News - Mortgages
The FSA has temporarily shut the sale and rent back (SRB) market after a review found most transactions were either unaffordable or unsuitable and should not have been sold at all.
A Cheltenham & Gloucester mortgage adviser has admitted to helping two brothers fraudulently obtain mortgages worth £700,000 by ignoring discrepancies on their loan applications.
The Bank of England’s Monetary Policy Committee (MPC) once again voted unanimously to maintain interest rates at 0.5% and keep the quantitative easing (QE) programme at £275bn in January, despite fears inflation may fall below target levels.
Other News - Mortgages articles
A former magistrate found guilty of a £360,000 mortgage fraud has been spared a jail sentence after a judge ruled her behaviour “wholly uncharacteristic”.
An interest-only mortgage application should be assessed as though it is a capital-and-interest deal, unless there is a "believable" strategy for repaying the loan that does not rely on house price inflation, the Financial Services Authority (FSA) has said.
The Financial Services Authority has outlined plans to ease existing borrowers into new affordability proposals enshrined in the latest Mortgage Market Review consultation paper. proposals.
The ongoing compliance costs of the Mortgage Market Review (MMR) proposals will cost the industry anything between £47m and £170m a year, with one-off implementation costs between £40m and £60m, according to the FSA.
The Financial Services Authority today announced plans to prevent a return of the risky mortgage lending seen in boom times, by proposing what it called "common sense" sales and underwriting standards across the market.
The FSA today proposes to ban non-advised mortgage sales, although all but the 'vulnerable' or those accessing higher-risk products will be able to opt-out of advice or reject it and proceed on an execution-only basis.
The Financial Services Authority (FSA) is tightening its oversight of commercial property lending in a move which could increase the cost of loans significantly.
Loans for home purchases reached their highest number since December 2009 in November thanks to the loosest mortgage lending conditions seen since the Lehman collapse, according to the latest Mortgage Monitor from e.surv chartered surveyors.
UK Asset Resolution (UKAR), a company set up a year ago to manage the closed mortgage books of Bradford & Bingley and the asset management arm of Northern Rock, is to shut an office in Newcastle where about 700 people work.
The Treasury is expected to close a loophole that allows wealthy individuals to avoid paying stamp duty on expensive property transactions in draft legislation for the Finance Bill today.
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