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Cost of servicing mortgages stabilises says Woolwich

The monthly cosst of servicing mortgages has begun to stabilise in the run up to Christmas according to the Woolwich.

The cost has remained at 18.6 per cent of borrowers’ household disposable income in October according to the mortgage affordability research.

Annually, the increase is up by 0.3 of a percentage point from 511 to 512 from September to October 2005.

London however shown an increase up from 23.4 per cent to 23.5 per cent this month from the month before.

Woolwich head of mortgages Andy Gray says: “As predicted last month, affordability is stabilising which is a positive trend in the run up to Christmas when people tend to spend more of their disposable income preparing for the festivities.”


Door closing on double-digit property returns, says M&G

M&G is introducing its first retail property fund although it warns that returns from the asset class are likely to drop back below double digits in the next few years. The M&G property portfolio is already close to being fully invested, with 400m of existing properties moving across from parent group Prudential. It will be […]

Derbyshire shakes Salt on sub-prime

Derbyshire Building Society is setting up a new specialist lending brand called Salt. It will focus on sub-prime and sub-prime self-cert and look at developing products in the buy to let and other specialist niche markets. The firm has a controlled entry plan with products initially distributed through a packager panel, including Solent Mortgage Services, […]

Rates stay put

The Bank of England Monetary Policy Committee has decided to leave the base rate unchanged. Clydesdale chief economist Tom Vosa says: “The decision was widely expected given signs that the housing market has stabilised and the continued high level of energy prices. It may be a little clearer whether reductions are on the horizon on […]


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