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 […]
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. […]
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 […]
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 […]
In further signs that the housing market is set for an active year, mortgage lenders in the UK have reported their strongest January since 2008, and the Council of Mortgage Lenders (CML) said that £17.9bn of home loans had been handed out across the UK during the month. Experts said that cheap mortgage deals, reduced […]
Home ownership is increasingly becoming the preserve of older and wealthier households, says think-tank the Resolution Foundation, with only one in 10 young people likely to be on the property ladder in 2025. With the over-45s now accounting for three-quarters of all home owners, according to its new report on living standards, the housing ladder is […]
There is going to be a new tariff of mortgage charges. In essence this means the introduction of a standard format for how lenders communicate their fees. After being asked by the Chancellor to find ways to make it easier for consumers to understand and compare the costs of different mortgages with different lenders, this […]
Brokers have warned that older borrowers who take advantage of the new pension freedoms and choose not to opt for an annuity could find it even harder to qualify for a mortgage into retirement. Removing a framework that had effectively forced many in the past to take out an annuity, in April this year, the Government […]
A bill which proposes to stimulate home ownership across the UK, is being read this week in Parliament. Part of this includes the re invigoration of the Right to Buy scheme. What might the impact be in the lending market? Clearly capitalising on the perceived desire for home ownership, and an aspiration to help as […]
London Mortgage Advice Ltd is authorized and regulated by the Financial Conduct Authority for residential mortgages and non investment insurance business.
Although London Mortgage Advice Ltd is regulated by FCA, commercial mortgages and most buy-to-let and offshore mortgages are not regulated by the FCA.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
London Mortgage Advice ©2015