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A new stepped tracker mortgage has been launched at Bradford & Bingley offering an initial rate of 4.24 per cent, as the firm seeks to develop its home loan facilities. The rate then changes to 5.25 per cent from December 31st 2006, reducing to 4.75 per cent from December 31st 2007 back to 5.50 per cent until December 31st 2009.Changing again, the rate will then return to the lender’s standard variable rate of 6.75 per cent for the rest of the loan.

Other features of the product include no higher lending charge, free valuation and the chance to use parental income to help determine loan amount. The tracker mortgage is funded by Lloyds TSB.

A new company has been launched to help people buy investment property abroad. The Quy Group, based in Chatteris, Cambridgeshire hopes its presence in the market will stop property buyers falling foul of unscrupulous property developers and estate agents. The service combines property and personal finance expertise, specialising in selecting developments that will maximise return for its clients.

“Asking an estate agent or property developer for financial advice on foreign property investment is like asking a second-hand car salesman for legal advice,” remarked Lydia Molyneux, director at Quy Group. “These people do not have the knowledge or training to give people investment advice - they are only interested in selling properties. “Often they will make exaggerated claims and even employ bully-boy tactics to get people to buy,” she added. Foreign property investment advice is currently unregulated so it is easy for dodgy dealers to take advantage of unsure buyers. Ms Molyneux continued by saying that many people get caught out and buy homes abroad they believe to be a sound investment.

The Mortgage Works has launched a two-year fixed rate buy-to-let mortgage with Mortgage Intelligence.Priced at a rate of 5.44 per cent, it is available with immediate effect to Mortgage Intelligence members. Commenting on the new deal, Paul Howard, of Portman Group, said the product “supported by our unique lending criteria, makes a compelling deal for all landlords”.

“We are delighted to be distributing the product exclusively via Mortgage Intelligence and are confident it will prove attractive with intermediaries and their clients,” he added.Sally Laker, managing director of Mortgage Intelligence, praised the new product, decribing it as “exactly what we need to kick start the New Year buy-to-let market”. “There has been a demand from our members for a two-year attractive fixed rate deal with no overhang and The Mortgage Works have priced this at a very attractive rate,” she continued.Mortgage Works is just one of a number of lenders that is refreshing its mortgage range for 2005, with the Skipton and Britannia also involved in the ‘January sales’.

The new mortgage regime which came into force this week has created chaos, according to industry sources. Critics say the handing over of regulation to the Financial Services Authority (FSA) has led to customers facing delays, extra costs and worse deals than before. The FSA claimed its new rules would benefit the 2.75 million consumers who take out a home loan each year.

But experts say it has plunged the market into disarray, the Daily Mail newspaper reports. Rob Clifford of broker Mortgageforce said: “It is a sledgehammer. We have moved from a 14-page voluntary regime under the Mortgage Code to 1,000 pages from the FSA.”Lenders and insurers have spent millions in preparation for the regime and are likely to try to pass on the costs to customers through extra fees of up to £100 a loan. Some providers, including Abbey, have temporarily removed some products because of the complex changeover.

Abbey has lost a share of the mortgage loan market in the last three months as a bi-product of its takeover by Spanish Banco Santander.The protracted takeover is thought to have affected the high street bank’s performance, according to the Daily Telegraph newspaper.Figures released yesterday by Abbey reveal their market share of the mortgage sector fell in the third quarter to 4.4 per cent from 6 per cent.

Its lending meanwhile dropped from £1.1 billion to £400 million, partly because of a weaker mortgage market in general. However, gross lending has increased slightly as a little more remortgaging business came through financial advisers.

October saw the steepest fall in house prices since September 2001 and the fourth consecutive monthly contraction, meaning lower mortgage loans.The monitoring company Hometrack has announced that asking prices fell by 0.6 per cent while the average house now costs £165,800.”House prices are likely to drop further over the next few months due to the current excess supply and the expected seasonal fall off in the number of prospective buyers,” explained Hometrack’s John Wriglesworth.However, he added: “House prices will not plummet into an abyss as some of the doomist commentators have been predicting.”The decline in prices and the amount buyers are willing to pay - 94 per cent of the asking price on average - has affected the entire country.

New research has indicated a slowdown of the housing market.According to new figures, approvals (loans agreed, but not yet made) decreased to £3,638 million in August 2004, from £3,920 million in August 2003.Meanwhile, in the savings market, building societies had net inflows of £1,191 million in August-, up from £288 million in August .

Commenting on the mortgage market, Adrian Coles, Director-General of The Building Societies Association said: “The figures suggest that we have reached a turning point in the housing market. “Net advances are 51 per cent higher than a year ago, reflecting the strength of the housing market in the Spring and early Summer. “However, approvals (loans agreed but not yet made) are well down (by over 12 per cent) suggesting that lending will decline in the Autumn.”

Homeowners who continue to borrow against the value of their properties while the housing market slows down are in danger of suffering the peril of negative equity, an industry expert has warned.A survey by broker MyMortgageDirect discovered that almost two-thirds of borrowers were still re-mortgaging to fund home improvements or luxury items such as cars and holidays.And Peter Barrett, managing director of the online and telephone broker, cautioned that recent falls in the market meant borrowers should resist from relying on continuing house price rises to cover them.He warned that some could end up with mortgages greater than the value of their homes - negative equity.”Clearly the market is going through a period of significant correction and we are concerned borrowers may be counting too much on their property’s value continuing to rise to pay off additional borrowing for equity withdrawal,” he said.Many homeowners have used the property boom to release cash in their homes. Between 1998 and 2003 69 per cent of all re-mortgages withdrew equity.”This time last year people were re-mortgaging like there was no tomorrow as their homes increased dramatically in value, and using the equity in one’s property seemed like a logical way to fund big ticket spending such as a new car.” said Mr Barrett.

First Mortgage Options will allow mortgage brokers that fail to receive their Financial Services Authority (FSA) authorisation by next month’s deadline to operate as authorised representatives on a rolling monthly contract.The details of First Mortgage’s transitional arrangements for mortgage brokers of any size come just five weeks before the October 31st deadline, the MoneyMarketing website reports.Group managing director Alan Hill said: “Your Mortgage Options has received a large number of enquiries from mortgage brokers who have either submitted late applications to the FSA, or have had applications suspended whilst they provide the FSA with additional information. “We have also received enquiries from businesses who have not yet made an application to the FSA, but want the option to do so, and in some instances need assistance to obtain direct authorisation.

UK mortgage borrowing reached record levels in April this year, according to new figures from the Bank of England.Bank data shows that mortgages rose by £9.8 billion in April, the highest since records began in April . Mortgage lending in Britain increased by a record 15.3 per cent on the year.

The Bank of England figures showed that mortgage approvals stood at 124,000 in April, down from 127,000 the previous month, according to The Times.The Bank’s Monetary Policy Committee (MPC) meets next week for its monthly assessment of the UK’s interest rates and analysts are predicting that it will opt to maintain rates at the current 4.75 per cent.The Bank of England data also showed unsecured debt rose by £1.3 billion in April this year, less than in March and well below market predictions. However, the total level of lending in April rose £11.1 billion, up from a gain of £10.9 billion in March.A number of recent surveys have indicated that the housing market may by cooling and a survey by Nationwide published this week showed a significant fall in homeowners’ confidence that prices will continue to rise.