View more on these topics

Less competitive rates as lenders wait for Rock fixed deals to expire

Lenders have less need to produce competitive rates this year as thousands of Northern Rock five-year fixed deals come to an end, says The Mortgage Practitioner sole practitioner Danny Lovey.

The mortgage market is currently seeing a lack of appetite for providing competitive fixed rates, despite two-year swap rates falling to 4.82 per cent following December’s base rate reduction to 5.5 per cent.

Lovey says one reason for the lack of competitiveness is that lenders are waiting for the Rock deals to expire. He predicts that 90 per cent of Rock’s five-year fixes due to end in 2008 will be recycled into the rest of the market.

Lovey says: “Lenders do not need to be aggressive at the moment as they know that these deals are going to be rolling out from Northern Rock to them.”

Lovey points out that these mortgages were fixed at rates of around 4 per cent. He says: “It is a done deal that these will roll out to other UK lenders.”

Mortgage analysis, p44


A shaw thing

Sam Shaw is a reporter on Money MarketingAfter a very late arrival at Andrew Edmunds on Wednesday, I grabbed the tail-end of a rather interesting conversation led by Elliot Lane, head of media relations at the Chartered Insurance Institute, over lunch about Amy Winehouse and company expenses.The lunch was great and a sober affair as […]

Price pressure hits home

House prices have fallen for the fourth successive month and the average time it takes to sell a property is now 8.5 weeks – the longest since Hometrack began its monthly surveys in 2001.Hometrack says the average cost of a home fell by 0.3 per cent in January, following a similar decline in December. The […]

Zurich job for Blair

Former Prime Minister Tony Blair has signed an advisory agreement with Zurich Financial Services to provide guidance on international politics.Blair, who recently joined JP Morgan as an adviser for £2.5m a year, will advise Zurich chief executive officer James Schiro and provide general guidance on developments and trends in international politics.He will advise and collaborate […]

Grey area for Nutt as Geffen moves into list

Jupiter income guru Anthony Nutt is the big name omission from the latest Principal Investment Management White List.Nutt is one of four changes in the who’s who of equity income managers. He moves down to the grey list after a difficult 2007 after going underweight in mining stocks. In the first eight months of 2007, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm