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News about Mortgages:
Teenager back on rink and on the brink of skating stardom - HeraldWhen she crashed her sledge into a tree last January, and ruptured her spleen, Taylor Ronald's parents were distraught at the potentially life-threatening injury. The 13-year-old's sole concern, though, was that she'd miss the British Ice Skating ...
Herald group makes journalists redundant - ScotsmanTHE Herald and Times newspaper group has made all its journalists and publishing staff redundant and asked them to re-apply for their jobs. The Glasgow-based company, which publishes the Herald, Sunday Herald and Evening Times, told up to 250 staff ...
How safe is... Coventry Building Society - This is MoneyWhile downgrading a large proportion of its peers, ratings agency Fitch recently upheld Coventry's rating along with only one other society due to its strong asset quality. The quality of Coventry's assets is evident by the fact that only a small ...
More lenders to mirror rate cuts - BBC BusinessTwo of the UK's larger mortgage lenders have joined the growing group of providers who are passing on interest rate cuts to customers. Coventry Building Society joined Clydesdale and Yorkshire Bank in announcing it would pass on the Bank rate ...
Lenders offer new tracker mortgages - but no rate cut - Times OnlineThree of Britain’s biggest mortgage lenders have relaunched the first new tracker loans since the exodus from the market last week, but have failed to pass on the 1.5 per cent reduction to the base rate made by the Bank of England last week. Abbey ...
Britain faces crisis as negative equity to reach 2 million - Times OnlineCollapsing house prices are plunging 60,000 homeowners a month into negative equity, which means the country is on course for a worse crisis than the 1990s crash. At current trends, 2m households will enter negative equity by 2010, outstripping the 1 ...
Lenders fail to pass on interest rate cuts - Financial TimesFurther cuts to UK interest rates will not guarantee cheaper mortgages, brokers have warned. This week, a number of lenders cut their standard variable rates (SVRs), including Abbey, Standard Life and Coventry Building Society. But only one of them ...
Banks profit as mortgage gap hits historic high - Daily TelegraphThe gap between mortgage rates and Bank of England base rate is at its widest since the Second World. Interest rates are now tumbling, but many hard-pressed borrowers have yet to see the full benefit. In fact, some may find themselves worse off as ...
Lloyds TSB blocks interest-only mortgage switch - Times OnlineLloyds TSB, one of Britain’s biggest mortgage lenders, came under fire yesterday after it emerged that it was stopping borrowers switching from repayment mortgages to interest-only deals. The lower monthly repayments of interest-only mortgages are ...
FSA chairman Lord Adair Turner warns UK banks of hard-line regulation - Times OnlineLord Adair Turner, the recently installed chairman of the Financial Services Authority, has warned that Britain’s banks face a hard-line regime of supervision after admitting that the regulator had been guilty of supervising them "on the cheap". In ...
Today's Mortgage Terms starting with S
Second Mortgage: An additional mortgage that has rights that are secondary to the first mortgage.
Seller’s Market: Market conditions that are favorable to sellers. There are more buyers than properties available for sale. The buyers may be forced to compete and pay more for the same property.
Settlement Costs: Money paid by the borrowers and sellers to complete the closing of a mortgage.
Settlement Cost (HUD Guide): HUD publishes a booklet that gives an overview of the lending process and is given to consumers after completing their loan application.
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