Mortgage lenders prepare for battle

Article Abstract:

Halifax, the UK's largest mortgage lender, has launched a mortgage deal under which the customer's payments can be fixed for two years at a rate as low as 4.45%. This development highlights the increasingly fierce competition among mortgage lenders in the UK. Lenders are now seeking to take customers away from rivals, rather than simply targeting customers purchasing a home. Abbey National has responded to Halifax's move by offering a rate capped at 6.25% for seven years, while Chase De Vere is offering 10-year fixed rates at just 5.79%.

United Kingdom, Marketing procedures, HX, Halifax Corp.

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Lenders cut their premiums

Article Abstract:

UK mortgage lenders have traditionally compelled borrowers to pay mortgage indemnity insurance, which is used to insure the lender against costs which may arise if the borrower defaults. This charge, which can be quite high, has been attracting criticism for some time. Halifax has responded by abolishing mortgage indemnity insurance for loans worth up to 90% of the value of the house, and this move was quickly followed by Woolwich and NatWest Mortgage Services.

Savings & Loan Assns, Savings Institutions, Mortgage banks, Savings and loan associations

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Endowment mortgage crisis widens

Article Abstract:

Many Britons who hold an endowment mortgage may find that they do not have enough money to pay off their mortgage when the endowment matures, according to a report from accounting firm Coopers and Lybrand. Some companies operating endowment mortgages are charging between 50% and 100% more than policyholders had been led to believe when they purchased the plan. Furthermore, the rate of growth for endowment mortgage policies is set to slow down.

Reports, Endowment insurance

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