

Charcol also found that by making this one-off payment of the maximum ISA amount of £7,000 will knock three years and nine months off the mortgage term.

New research has revealed that 3.2 million people with debt are very concerned about the impact that rising interest rates will have on their ability to keep up repayments, especially on high interest credit cards. “The first priority for homeowners will be to make sure that they can meet their increased mortgage repayments. However, this will leave them less money to pay off unsecured debt like credit cards,” said Andrew Redmond, an industry expert.”

Around ten million people are unable to clear their credit card balances every month and we anticipate that this figure will dramatically increase as more people struggle to find the money to keep on top of their borrowing.”Financial advisers say that for some people, consolidating all their existing high interest debts into a single loan can help a lot. Depending on the level of debt, income and current repayments, lower monthly repayments are often possible.

Lloyds TSB has introduced a new service to help people buying property in Spain.Own Overseas provides the mortgage finance for Spanish property as well as providing support for the buyer in dealing with local bureaucracy.”Buying a home overseas is a very real and modern aspiration and Spain is certainly a favourite choice for Britons.

Although exciting, it is a big commitment and, for many, a step into the unknown in dealing with local customs and laws,” said Annette Hawes, head of Lloyds TSB’s Own Overseas service.Own Overseas will offer mortgages on Spanish properties while based in the UK. Mortgages can be taken out in either pounds or euros, on a repayment or interest only basis, over a period of five to 25 years. Mortgage payments will be taken from the customer’s UK bank, avoiding the need for overseas money transfers.

Paul Cooper, head of mortgages at Alliance and Leicester, has welcomed the forthcoming new mortgage regulation, but warned consumers to be prepared for a lengthier process when it comes to buying a home loan.Mr Cooper urged consumers to shop around earlier for the best deal and encouraged them to decide in advance how much they want to borrow.

“On the whole Alliance & Leicester welcomes mortgage regulation, however there are some issues that consumers will need to be aware of post M-Day,” he said.”We believe new processes and documentation introduced, such as the Key Facts Illustrator (KFI) will provide borrowers with a better understanding of mortgages and a greater degree of transparency to compare and contrast mortgage products. “We are likely to have a more confident and better informed borrower in the future.”

But Mr Cooper warned that, as from November 1st, the mortgage application process will become more extensive and therefore even more time consuming.”Consumers won’t be able to just pop into a few branches during their lunch break to get three or four ‘quick’ quotes,” he said.

There was a drop in mortgage loans in September for the second consecutive month, according to the latest data from the Council of Mortgage Lenders (CML).The survey, which covers both banks and building societies, recorded a 4 per cent drop in gross lending between August and September. And at £25.4 billion, gross lending in September showed the first year-on-year drop since October 2000, at nearly 2 per cent lower than the £25.9 billion advanced in September 2003.As in August, September’s fall in lending reflected a sharp reduction in loans for house purchase. House purchase loans totalled £11.2 billion, compared with £12.8 billion in August. Lending for house purchase was 23 per cent lower in September than the record £14.6 billion recorded two months earlier in July. Just 44 per cent of total lending was for house purchase in September, down from 48 per cent the previous month and from last September’s figure of 47 per cent.Remortgaging held up, increasing to a monthly record of £11.5 billion in September compared with £11.0 billion the previous month and £11.3 billion last September. This is likely to reflect a strong appetite on the part of consumers to seek out good-value deals, especially as their earlier special deals mature, and the CML expects this to continue.Fixed and capped-rate mortgages maintained their relative popularity, accounting for a combined 43 per cent of new lending in September.

The average new fixed rate in September was a little lower than the average new variable rate, and for the third quarter as a whole the figures were virtually identical.Commenting on the figures, CML director general Michael Coogan said: “All the latest lending data reinforces evidence that the expected slowdown in the housing market is materialising. “Remortgaging is holding up, but house purchase lending is slowing markedly. Data from other surveys corroborates the picture of an exceptional recent market that is now gently losing steam.

Insurer Standard Life has announced that it has been forced to abandon its promise to make up the shortfall in its customers’ endowment mortgages. The company has blamed poor investment performance for the move, which will affect an estimated 600,000 policyholders.

Many of those covered by the pledge will now receive top-up payments that are thousands of pounds less than they were expecting.In 2000, the mutual pledged that it would guarantee its endowment policies provided it met investment targets. However, policies maturing from 2006 will now not be entirely covered by the pledge.Standard Life claims to have put £393 million aside since 2000 to cover endowment policy shortfalls. The company was estimated to be facing a potential bill of as much as £4.8 billion to meet the promise it had made to policyholders.

The Council of Mortgage Lenders (CML) is advising consumers to check that any adviser they plan to use to arrange their mortgage will be appropriately registered to introduce mortgage business in the future.The move comes just over a month before Mortgage Day - the date on which the Financial Services Authority (FSA) takes over the statutory regulation of mortgages.

Intermediaries must either be directly authorised by the FSA, or must be an appointed representative of an authorised firm, if they wish to continue submitting mortgage business to lenders from November 1st. Applications through intermediaries registered with the Mortgage Code Compliance Board (MCCB) may continue to be made to lenders in October, even if the mortgage does not fully complete until after Mortgage Day. But any new applications received from November 1st onwards must be from FSA registered intermediaries only. Lenders are not allowed to accept business from unauthorised intermediaries under the FSA rules, and will not process these applications.

To avoid possible delays, consumers have been told to check that their intermediary is an MCCB subscriber now, and will be authorised to undertake mortgage business under the new rules, before making their application. The CML emphasised that information from the FSA suggests that the vast majority of intermediaries do seem to be on track to be authorised in time.

Britain is a nation of partygoers, with many willing to dip into their savings to fund their Friday nights out, research from National Savings and Investments (NS&I) has found.
Around 1.4 million people across the country go out four Fridays a month, spending over £50 each time, amounting to a massive £3.4 billion spent each year. And, at a time when the savings gap is growing, one in four people (24 per cent) are using their savings to pay for their Friday night on the town.It’s no surprise that those aged 16-24 are the most likely to go out on four Fridays each month (41 per cent), compared with less than one in ten (eight per cent) of those aged 55-64.

Nationally, one in five (20 per cent) people go out two or three Fridays each month.Gill Cattanach, marketing director at National Savings and Investments, said: “Everyone likes to unwind at the end of a week, but we all need to look to the future as well, and people could be setting themselves back by dipping into their savings to pay for Friday night fun.”Just by cutting back on Friday night spending by half, those people who go out four Fridays and spend around £200 each month could be saving well over £1,000 each year, some of which could pay for a holiday where they could enjoy a drink somewhere far more exotic than their local.”

Nationwide has found that the quality of a local primary school has a knock-on effect on property purchase, with a one per cent higher pass rate equalling a property price premium of 0.25 per cent.Nationwide’s group economist, Alex Bannister, commented: “Since catchments are relatively small and most parents want to limit the time that their children spend travelling to school, it would seem logical if properties that are close to a ‘good’ school command a premium.”Using the primary school performance tables Nationwide calculated that property prices increase as the average pass rate increases.

In the outer south-east, an identical property in an identical neighbourhood will command a property price premium of four per cent (or £7,220) if the nearest school has a ten per cent higher pass rate. It would appear from the research that the influence of school performance across regions does not follow a north-south divide.