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Bank of England increases interest rate to 5%

The Bank of England’s Monetary Policy Committee has increased UK interest rates to a five-year high of 5%, up from 4.75%.

Matthew Wyles, group development director at Portman, says: “This rate increase was a racing certainty and has already been factored into the pricing of most fixed rate mortgage products.

“It’s clear that the MPC intends to ratchet rates upwards until our exuberant housing market loses some of its momentum. The impact of this strategy on less resilient sectors of the economy will be considerable.”

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Amber products to be offered through mutuals

Mutual One has now launched its Mutual One Mortgage Partnership initiative, allowing societies to offer Amber’s product range through their branches, complementing their own mortgage product range.The mutual societies have access to Amber’s full range of products; from near prime to super heavy adverse, and from buy-to-let to self-certification.The first mutual society to offer Amber’s […]

Ignore A&L warnings at your peril

I ignored the siren warnings and hit the rocks of Alliance & Leicester’s specialist lending unit, and I’d like to know if you’ve had a similar experience, says Sue Read

Buyers head for cheap houses in the north

SmartNewHomes.com have revealed that escalating house prices are pushing new home-buyers out of the south and into the north.The average price of a new home in London was recorded as £427,875 in October, having grown 14% since the previous year. This positive growth in house prices has been echoed by both the South-East and South-West.As […]

Sub-prime can profit from change

Sub-prime lenders’ flexibility and experience means they are well positioned to cater for clients as base rates rise and the economic climate changes, says Tom Atkins

The savvy consumer

In last year’s FCA thematic review of the mortgage market, one of the key things highlighted was the “savvy consumer”. That’s the client who comes in the door with a very clear idea of what they need and expect you to get them it. They don’t think they need advice, they have after all consulted […]

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