According to reports from Mortgage Strategy Mortgage Times Group has gone into administration.

Mortgage Times have today announced that it will no longer be able to conduct regulated business. In an email from the board of Director to all appointed representatives of the mortgage network the following was stated.

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Enable Finance have pleasure in announcing that we now offer mortgages for people looking to buy properties abroad either as a holiday home or even to up sticks and live abroad.

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The struggling packaging community has been rocked by news that Beacon Homeloans is to stop issuing mortgage offers in 2 weeks. In a email to its packaging partners, Beacon sales director Clive Willson said that the lender was trying for extra finance.

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Self certification mortgages has received another nail in the coffin as Platform Home Loans, one of the last two remaining lenders in the residential mortgage market, announces it will be pulling all of its self cert mortgage products by the end of the week.

Read more on Self Cert Mortgages Under Threat As Another Lender Closes Its Doors…

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The Financial Services Authority has fined GMAC-RFC £2.8m for failing to treat customers fairly and secured redress of up to £7.7m (plus interest) for over 46,000 mortgage customers.

Between 31 October 2004 and 30 November 2008, a number of serious failings by GMAC-RFC were identified in relation to its dealings with customers experiencing arrears and repossessions. 

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Banning self certification mortgages would exclude borrowers that legitimately use the product from the mortgage market or end in them being trapped in their current mortgage, says the Council of Mortgage Lenders.

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Self-certification mortgages, the loans used by self-employed mortgage holders are set to be killed off by regulator the FSA, which will compel all lenders to demand evidence of proof of income.

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I am pleased to announce that the Commercial Mortgage Team within Enable Finance are today able to announce a new commercial mortgage product that will consider businesses and applicants that have been previously declined due to a bad credit rating.

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New reports issued state gross mortgage lending by building societies has fallen to £1.52bn in May, down from £3.53bn at the same time last year.
The latest figures released from the Buildings Societies Association also show that net mortgage lending was -£752m in May compared with £142m in May 2008.

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Equity Release Mortgage provider has reported a 24% year-on-year fall in equity release lending in Q1 of 2009.

Total Equity Release lending has fallen from £240 million to £183 million. As a direct result the average loan amount has fallen by 15.33% to £44,948 (2008 Q1 – £53,084).

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The British Bankers Association has reported an increase in net mortgage approvals between January and February.

There were 28,179 mortgages approved for house purchase in February, up from 24,278 in January but still down 31% on a year earlier. This represents an increase of £3.9bn by the major banks in February, up from £3.4bn in January. However gross mortgage lending fell to £9.2bn, its lowest since June 2001

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The Council of Mortgage Lenders (CML) has revealed gross mortgage lending declined to an estimated £9.9bn in February, the lowest monthly figure since February 2001.

The figure represents a fall of 15% from £11.7bn in January and 60% from February 2008. The trade body was keen to emphasise that February is typically the weakest month for mortgage completions, and although this is a larger decline than the 3-4% usually experienced between January and February, it is in line with the CML’s forecast of £145bn gross mortgage lending in 2009.

Read more on Mortgage Lending falls to lowest level in eight years…

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