New Non-Traditional funding source

John00

LoanSafe Member
Jul 12, 2010
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<table x:str="" style="border-collapse: collapse; width: 505pt;" border="0" cellpadding="0" cellspacing="0" width="673"><col style="width: 505pt;" width="673"> <tbody><tr style="height: 63.75pt;" height="85"> <td class="xl22" style="height: 63.75pt; width: 505pt;" height="85" width="673">Previously a big chunk of mortgage lending activity was spoken for by people switching, moving or extending their mortgages. This accounted for as much as 40 per cent of mortgage enquiries, although not 40% of actual borrowing when you factor in repayment of existing loans. Nevertheless, with people drawing on increases in equity to repay their consumer loans, remortgaging has been big business during the mortgage boom.
</td> </tr> <tr style="height: 38.25pt;" height="51"> <td class="xl22" style="height: 38.25pt; width: 505pt;" height="51" width="673">And whereas Halifax, C&G and Abbey mortgage customers face (admittedly mild) payment shocks – jumps of around 3 to 4 per cent interest – it turns out that some A&L customers will be sitting pretty on 1.49% for a while yet.</td> </tr> <tr style="height: 51pt;" height="68"> <td class="xl22" style="height: 51pt; width: 505pt;" x:str="Parent company Barclays is keen to take on its fellow High Street giant, whose First Direct and HSBC-branded tracker mortgages have been topping many &quot;best buy&quot; tables for much of the year.The new tracker mortgage, although 0.4% more expensive than its lowest-rate tracker at 2.79%, has an advantage that will appeal to many cash-pressed remortgagers and buyers: it costs nothing to apply. " height="68" width="673">Parent company Barclays is keen to take on its fellow High Street giant, whose First Direct and HSBC-branded tracker mortgages have been topping many "best buy" tables for much of the year.The new tracker mortgage, although 0.4% more expensive than its lowest-rate tracker at 2.79%, has an advantage that will appeal to many cash-pressed remortgagers and buyers: it costs nothing to apply. </td> </tr> <tr style="height: 51pt;" height="68"> <td class="xl22" style="height: 51pt; width: 505pt;" height="68" width="673">Yorkshire Building Society are looking to welcome in thousands of new borrowers with a radically discounted mortgage line-up. Also, RBS Group claimed that it had stepped into the breach of UK mortgage lending since many other lenders had disappeared from the market. Aldermore Bank has started offering saving accounts in summer 2009, making a name for itself with several best-buy table appearances on fixed term savings bonds.</td> </tr> <tr style="height: 76.5pt;" height="102"> <td class="xl22" style="height: 76.5pt; width: 505pt;" height="102" width="673">Also, for those mortgage-holders—and gladly for the now state-owned (via Lloyds Banking Group) Halifax—the deal has now just about timed out. November will mark the two-year anniversary since the last -0.51% tracker was withdrawn.Technically, borrowers should have been owed 0.01% interest, but in practice the calculation was just ignored and borrowers repaid only the capital. These borrowers now face a sudden jump in repayments as they revert to Halifax's SVR of 3.5 per cent. However, Halifax is believed to be offering the a 0.51% discount on this rate if they sign up to a discounted deal for two years</td> </tr> </tbody></table>