Mortgages

UK economic growth is set to slow down and business confidence has fallen to its lowest level since October 2003, making a rise in interest rates later this week unlikely, according to a report out today.

First-time buyers need a £33bn windfall to get onto the first rung of the property ladder, Alliance & Leicester (A&L) has claimed.

Over half (52%) of all homeowners have switched lenders at least once in the last five years, according to figures published by Abbey.

House prices have remained virtually unchanged, increasing by an imperceptible 0.3% in May, claims the latest Nationwide House Price Index.

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The buy-to-let market has come to a standstill as a result of rising interest rates according to the Royal Institution of Chartered Surveyors (Rics) latest lettings survey.

The Financial Services and Markets Tribunal has cut in half the fine originally imposed on Legal & General in January by the FSA for mis-selling endowment mortgages.

The government yesterday announced its shared equity home ownership plans claiming it intends to give more people than ever the opportunity to buy their first property.

Two lenders have announced they are introducing affordability calculators on their mortgage products.