UK house prices are still rising at a strong pace despite recent interest rate rises, according to the country's biggest mortgage lender, the Halifax.

Mortgage equity withdrawal robust

The amount of money people are borrowing against the value of their homes is rising, official figures show. Homeowners released an estimated £14.6bn in the final quarter of 2006 through mortgage equity withdrawal, the Bank of England said.

Mortgage lending is still booming

Mortgage lending is still rising strongly, says the Council of Mortgage Lenders (CML).
Total lending in March amounted to £31.3bn - 10% higher than a year ago and another monthly record. Lenders have started to withdraw their fixed-rate mortgages, in preparation for a possible rise in interest rates.

Alliance and Leicester Pulls fixed rates

Alliance & Leicester pulled its fixed-rate deals on Wednesday, and it’s likely that other major mortgage lenders will now follow suit. Lenders often withdraw mortgages when interest rates rise. They base their borrowing costs on money market rates, which in turn are linked to the Bank of England’s rate. Fixed mortgage rate for 25 years

Nationwide launches 25-year fixed rate mortgage.

The Nationwide building society is launching a 25-year fixed rate mortgage. Fixed rate deals have become more popular in the past few months, since the Bank of England started raising interest rates. But deals lasting as long as a quarter-of-a-century are unusual; most typically last from two to five years. Quarter of over-60s still face mortgage debt

Over 60's struggling with debt

A quarter of homeowners over the age of 60 still have outstanding mortgage debt, according to a report out today. Research for an equity release company found that people in or approaching retirement who had not yet paid off their mortgage owed an average of £31,000 each.