Menu
21/01/2002
‘Postcode curbs’ cause mortgage outcry on high street
A new system of mortgage lending based on postcode areas has sparked an outcry amongst high street banks.
It has been revealed that both NatWest and Alliance & Leicester are restricting lending on mortgages in areas where the banks fear property prices could fall sharply in the immediate future, with around one in four London postcodes coming under the category.
However, the move has been criticised by some lenders as possibly encouraging an outcome whereby house prices will fall, as property values in the affected areas plummet.
According to the Daily Mail, the Halifax is to bring the issue to the attention of the Council of Mortgage Lenders, but a representative from NatWest dismissed the move, saying that the Council would recognise that it was in each lender’s remit to make such decisions.
2001 was a good year for those purchasing homes, with record levels of lending for house purchase and remortgaging. A series of interest rate cuts have softened the impact of the current economic instability on the sector, with activity in 2002 expected to be slower, but still positive. (CL)
It has been revealed that both NatWest and Alliance & Leicester are restricting lending on mortgages in areas where the banks fear property prices could fall sharply in the immediate future, with around one in four London postcodes coming under the category.
However, the move has been criticised by some lenders as possibly encouraging an outcome whereby house prices will fall, as property values in the affected areas plummet.
According to the Daily Mail, the Halifax is to bring the issue to the attention of the Council of Mortgage Lenders, but a representative from NatWest dismissed the move, saying that the Council would recognise that it was in each lender’s remit to make such decisions.
2001 was a good year for those purchasing homes, with record levels of lending for house purchase and remortgaging. A series of interest rate cuts have softened the impact of the current economic instability on the sector, with activity in 2002 expected to be slower, but still positive. (CL)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
20 January 2006
Mortgage lending shows strong growth
Mortgage lending was strong at the end of 2005, according to the latest figures from the Council of Mortgage Lenders. The CML said that an estimated £26.3 billion was lent to borrowers in December, a 25% increase on figures from the same month in 2004.
Mortgage lending shows strong growth
Mortgage lending was strong at the end of 2005, according to the latest figures from the Council of Mortgage Lenders. The CML said that an estimated £26.3 billion was lent to borrowers in December, a 25% increase on figures from the same month in 2004.
07 March 2002
Halifax report continuing rise in house prices
House prices in the UK have risen by almost 17 per cent according to the latest survey figures released by the Halifax. The report, published on Thursday 7 March, has shown that in February, property prices rose by more than one-sixth on the same time a year earlier – representing the fastest annual rate of growth in 12 years.
Halifax report continuing rise in house prices
House prices in the UK have risen by almost 17 per cent according to the latest survey figures released by the Halifax. The report, published on Thursday 7 March, has shown that in February, property prices rose by more than one-sixth on the same time a year earlier – representing the fastest annual rate of growth in 12 years.
17 July 2001
UK INFLATION REMAINS AT TWO YEAR HIGH
UK inflation has remained at a two-year high, official figures have revealed. The Office for National Statistics (ONS) revealed prices were 2.4 per cent higher in June than the same month a year before.
UK INFLATION REMAINS AT TWO YEAR HIGH
UK inflation has remained at a two-year high, official figures have revealed. The Office for National Statistics (ONS) revealed prices were 2.4 per cent higher in June than the same month a year before.
20 May 2005
Fall in credit card debt reported
Credit card debt in the UK has dropped for the first time in over ten years, the British Bankers Association (BBA) has reported. The BBA reported a fall in net lending on credit cards of £40 million in April – the first fall in this category since May 1994.
Fall in credit card debt reported
Credit card debt in the UK has dropped for the first time in over ten years, the British Bankers Association (BBA) has reported. The BBA reported a fall in net lending on credit cards of £40 million in April – the first fall in this category since May 1994.
28 January 2005
Mortgage lending expected to remain 'subdued'
Mortgage approvals fell by over a third last month, new figures from the British Bankers' Association have shown. The BBA reported that house purchase loans were 38% lower by number and 31% lower by value in December.
Mortgage lending expected to remain 'subdued'
Mortgage approvals fell by over a third last month, new figures from the British Bankers' Association have shown. The BBA reported that house purchase loans were 38% lower by number and 31% lower by value in December.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
