Over the past decade, thanks to strong competition, portability of mortgages has become common. Therefore the vast majority of home owners preparing to move will be able to transfer their existing mortgages with out paying an early redemption charge (ERC), even if they are tied in to a deal.
According to Moneyfacts, a financial analyst, only 16 lenders from the 101 on its database do not offer full portability across their entire mortgage range. Read more
In today’s current climate mortgage lenders are tightening up. Recent rate hikes and further lending restrictions are meaning that mortgages are being pulled further and further out of reach for first time buyers, as well as those moving or re-mortgaging.
However, it seems that at least one lender is bucking the trend. Nationwide has recently announced that it is cutting some of its mortgage rates and fees. The building society has cut the cost of some deals for the second this month, it has cut all its 2 and 5 year fixed rates by 0.10%. Read more
As the much publicised credit crunch continues to rumble on, lenders continue to be more and more cautious about whom they lend to.
The huge demand for mortgages now means that mainstream lenders can still be extremely selective and only accept loan requests from people with perfect credit scores.
A vibrant first time buyer market is the lifeblood of a healthy property market and therefore the government is ‘pegging’ its hopes on the success of their new buy scheme.
The scheme is intent on kick starting the building trade and helping more first time buyers on to the property ladder it does this by giving them access to a mortgage even if they can only manage to get together a 5% to 10% deposit. Read more
Gross mortgage lending fell to an estimated £10.2 billion in April 2012 compared with £12.6 billion in March 2012. This is the lowest figure since April 2011 when lending was £10 billion.
The Council of Mortgage Lenders said that the underlying picture appeared to be one of “easing momentum” in the housing market. Read more
It is a sad fact that in more recent time’s global terrorism and crime has had an effect on our daily life. From having our banks accounts plundered by lowlifes to more stringent checks at the airport, we can not escape we are all at risk.
Data has shown that a large amount of money is laundered through the property market every year. This has, inevitably, had an effect on the way property is bought and sold. Read more
Figures from the Council of Mortgage Lenders (CML) showed that in March 2012 there was a 57% increase in lending to first time buyers, when compared to the same month last year.
This boost in activity also helped to stimulate the rest of the market: a total of £4.3 billion of loans were granted to home movers in March, a 19% increase on February 2012 and a 10% increase year on year. Read more
A few lenders still offer a fast track mortgage facility. This facility means the whole mortgage process is speeded up and they are also easier for borrowers as they do not have to prove their income. Read more
Research shows that the UK has the lowest level of self build homes of any developed nation.
The National Self Build Association has stated that the barriers for self builders include: Read more
Payment protection insurance (PPI) was supposed to repay customers loans if their income dropped because they fell ill, lost their job or in the event of death.
However, many people found it was impossible to invoke the insurance policy and others only received a small refund of premiums when they paid off their loans early. Read more