The first base rate increase in 10 years. The Bank of England announced that it would be increasing the base rate to 0.5%, after a vote of 7-2 in favour of a rate rise. This decision follows much speculation amongst market commentators of a rate rise, after Mark Carney commented, in October, that the majority […]
Income-supported buy-to-let mortgages and remortgages will be launched next week. This lets customers with excess income bridge the gap between the rent they need and the rent they would earn. The new product will be designed to let brokers help customers who would otherwise struggle with prime lenders’ lending policies for buy to let mortgages […]
FIRST TIME BUYERS For stamp duty costs that have been inadvertently paid on house purchases made since the Budget, HMRC has confirmed that first time buyers will be able reclaim this cost For the vast majority of first time buyers there had been concerns that those buying on the day of the Budget, or shortly […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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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