Keys to the mortgage maze
Article Abstract:
Many UK building societies are carrying out flotations and have retained some borrowers because of a promise of free shares. After the flotations have been carried out, many borrowers will be prepared to switch mortgage lenders, and there is competition to attract such borrowers. UK interest rates are likely to rise after the 1997 election, so borrowers could choose fixed-rate mortgages. Professional advice may be needed for borrowers seeking a particular type of mortgage such as one that provides flexibility or deals with the problem of negative equity.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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Not such firm foundations
Article Abstract:
Some building societies in the United Kingdom have become banks and have shed their mutual status. Some of these new banks have been the target of an increasing number of customer complaints about issues such as lack of customer care, branch closures, and existing products becoming sidelined by new products. Interest rates at Northern Rock were cut with no warning, and older people may not be aware of changes. Local and regional building societies appear to have increased their stake in the mortgage market, though some new banks have also performed well.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
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Abbey National: price war exaggerated
Article Abstract:
Abbey National has seen a drop in its share price due to concern over the impact of price competition among mortgage lenders that also take deposits. Worries may be unfounded since there is a strong supply of savings so there is little need to compete in terms of interest rates paid to depositors. Bradford and Bingley is increasing deposit rates and Direct Line has moved into the UK market for retail saving, but this does not indicate a price war on deposits.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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