This weekend’s money supplements had plenty to say about the recent nationalisation of Bradford & Bingley and what it means for savers, borrowers and buy-to-let investors. As noted in the Financial Times, the bank withdrew all new buy-to-let products through its specialist arm- Mortgage Express last Monday, and other buy-to-let lenders also repriced or withdrew their products in the week. Those with an existing Bradford & Bingley mortgage are not at any risk and are advised not to remortgage unnecessarily, as they will face early repayment charges. The Daily Telegraph revealed that fixed buy-to-let rates climbed between 30 to 45 basis points last week and advised landlords who need to remortgage to get on and do so, before rates get worse. The Sunday Times provided a useful guide offering some tips for surviving the buy-to-let mortgage meltdown, with advice from mortgage experts and best-buy tables highlighting the top deals. The Times too, answered some key questions about the mortgage market today, whilst the Mail on Sunday had a questions and answers piece on what Bradford & Bingley’s nationalisation means for their savings and mortgage customers.
Elsewhere, the Guardian had an extensive feature detailing how financial journalists and pundits are coping with the credit crunch, and the Observer looked at how the financial crisis is affecting young adults and their families.