21 March 2013 at 11:01AM in Budgeting & bank accounts. 13 replies 5.6K views uptomyeyeballs Forumite. The new entity may actually come under pressure to reduce its combined market share leading to more unattractive pricing in the short-term, right when we need more products most. Lloyds TSB - Mortgage Account Disappeared. The effect on our industry will no doubt be a profound one, as the landscape again changes dramatically.Ĭonsumers and brokers may end up losing one or more big brands with good lending appetites. It will undoubtedly calm things down considerably, and we all need a bit of calmness. If you already have a mortgage and are over 25 you may be able to qualify for a buy to let mortgage with Lloyds Bank. We must all hope that it ultimately proves to be the best, if only, real solution. Lloyds Banking Group appears to have completed their review of their international mortgage lending activities which was started last August. Explore and compare our mortgage rates and apply online with Lloyds Bank. It is a sad day that HBOS seems to have been forced into this situation. Lloyds Bank could help you to find a mortgage deal that best suits your needs. However current conditions and intense media speculation – HBOS has been hounded unfairly by many for a while – plus reportedly shadowy speculative “short-seller” groups, have led to share-prices rising and falling like a switchback on heat. Only in July HBOS raised £4 billion and still made a £950 million profit in the first half of the year. I do believe HBOS is fundamentally strong, it has good people running it at all levels. Overall, it is a real shame to see this happen, especially from the point of view of consumer choice and undoubted effects on jobs. The Prime Minister could not afford to have another Northern Rock on his hands so has himself been directly involved in negotiations, leading one wag in our office to comment sarcastically, “the deal is in safe hands then!”. We undertake and deal with the legal aspect of mortgage work on your behalf and that of your mortgage lender, Lloyds Bank. The Government has, however, worked out a way round these issues which seems to involve “special measures” being put into place in the interests of the wider economic good. This in itself brings with it several issues, not least competition issues given the sheer size of market share it would generate in those areas. This will create a massive banking institution worth around £30 billion, with a massive slice of both the mortgage and savings market. Now we have the UK’s biggest mortgage lender HBOS, being forced into a merger with Lloyds TSB – what is the world coming to ? The largest insurance company in the world needed a $75 billion bail out loan from the US government. Vim Maru, group director of Lloyds Banking Group, which also controls Halifax, said: “We are committed to lending £30bn to first-time buyers by 2020 as part of our pledge to help people and communities across Britain prosper – and ‘Lend a Hand’ is one of the ways we will do this.I have said before that we are in the midst of historic times, but I am not sure many of us realised just how historic.īanks that survived the Wall Street Crash of yesteryear have not made it through the credit crunch. Lloyds will pay what it described as a market-leading interest rate of 2.5% on the money deposited. The deal is structured so that the “Bank of Mum and Dad” can help out their children, yet still keep control of their cash savings that they will need later in life. The bank will only grant the 100% mortgage if the family member puts a sum equal to 10% of the value of the property into a Lloyds savings account. The Lloyds deal requires that a member of the family – such as parent, grandparent or close relative – helps out. Initially owned by the Bank of England, AMC provides long term mortgages for. Lloyds said the average deposit put down by first-time buyers has climbed to £33,211, and a staggering £110,182 in London. The Agricultural Mortgage Corporation AMC was created to revitalise. Saving for a deposit is usually cited by first-time buyers as the biggest hurdle to home ownership. The deal – part of what Lloyds said is a £30bn commitment to help first-time buyers – will reopen concern about a two-tier market where buyers with well-off families can elbow aside those without. TSB offers a great choice of mortgages for your needs whether you are a first time buyer, moving or buying a new home. Lloyds has priced the mortgages to undercut the Barclays offer. The Lloyds move marks a major expansion into the first-time buyer market, as most other mainstream lenders demand a minimum deposit worth 5% of the property purchase price, although Barclays has offered a similar “family springboard” deal.
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