If your mortgage lender's told you you "can't afford" to move to a cheaper deal because of new affordability checks, there's fresh hope after one MoneySaver agreed a £3,600 saving thanks to our campaign. Here's how they did it – and what to try if you're in the same situation.
Plans to give homeowners the option of switching their mortgage provider within just one week are being considered by the Government, as part of an effort to make switching easier for consumers across a range of sectors.
Beleaguered mortgage applicants are facing yet another hoop to jump through after it was announced that lenders may be forced to put their IQ to the test as part of stricter affordability checks.
The mortgage market is "sitting on a ticking time bomb" because the EU and the UK regulator have failed to sort out "bonkers" new rules which mean homeowners are told they can't afford to get a cheaper mortgage deal, MoneySavingExpert.com founder Martin Lewis has warned.
Around 125,000 mortgage and loan customers of Northern Rock Asset Management (NRAM) – the state-owned remnant of failed lender Northern Rock – will be transferred to US private investment firm Cerberus or to TSB Bank next year.
Interest rates may not rise until 2017 the Bank of England has suggested this month, but mortgage borrowers should still consider switching to a cheaper deal now, with rates near all-time lows.
About 41,000 Northern Rock mortgage customers with unsecured loans of between £25,000 and £30,000 have been dealt a massive blow this morning, as the Court of Appeal has ruled they're not due redress for historic paperwork blunders.
23 July 2015
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