The midweek mortgage news was short and sweet, with the theme of rising interest rates continuing from the weekend press. The Daily Mail and Daily Express both discussed the increase in lenders Standard Variable Rates, with the average now running at 4.66% above the Bank of England Base Rate, compared with 1.9% above this time last year. The Telegraph looked at the popularity of longer term fixed rates, due mainly to a widespread feeling that the interest rate cycle is at its floor. The Daily Mail also revealed that in the first 3 months of this year, over 4000 Buy To Let properties were either repossessed or handed over to ‘receivers of rent’ to run. This article looked at the fact that tenants have a certain degree of protection if the mortgage is an official Buy to Let, as many lenders would allow them to remain in the property in order to cover the mortgage interest. However the trend for accidental landlords has meant that many residential properties have been let out – and here the situation is much less clear for all concerned. Elsewhere there was good news for savers, with reports that providers are beginning to launch more competitive internet accounts and fixed rate bonds in a bid to attract customers.
What the papers say - 17th June 2009