Money Number of borrowers re-mortgaging surges by a third year-on-year

15:41  14 june  2018
15:41  14 june  2018 Source:   msn.com

Crystal Palace sign Vincent Guaita

  Crystal Palace sign Vincent Guaita Crystal Palace have announced that goalkeeper Vincent Guaita has agreed a three-year deal with the club. The 31-year-old will officially become a Palace player on July 1st, when his contract with Getafe expires. Palace have been linked with a number of different goalkeepers over the last few weeks but it looks like Guaita will be the club’s number one next season. What that means for the future of Wayne Hennessey remains to be seen, but with Guaita apparently rejecting a number of clubs to join Palace, one would expect that he will have been told that he’ll be Roy Hodgson’s first-choice. Speaking to the club’s official website, Crystal Palace Chairman Steve Parish said: “We are delighted to sign one of La Liga’s best goalkeepers and pleased that we beat off the competition for his signature. We very much look forward to Vicente joining in pre-season training and helping us push on in the Premier League.

In July, Bank of England governor Mark Carney suggested that the base rate could start to increase from its 0.5% low around the turn of this year . Borrowing on personal loans and overdrafts increased by £797 million, which the Number of re - mortgage deals increase by a third in June.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: 'The real growth in lending has been on the re - mortgaging side, with borrowers keen to snap up a cheap fixed-rate mortgage. 'With Mark Carney's recent comments about a potential rate rise at the turn of the year

Number of borrowers re-mortgaging surges by a third year-on-year © Provided by The Press Association Number of borrowers re-mortgaging surges by a third year-on-year

The number of re-mortgage loans being taken out jumped by around a third in April as home owners and landlords rushed to cushion themselves from future potential interest rate hikes.

Trade association UK Finance said speculation about a possible Bank of England base rate rise, as large numbers of customers approached the end of their existing mortgage deals, helped to drive the spike in re-mortgaging.

Many people locked themselves into fixed-rate deals, which give borrowers certainty over their repayments for a fixed length of time.

Pound Set for Tumultuous Week as Brexit Bill Goes to Parliament

  Pound Set for Tumultuous Week as Brexit Bill Goes to Parliament The pound could be in for a wild ride as the U.K.’s Brexit bill goes to a vote in Parliament. Traders will be watching for signs of what kind of Brexit U.K. lawmakers will decide on, as well as how Prime Minister Theresa May is faring, with the pound set to sell off if her leadership looks to be under threat. Investors also have to weigh up U.K. data, with production, jobs and inflation all due this week. © Bloomberg Sterling Stress “We’ve got the most important data of the month squeezed into the same week as the politics,” said Jane Foley, head of foreign-exchange strategy at Rabobank.

Remortgage lending surged in June as borrowers prepare for the first rise in base rate in over six years. Figures from the Council of Mortgage Lenders, published today, show remortgage lending was up 34 per cent year - on - year to £5.1bn.

Number of under 35- year -olds still living with their parents surges by a third to 1.23 million as house prices soar - but is there a way to fly the nest? Top 10 homes for sale that boast turrets (including one that is on the market for the first time in 300 years ). Bitcoin Bay!

There were 40,800 new home owner re-mortgages completed in April – 36% more than in the same month a year earlier.

Meanwhile, there were 14,300 new buy-to-let remortgages completed in the month – 32.4% more than a year earlier.

Jackie Bennett, director of mortgages at UK Finance, said: “Re-mortgaging activity bounced back to strong levels in April, as both home owners and landlords put their house in order by locking into attractive fixed-rate deals ahead of an anticipated interest rate rise.

Cardiff sign 'number-one target' Josh Murphy

  Cardiff sign 'number-one target' Josh Murphy Josh Murphy has signed a four-year deal at Cardiff City after completing a switch from Norwich City.Newly promoted Cardiff City have completed the signing of winger Josh Murphy from Norwich City.

If you don’t shop around for a mortgage , you’ re probably leaving free money (and a lot of it) on the table. “Interest rates can span more than half a percent for a conventional mortgage for borrowers with a good If he gets a 30- year fixed rate loan at 4.5%, he’ll pay a total of 2,148 in interest; for

When asked whether they were confident or worried about making their monthly mortgage payments over the next few years , 41 Zandi blamed the surge , in part, on the sheer number of borrowers seeking help; servicers who need to hire and train new loan counselors are unprepared for the volume.

