More protection for DIY holiday fans

Over the years an increasing number of people have started to book their own DIY holidays rather than opt for a pre-bundled package deal with a travel agent, and with the expansion of the Internet, with all of the choices on offer with regards to flights, hotels, and other extras, more and more people have started to book their holidays in this way. Read more

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Building Society issues reassurance on remortgages

The Newcastle Building Society has told mortgage holders not to panic after the City’s financial regulator, the Financial Services Authority, said it could be difficult for remortgages to go ahead “on favourable terms” next year.

Steven Marks, Newcastle Building Society’s lending expert, said: “From this week’s headlines, many people will be forgiven for thinking that they won’t be able to get a mortgage or competitive remortgage deal from their lender next year.”

Even though interest rates came down slightly this week, such a statement could leave borrowers feeling “unnecessarily uneasy”.

However he emphasised that interest rates are historically low.
The cut in the Bank of England’s base rate should also assist the outlook, Mr Marks added.

Other than Northern Rock, most mainstream lenders are still keen to do business and competitive rates should still be available next year he concluded.

Newcastle Building Society has just announced the launch of a full equity release brokerage system.

The expansion of the advisory service arrives six months after the FSA introduced regulations relating to these products.

Tags: expert, expansion, equity release, Newcastle Building Society, year, remortgage, loan, Society’s lending expert