This year’s Halifax Annual First Time Buyer Review shows that of the 597 main UK postal towns, 548 (92 per cent) were unaffordable for the typical first-time buyer in 2004.
There were an estimated total of 361,000 first-time buyers in 2004, the lowest annual total since 1981.
Barclays and The Woolwich reward existing clients
Barclays and The Woolwich have launched a remortgage product to reward existing customers.
There is a 4.99 per cent two-year fixed rate Switch & Save with a £100 application fee and maximum LTV of 75 per cent.
The second deal is a 4.99 per cent two-year fixed rate Switch & Save with a£295 application fee and a maximum LTV of 95 per cent.
Advantage offers fee-free remortgage
Advantage Home Loans, the branded mortgage arranger, has announced an exclusive fees-free offer on remortgages for intermediaries.
The offer extends across Advantage Home Loan’s entire M300 Range which is funded by Mortgages plc and includes a range of 28 non-conforming mortgage products.
Correction
On page nine of the 15 January 2005 issue of Mortgage Introducer we ran the headline ‘FSA issues final GI warning’ above a story concerning the appointment of Richard Cotton as managing director of Kensington-owned TML Financial Solutions.
The headline should have read ‘Cotton replaces Kirby at TML.’ Apologies.
GMAC-RFC launches charitable foundation
GMAC-RFC has announced the worldwide launch of a charitable foundation aimed at preventing repossession.
Although many large institutions operate charitable foundations, GMAC-RFC has created a foundation with the single purpose of helping mortgage borrowers with debt problems at the point of need, irrespective of lender.
The first award from the foundation is to the UK’s Citizens Advice Bureaux.
NAB launches offset mortgage to intermediary partners
National Australia Bank (NAB) has launched offset mortgage product, branded under Clydesdale Bank and available to selected intermediary partners.
The product range includes a two-year fixed rate offset mortgage, five-year fixed rate offset mortgage, lifetime offset tracker mortgage, buy-to-let lifetime offset tracker mortgage and offset standard variable rate mortgage.
TMP and MBS launch 100 per cent FTB deal
The Mortgage Partnership (TMP) has launched a100 per cent product from new panel member Manchester Building Society.
The scheme spreads the mortgage across two properties, which includes a collateral charge on the parental property without the need for them to give a personal guarantee.
It is charged at 5.99 per cent variable rate.
