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Poor pay more for credit, says MP

Poor people who get access to credit pay the highest charges for it, says Treasury Select Committee chairman John McFall. The MP says early action is needed to tackle high-cost credit and illegal lending if the government is to make meaningful progress in combating financial exclusion.

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Nationwide reports 34% increase in gross residential lending

Nationwides half-year results show gross residential lending was up 34% to 14.5bn from the corresponding period last year.Net lending was up almost 50% to 5.9bn, the number of mortgage sales were up 17%, and the society appeared in mortgage best buy tables 272 times between April and September 2006.The results show that Nationwide’s three month […]

DB boosts its sub-prime criteria

DB Mortgages has stepped up its presence in the sub-prime specialist market with several improvements to its lending criteria. The changes follow an internal review and feedback from packagers.

Woolwich launches combined fixed-rate and lifetime tracker

Woolwich is to introduce a product that is a combination of fixed rate and lifetime tracker.The mortgage is fixed for the first two years at 5.19% and then reverts to a lifetime tracker at 0.19% above base rate safeguarding consumers against further interest rate rises. There are no early repayment charges after the initial two-year […]

Nationwide sees lending rise

Nationwide’s half-year results show gross residential lending up 34% to £14.5bn over the corresponding period last year. Net lending was up almost 50% to £5.9bn, the number of mortgage sales were up 17% and the society appeared in mortgage best buy tables 272 times between April and September 2006.

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