Use of disposable income to cover any shortfall in its rental cover calculation is now being allowed by Barclays as it loosens its buy-to-let lending criteria Up to now Barclays has used a rate of 5.79 per cent to assess affordability, as opposed to the mortgage rate itself. For example, a £200,000 loan on a […]
According to data from the Bank of England (BoE)mortgage approvals for house purchases fell to 60,275 in December suggesting a growing depression in the UK’s housing market. Mortgage loan approvals were down 17% in December compared to 72,343 in December 2013. Admittedly mortgage loan approvals slightly better on November where they reached 58,956, December approvals […]
According to the Centre for Economics and Business Research (CEBR),half of homeowners with variable rate mortgages aren’t aware that their repayments could rise next year. They say it has found widespread ignorance amongst the UK public. Despite the CEBR predicting a minimum total mortgage payment rise of £723.8m across the UK when rates rise, over […]
The building society’s interim results show that Nationwide gross mortgage lending has fallen by nearly £1bn. Nationwide says the economy is “becoming more tolerant to an increase in interest rates” but warns arrears rates are likely to increase for prime and specialists mortgages whenever interest rates do rise. Chief executive Graham Beale says Nationwide is […]
Barclays are urging borrowers to use the cash saved under the new stamp duty rules to pay down their mortgage rather than spend the money on other things. They should put it to good use by reducing their mortgage amount amount which by even a small amount could lead to a not inconsiderable interest saving […]
Despite no movement in base rate for over five years, lenders seem to be cashing in on borrowers as new data shows SVRs are rising . The average SVR has risen 0.12 per cent from 4.41 per cent to 4.53 per cent, Bank of England data published this week showed. This is in contrast to […]
In his Autumn Statement to the Commons,George Osborne has said stamp duty will be cut for 98% of homebuyers Working in a similar way to income tax, the chancellor said that from midnight the current system, where the amount owed jumps at certain price levels, would be replaced by a graduated rate. What will please […]
A group of MPs has recommended that older people looking to ‘downsize’ should not have to pay stamp duty on the purchase of a moderately-priced home. In its November News and Views publication, the Council of Mortgage Lenders noted that members of the all-party Parliamentary Group on Housing and Care for Older People argues many […]
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