“This spike in re-mortgaging was also driven by a large number of fixed-term mortgage deal rates coming to an end, combined with increased efforts by lenders to contact their customers before their deal rate expires.”

UK Finance’s figures also show there were 26,700 new first-time buyer mortgages completed in April, 3.5% more than in the same month a year earlier.

Some 25,100 new home mover mortgages completed in the month, 4.2% lower than the same month a year earlier.

And 5,000 new buy-to-let home purchase mortgages were handed out in April, 5.7% fewer than a year earlier.

Ms Bennett continued: “The number of first-time buyers has grown year-on-year, outstripping the number of home movers.

“This may reflect the impact of measures such as the recent stamp duty cut and the Help to Buy scheme that are focused on getting more people onto the housing ladder.”

Writing on a blog on UK Finance’s website, James Tatch, principal, analytics, at UK Finance said re-mortgaging activity has been heading upwards since around last May.

Cardiff sign 'number-one target' Josh Murphy

  Cardiff sign 'number-one target' Josh Murphy Josh Murphy has signed a four-year deal at Cardiff City after completing a switch from Norwich City.Newly promoted Cardiff City have completed the signing of winger Josh Murphy from Norwich City.

Borrowers who are stretching themselves to make their current mortgage payments should be careful when considering an adjustable rate mortgage . Families who plan on being in their home for 30 years should stick with a fixed rate product. There are a number of sites like Wonga online, but

2. Median and/or Average number of years a 30 year fixed mortgage (or all mortgages , if all else fails) is actually held by the borrower . That is, mortgage -holders who do a re -fi, typically do it only three years after taking out their original loan.

He said: “The history of re-mortgaging shows that borrowers in general are not reactive to a rate rise after it happens, nor do they act at the last minute.

“Rather, when a rate rise seems likely in the coming months, they increasingly act to lock into rates (where those rates are attractive) ahead of the curve.”

He said substantial numbers of borrowers have been sitting on lenders’ standard variable rates (SVRs) for some time.

Borrowers often end up on an SVR when their initial mortgage deal has ended.

Meanwhile, he said: “Anecdotally we know that lenders, as part of their retention strategies, are increasingly writing to their mortgage customers reminding them when their deal rate is coming to an end.

“And whilst many customers do then take out a new deal with their existing lender (product transfers), for others it may act as a trigger for re-mortgaging elsewhere.”

Commenting on the UK Finance’s figures, Andrew Montlake, director at mortgage broker Coreco, said: “What is most welcome is the fact that we are seeing more first-time buyers coming back to the market, buoyed by the stamp duty changes and keen to take advantage of cheap mortgage rates that often mean monthly mortgage payments are cheaper than renting in some areas.

Sharapova and Keys withdraw from Birmingham Classic

  Sharapova and Keys withdraw from Birmingham Classic Maria Sharapova will delay her start to the grass-court season and Madison Keys is being troubled by an abdominal injury.Maria Sharapova and Madison Keys have withdrawn from the Birmingham Classic following their French Open exploits.

The surge wasn’t driven by mortgage lending, but by an ongoing rise in non-revolving After a rip-roaring October, the US auto market is on pace for a record year in 2015. After all, borrowing numbers like this suggest America’s consumers are getting ready to party.

Background. For 50 years or more, elected government officials, voters, and policy advisors have levels, and a growing number of lenders offered “interest only” mortgages that required borrowers to Of course, new borrowers who took on the financial and other obligations associated with home

“The issue, however, continues to be saving enough for a deposit and meeting tougher affordability criteria, with many prospective buyers hoping that house price growth continues to soften.”

Mike Scott, chief property analyst at estate agent Yopa, said: “Where home owners are re-mortgaging to release equity some of it may find its way into their children’s pockets to help with their first-time buyer deposits.”

A special message from MSN:

Nine million people across all age groups and walks of life in Britain are affected by loneliness. We've partnered with giving platform Benevity to raise funds for three charities - Mind, the Campaign to End Loneliness, and Wavelength – to tackle this debilitating and complex issue. You can help make a difference - please donate now.

Follow us on Facebook, and on Twitter

High-scoring U.S. Open 'a different kind of fun', says Rose .
A three-over 73 was enough to keep Justin Rose in contention at the U.S. Open, where he sees the crowd having more fun than the players.Justin Rose says this year's U.S. Open is "a different kind of fun" as difficult conditions have seen high scores throughout the field.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!