MORTGAGE DEMAND EXPECTED TO SLOW
July 14, 2016 by David Sellar in category Mortgage NewsAccording 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 […]
0 0 Read moreCALL FOR SUSPENSION OF STAMP DUTY ON PURCHASES UNDER £500K
July 14, 2016 by David Sellar in category Mortgage NewsIn 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 […]
0 0 Read moreFirst Time Buyer Mortgages Fall In 1st Quarter of 2016
May 25, 2016 by David Sellar in category Mortgage NewsCouncil 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. […]
0 0 Read moreSeven day mortgage switching proposed
May 25, 2016 by David Sellar in category Mortgage NewsUnder 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 […]
0 0 Read moreBROKERS HIT OUT AT MORTGAGE LENDING INTO RETIREMENT
April 28, 2016 by David Sellar in category Mortgage NewsAfter 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 […]
0 0 Read moreMORTGAGE VOLUME UP IN JANUARY
February 19, 2016 by David Sellar in category Mortgage NewsIn 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 […]
0 0 Read moreHOME OWNERSHIP
February 19, 2016 by David Sellar in category Mortgage NewsHome 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 […]
0 0 Read moreMortgage Fees Standardisation
December 9, 2015 by David Sellar in category Mortgage NewsThere 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 […]
0 0 Read moreMortgage Lending in Retirement
October 21, 2015 by David Sellar in category Mortgage NewsBrokers 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 […]
0 0 Read moreRIGHT TO BUY MORTGAGES
October 19, 2015 by David Sellar in category Mortgage NewsA 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 […]
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