View more on these topics

Brokers devided over next MPC vote

Research by Mortgage Express reveals brokers are divided over which way the next Monetary Policy Committee vote will go, with roughly the same numbers expecting an increase as a hold.

The lenders survey found that 40% of brokers expect rates to be increased to 5% at the next MPC meeting, while 42% predict the base rate to be kept at 4.75%.

Overall, 217 brokers were surveyed by Mortgage Express asking for their views on how the MPC would vote at the next meeting on November 8/9.

Despite the general feeling within the industry that the rate will rise 25 basis points, there is no clear indication from brokers which way they feel the decision will go.

Peter Charles, chief economist at Mortgage Express, says: With two members of the MPC having voted for an increase in base rate at the October meeting, many people have assumed that a rise in rate in November is a near certainty.

But the governor of the Bank of England has made it clear that a rise is not a done deal and that the balance between supply and demand remains even.

This also appears to be the assessment of mortgage specialists.

The one thing everyone appears to agree on is that rates are not going down in the near future.


Bright Grey extends maximum term of CI cover

Bright Grey is to extend the maximum term of its critical illness cover. The move is in response to more advisers seeking to meet the longer term protection needs of their clients – particularly those taking out mortgages over extended terms. Bright Grey’s critical illness cover term will increase to a maximum of 40 years […]

N&P gets into sub-prime

Norwich and Peterborough has launched into the sub-prime market with a range of credit repair mortgages. The society says that with reports already showing UK borrowers are a whopping 1.25trillion in debt, many people are finding it hard to get on the property ladder because of poor credit ratings. Hence its decision to branch out […]

House prices up 0.7% in October

The Nationwide house price index for October shows house price growth was firm during the month with house prices up by 0.7%. Following a sharp increase during September, the monthly rate of growth of house prices cooled in October. House prices increased by 0.7% during the month, just over half the rate of the 1.3% […]

DCA reveals rise in mortgage possession figures

The Department for Constitutional Affairs has revealed that the number of possession orders on mortgage arrears has risen by 15% in the last year.Possessions are ordered as a way for lenders to firmly take action on unpaid mortgages, but can be abandoned as soon or as late as the tardy payments are met.During Q3 2006, […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.


News and expert analysis straight to your inbox

Sign up