UK mortgages: repossessions on the rise again

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Lloyds TSB embodies burgeoning opportunities in Sharia finance

In a step to expand its Islamic finance proposition and compete with HSBC Amanah Finance, Lloyds TSB is the first high street lender to offer mortgages and current accounts which comply with Islamic law at all its branches. Such a strategy makes good sense, given the likely growth of Islamic finance in the UK.

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UK mortgages: high fees driven by price competition

The FSA has revealed that for some of the mortgage contracts it examined, it was not clear that increases in exit fees were proportionate to increases in the cost associated with providing the service. It would be no surprise if it were found that some lenders have opted to significantly raise their costs in order to compensate for their loss of revenue in a highly price competitive market.

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HIPs: coming, ready or not

The UK government's home information pack (HIP) legislation is creating much controversy within the industry, with anti-HIP supporters arguing that the packs will not improve the home selling and buying process. With less than a year before its introduction, stakeholders would better focus on embracing the opportunities arising from the HIP initiative.

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UK lenders missing a trick on graduate and professional mortgages

Mortgage lenders in the UK are missing out on significant business opportunities in the graduate and professional field. Launched in the late 1990s, graduate and professional mortgages were designed to help young buyers get on the property ladder, and for lenders to tap into a new market. Yet the market remains small, with gross advances of just GBP3.6 billion in 2005.

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Energy Performance Certificates: selling energy efficient homes

With only 9% of UK sellers giving any thought to their home's energy efficiency, the mandatory EPC from next year will attempt to increase their awareness and provide savings to new homeowners.

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Nationwide/Portman: beware retail banks!

Nationwide Building Society and Portman are to merge, subject to gaining the support of Portman's members and regulatory approval. The move will create the biggest ever building society in the UK and further strengthen Nationwide's position in the retail banking sector. Indeed, the enlarged society is likely to pose a serious threat to leading retail banks and specialist mortgage lenders.

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UK mortgages: large loan market shrinks in 2005

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Woolwich: giving high flyers access to the property market

Barclays' Woolwich unit has created a new mortgage for professionals who wish to borrow over GBP500,000, based on the expectation of a bumper bonus in the spring. While the product may prove popular with these consumers, allowing them to get a foot on the property ladder before prices rise even higher, they should be wary of pinning their financial hopes on a bonus that may not materialize.

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Expansion of the UK Open Market Homebuy scheme would offer significant opportunities

The new UK Open Market HomeBuy scheme is currently limited by its small scale. However, if expanded upon, it would offer a helping hand to a significant number of first time buyers and key workers, who have been pushed out of the housing market by rising property prices in recent years.

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