Category: Mortgage News

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SELF EMPLOYED MORTGAGES ON THE INCREASE

April 6, 2017 by in category Mortgage News

Since the 2007 credit crisis self employed borrowers have found it difficult, if not impossible, to secure a mortgage. However, demand for mortgages from the self-employed and contract workers is rocketing, outstripping growth from employees. And this is forcing lenders to lower borrowing barriers and embrace these applicants. Almost 20% of workers is either self-employed […]

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10 YEAR FIXED RATES

March 8, 2017 by in category Mortgage News

Three years ago, according to Moneyfacts, there were only eight 10-year fixed-rate home loans available, but now there are 124. The average 10-year mortgage rate has fallen by more than a percentage point over the same period, from 4.23pc in January 2014 to just 3.2pc today. Barclays charges slightly more at 2.59pc with a £999 […]

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NEW AREAS FOR BUILDING SOCIETIES

March 8, 2017 by in category Mortgage News

With regulation increasingly driving lenders into non-traditional areas, the building society sector is poised on the brink of huge changes this year,say experts For instance Buckinghamshire Building Society was considering moving into regulated bridging, and that Saffron Building Society planned to offer unregulated bridging to property developers. Previously it was announced that Skipton Building Society’s […]

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MORTGAGE LENDING AT LLOYDS BANKING GROUP PLUMMETS

July 29, 2016 by in category Mortgage News

Amid a backdrop of cost-cutting exercises and the prospect of a planned scale-back in growth, gross mortgage lending at Lloyds Banking Group plunged 22% in the first half,. A sharp drop from the £22.7bn lent in the second half of 2015During the first six months of 2016, mortgage lending totalled £17.7bn at the group. As […]

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Negative Interest Rate effect

July 28, 2016 by in category Mortgage News

Letter to 1.3 million combined business and commercial customers have been written by Natwest and Royal Bank of Scotland warning they may have to charge them to hold deposits as a result of low global interest rates. The BBC reports that if this happened it would effectively be the first time UK banks had negative […]

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MORTGAGE DEMAND EXPECTED TO SLOW

July 14, 2016 by in category Mortgage News

According to the Bank of England’s latest Credit Conditions Review, lenders expect consumer demand for mortgages to slow Many of the UK’s major lenders anticipate that demand for mortgages for house purchase will reduce in the near term. Discussions with Santander, Barclays, HSBC, Lloyds, Nationwide, and RBS, showed that mortgage appetite among consumers rose significantly […]

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CALL FOR SUSPENSION OF STAMP DUTY ON PURCHASES UNDER £500K

July 14, 2016 by in category Mortgage News

In spite of former chancellor George Osborne hiking stamp duty for buy-to-lets and second properties as recently as April with a 3% surcharge, the financial planning expert at Old Mutual Wealth, Rachael Griffin has called on the new chancellor Philip Hammond to suspend stamp duty for purchases under £500k as it could provide much needed […]

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First Time Buyer Mortgages Fall In 1st Quarter of 2016

May 25, 2016 by in category Mortgage News

Council of Mortgage Lenders (CML) figures revealed that compared to the previous three months, lending to first-time buyers dropped in quarter one across the UK, with Scotland suffering the biggest decline as the value of fledgling loans fell 24%. Scottish first-time buyers borrowed £600m in Q1, around a quarter less than final quarter of 2015. […]

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Seven day mortgage switching proposed

May 25, 2016 by in category Mortgage News

Under new plans being consulted on by the Government, borrowers could be allowed to switch their mortgages in seven days, Including mortgages, it has called for evidence to find out how long it takes people to switch providers across a number of markets, Over the coming months,the Government will meet with industry bodies to discuss […]

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BROKERS HIT OUT AT MORTGAGE LENDING INTO RETIREMENT

April 28, 2016 by in category Mortgage News

After new figures showed half of all building societies had maximum age limits of at least 80, brokers have hit out at banks for their stances on mortgage lending to older borrowers It was announced last week by Halifax that it would use earned income for affordability up to age 70. Previously it applied this […]

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