House prices continued to fall during August, with Nationwide reporting that the total drop in house prices over the past year has been by 10.5% - the first annual double digit fall since 1990.
Nationwide Building Society has announced changes to its mortgage product range, which will be effective from Thursday 28 August.
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In July, mortgage lending rose by £4.3 billion; the same as in June according to figures from the British Bankers Association.
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Stroud & Swindon, the South West’s largest Building Society, today announced an expanded residential mortgage range with the introduction of new two-year fixed rate mortgage, three-year fixed rate mortgage and five-year fixed rate mortgage products for residential properties.
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Since August 2007, the credit crunch has taken a firm grip on the UK property market. When the US sub-prime markets collapsed, banks around the world were left with huge debts and were unwilling to lend to each other. With fears over bad debt and difficulties in borrowing money on the wholesale markets, lenders began turning away business, cutting lending limits and putting up interest rates.
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The mortgage market in Scotland has contracted, but is still faring better in the unfavourable conditions affecting the whole of UK, according to new figures from the Council of Mortgage Lenders.
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Gross mortgage lending totalled an estimated £24.8 billion in July, up 5% from June and down 27% from July a year ago, according to the Council of Mortgage Lenders.
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Northern Rock has launched a range of mortgage products that includes new variable rate tracker mortgages and additional flexible fixed rate options.
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The average homebuyer put down a 22% deposit in June, up from 20% in May, according to the Council of Mortgage Lenders (CML), however, the majority of lending continues to be on conservative terms, as lending criteria have tightened in response to the shortage of funding and current market conditions.
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The proportion of fixed-rate mortgages available with terms over ten years has almost doubled in the past 12 months as borrowers and lenders increasingly turn to long-term deals to beat the ongoing credit crunch, according to analysis by MoneyExpert.com.
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New figures from the Bank of England has shown that the slowdown in mortgage lending continues.
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