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☆ More confidence to return to UK housing market in next six months: Skipton Group CEO
  + stars: | 2024-08-02 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMore confidence to return to UK housing market in next six months: Skipton Group CEOStuart Haire, Skipton Group CEO, discusses the company’s half-year results and the outlook for the U.K. housing market.
Persons: Stuart Haire Organizations: Skipton Group Locations: Skipton
☆ Brits are being offered no-deposit 100% mortgage loans for the first time since 2008
  + stars: | 2023-05-09 | by ( Hannah Ward-Glenton | ) www.cnbc.com   time to read: +2 min
Renters in the U.K. will be able to borrow up to 100% of the value of a property in a new mortgage scheme introduced by Skipton Building Society. LONDON — Renters in the U.K. will be able to borrow up to 100% of the value of a property without a guarantor or deposit in a new mortgage plan introduced by Skipton Building Society. The average five-year rate was 5% in March, according to the Moneyfacts UK Mortgage Trends Treasury Report, across all loan-to-value ratios. Buyers typically get a 5.33% mortgage rate on 95% LTVs, according to the report, but the majority of buyers opt for a lower rate. The new Skipton deal is widely reported to be the first time a mortgage lender has offered 100% mortgage products since 2008, when some building societies offered rates of up to 125%.
☆ Record number of UK mortgage deals pulled in one day as market mayhem takes hold
  + stars: | 2022-09-28 | by ( Sophie Kiderlin | ) www.cnbc.com   time to read: +2 min
Overall, 935 mortgage products were pulled from the market on Tuesday, according to data from money comparison site Moneyfacts. LONDON – Hundreds of residential mortgage deal offers in the U.K. have been pulled after market chaos sparked concerns about base rates rising as high as 6% next year. Overall, 935 mortgage products were pulled from the market on Tuesday, according to data from money comparison site Moneyfacts. HSBC and Santander are the latest major U.K. lenders to pause their mortgage product offering, while NatWest repriced their products, increasing rates. Earlier in the week, Virgin Money, Halifax and Skipton Building Society temporarily pulled some of their mortgage deals citing market developments.
☆ UK lenders pull mortgages at record rate as market chaos worsens
  + stars: | 2022-09-28 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Sept 28 (Reuters) - A record 935 mortgage products were pulled in Britain overnight, financial services provider Moneyfacts said on Wednesday, as deepening turmoil in financial markets pushed more lenders to temporarily withdraw products for new customers. The volatility comes after the new UK government announced huge tax cuts funded by borrowing, leading to a plunge in sterling and a surge in government bond yields as concerns mounted over its ability to fund the plan. read moreGovernment bond yields influence the cost lenders have to pay to borrow money. "We are seeing lenders across the market withdraw rates as headlines around interest rates soaring to 6% have spooked both lenders and borrowers," said Karen Noye, mortgage expert at wealth management firm Quilter. "Rates that were available one hour are gone the next which is making it a tricky time for buyers."
☆ The fallout from the pound's crash prompts UK banks to pull mortgage deals as they brace for interest rate hikes
  + stars: | 2022-09-27 | by ( Zahra Tayeb | ) www.businessinsider.com   time to read: +2 min
Several UK lenders have pulled mortgage deals as they expect interest rates to rise, reports said. Halifax, Virgin Money and Skipton Building Society are among the lenders withdrawing deals, per reports. This is so we can reprice following the market response over recent days," Skipton Building Society told Insider. Several smaller mortgage providers — Clydesdale Bank, Scottish Building Society, Paragon, Leek United Building Society, Skipton Building Society and The Nottingham for Intermediaries — have pulled some deals for now, the Telegraph reported. Mortgage lenders told Insider they will monitor the situation closely, and some plan to launch new product ranges soon.
☆ UK lenders halt mortgage deals to customers after market chaos
  + stars: | 2022-09-27 | by ( Sophie Kiderlin | ) www.cnbc.com   time to read: +3 min
Oli Scarff | Getty Images News | Getty ImagesLONDON - U.K. lenders Virgin Money, Halifax and Skipton Building Society pulled some of their mortgage deals to customers after the tumult in British bond markets. Virgin Money and Skipton Building Society temporarily paused mortgage offers for new customers, while Halifax — owned by the Lloyds Banking Group — is planning to halt any mortgage products with fees where lower interest rates are usually offered. Skipton Building Society said they had paused their products in order to "reprice following the market response over recent days." Markets have begun pricing in a base rate rise to as high as 6% for next year, from 2.25% currently, raising concerns among mortgage lenders and borrowers. "Households refinancing a two-year fixed rate mortgage in the first half of next year will see monthly repayments jump to about £1,490 early next year, from £863 when they took on the mortgage two years prior."
☆ UK's Virgin Money, Skipton temporarily withdraw mortgage products - emails to brokers
  + stars: | 2022-09-26 | by ( ) www.reuters.com   time to read: 1 min
LONDON, Sept 26 (Reuters) - British lenders Virgin Money and Skipton Building Society on Monday temporarily withdrew their mortgage ranges for new customers because of the volatility in sterling funding markets, according to emails sent to brokers. "Following a number of changes in the market, we have made the decision to temporarily withdraw all our products for new customers at 8pm tonight," Virgin Money said in its email to brokers, seen by Reuters. "We continue to monitor the situation closely and currently plan to relaunch products for new customers towards the end of the week." Earlier on Monday, lender Halifax said it had withdrawn its mortgage products with arrangement fees. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andy Bruce; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.
☆ Market chaos forces UK lenders to pull mortgage products
  + stars: | 2022-09-26 | by ( Andy Bruce | ) www.reuters.com   time to read: +3 min
Brokers said the moves were likely just the start of a big shift in Britain's mortgage market. The country's largest mortgage lender Halifax said it was withdrawing its fee-paying mortgage products - where borrowers could pay an arrangement fee in exchange for a lower interest rate - and moving to a full fee-free range. "In response, we will be temporarily withdrawing our New Business Product Range with immediate effect." Virgin Money said its withdrawal of mortgage products for new customers would take place at 8 p.m. (1900 GMT). "That will feed into higher mortgage rates and, as always, it'll be the taxpayer left carrying the can," said Lewis Shaw, founder of broker Shaw Financial Services.
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