| Nationwide offers 25-year fixed-rate deal
Nationwide Building Society has become the first of the major mortgage lenders to offer customers a 25-year fixed-rate homeloan. The move comes amid predications of further interest rate rises, prompting a surge of consumer demand for 'locking in' rates. Research from the Council of Mortgage Lenders suggests that around 75% of first-time buyers and 70% of home movers are opting for fixed-rate products. Nationwide's 25-year fixed is not the first on the market - other smaller mortgage lenders such as the Cheshire Building Society offer similar deals. But the announcement, coming from the UK's largest building society, does indicate lenders are increasingly prepared to offer consumers longer fixed terms in the face of growing demand. .
Scarborough’s new fixed rate deal provides a shelter from future ...
Scarborough Building Society has this week launched a highly competitive range of 10-year fixed rate mortgages, giving borrowers the peace of mind of controlled mortgage payments over the longer term.
The Society's Flexible 10 Year Fix will charge 5.49% until 30 May, 2017 and is available for purchase and re-mortgage – the latter having the benefit of the Society's free legal package.
Tony Burdin, Scarborough's Head of Group Marketing, said: ‘With continued uncertainty over interest rates – and the prospect of a further increase in the Bank of England Base Rate on the horizon within the next couple of months - many people are looking for mortgage products offering longer term certainty.
‘As a mutual building society, we believe we have a responsibility to cater for this need by offering this product which offers an attractive blend of longer term peace of mind and a competitive interest rate, which is among the best available.
US home lender files for bankruptcy protection
From an 11-story steel-and-glass tower that housed its headquarters in Irvine, California, New Century Financial ruled as one of the largest mortgage lenders to individuals with weak, or subprime, credit during the recent housing boom in the United States. That reign officially ended Monday, when New Century became the biggest, and most prominent, corporate failure in the subprime mortgage business. Plagued by a spike in loan defaults and a loss of confidence among its financial patrons on Wall Street, New Century filed for Chapter 11 protection in Federal Bankruptcy Court in Wilmington, Delaware. While the bankruptcy filing was expected - it had been widely viewed as inevitable by analysts - the reverberations nonetheless will be felt for some time.
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