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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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‘Record share’ for buy-to-let deals

Category : Business

The buy-to-let sector now accounts for a record portion of total mortgage loans, according to lenders’ data.

Originally posted here: ‘Record share’ for buy-to-let deals

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Fannie Mae to pay $59.4bn back to US

Category : World News

US federal mortgage agency Fannie Mae will pay $59.4bn (£38.5bn) in dividends to the US Treasury, after posting a record profit in the first quarter.

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New York to sue banks over mortgages

Category : Business

New York’s attorney general says he plans to sue major lenders Bank of America and Wells Fargo for violating a $25bn (£16bn) mortgage settlement.

Originally posted here: New York to sue banks over mortgages

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MBIA soars 45% on reports of BofA settlement

Category : Stocks

MBIA to get $1.6 billion in cash from Bank of America to settle dispute over who is responsible for losses on mortgage securities after housing bubble burst.

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HSBC launches first sub-2.5% five-year fixed mortgage

Category : Business

Loan follows Yorkshire’s 10-year mortgage and comes as part of wider push by lenders towards lower-rate, longer-term deals

A five-year fixed-rate mortgage with an interest rate of under 2.5% is available for the first time ever as rates on new home loans continue to tumble.

HSBC has launched a five-year home loan with an interest rate of 2.49% for homeowners with a 40% deposit or for those with the equivalent equity in their property for a remortgage. The loan comes with a £1,999 fee and can only be taken out directly from the bank, not through brokers. Early repayment charges start at 5% in the first year and fall by one percentage point each year. The deal will be available from Monday.

It is part of a wider push by lenders towards lower-rate, longer-term mortgage deals. On Friday, the Yorkshire building society launched a 10-year fixed-rate loan at 3.99% with just a £130 fee to pay. Earlier in the week data provider Moneyfacts said the number of five-year fixed-rate mortgages launched in the past year has increased by 73%. By comparison, the traditionally popular two-year fix has only increased by 33%.

Interest rates on the five-year loans have also tumbled, so that the rate difference between the average two-year and five-year fixed rates, on a 75% loan to value mortgage, is just 0.04%.

“Borrowers have become far more interested in five-year fixes this year as they really seem to be the value buy in the market at present,” said Andrew Montlake of mortgage brokers Coreco. “This reduction by HSBC below 2.5% creates another milestone – and although I believed we would see rates this low some time this year, it has occurred a lot quicker than many envisioned.”

The HSBC deal may not be the best bet for everybody looking for a five-year fixed rate. Although it comes with a low rate, some borrowers with small mortgages may be better off over the term of the mortgage with a higher rate and lower fee. After HSBC, the lowest five-year fix on rate is Yorkshire building society at 2.59% at 60% LTV. This comes with a £1,475 fee. Norwich & Peterborough building society has a five-year fix at 2.74% at 60% LTV with a much lower fee of

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Tighter rules for mortgage lending

Category : Business

New rules will mean that borrowers across the EU will be refused a mortgage if they fail a standard affordability assessment.

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Lending to business falls by £4.8bn

Category : Business, World News

Lending to UK businesses fell by £4.8bn in the three months to February, the Bank of England says, but the mortgage market is more stable.

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Santander might compensate 30,000

Category : Business, World News

Santander, the country’s second biggest mortgage provider, says 30,000 former Abbey customers may be due compensation, after errors made in 2008.

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Home lending slows at Wells Fargo

Category : Business

Mortgage loans and profits fell at the nation’s largest home lender, which reported better-than-expected earnings.

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Mortgage rates ‘to fall further’

Category : World News

Banks and building societies expect mortgage rates to fall further over the coming months, according to the Bank of England.

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