- Lowest number of Mortgage Approvals since records began.
- In a breaking report from the Bank of England only 64,000 mortgages were approved last month.
- Tue 29th Apr 2008
- Are the Banks getting greedy?
- In a test case in the High Court today, 8 UK Banks may be deemed to have be charging their customers unfairly.
- Thu 24th Apr 2008
- Comparison websites under the hot spotlight.
- The centre for competition policy has produced a report saying independent checks need to be made of comparison websites.
- Sat 12th Apr 2008
Interest rate reduction welcomed
Thu 6 Dec 2007 4pm
The Bank of England's decision to cut the base rate of interest has been welcomed by the Council of Mortgage Lenders (CML).Director general of the CML Michael Coogan described the move as "exactly what the market needs", after the Bank's monetary policy committee voted to reduce interest rates from 5.75 per cent to 5.5 per cent.
Mr Coogan said that the cut would "benefit consumers" and "reduce the risk of payment shock" for the many British homeowners due to come to the end of fixed-rate mortgage deals in the new year.
Abbey also responded positively to the news, stating that the rate change would both ease the financial pressures of the nation's homeowners and improve conditions for first-time buyers.
Commenting on the decision, head of mortgages at Abbey Nici Audhlam-Gardiner said: "The prospect of buying a first home at last looks a little more affordable."
She added that the rate cut would make "a welcome start to 2008".
