The European mortgage directive regulation is aimed at the distribution and regulation of mortgages on the European wide mortgage market. These measures are aimed at reducing the amount of irresponsible lending and borrowing that has been seen over the past years and they will also provide the potential for delivering benefits through greater integration of the European internal market.
Proposals for a directive on mortgages first emerged several years ago in the aftermath of the financial crisis. Read more
Unmarried Couples Buying Property Together!
With many buyers now needing high deposits in order to obtain a mortgage, it seems then that more and more people are choosing to live together and therefore by property together with out getting married.
According to official statistics there are more than 4 million couples living together in England and Wales presently. Read more
The Government Push to Reform Planning Laws.
A shortage of homes has made it impossible for many to get on to the housing ladder and has seen rents, especially in major cities rise to historic and unaffordable.
The new National Planning Policy Framework (NPPF) is now in place and local plans are being revised. A government spokesman recently stated that “the NPPF better supports growth, helping create the homes and jobs that the country needs and puts unprecedented power in to the hands of communities, whilst protecting the environment”. Read more
The Effect of the Olympic and Paralympics on London’s Property.
The official London 2012 website states that “the Olympic and Paralympics games have been the catalyst for the physical transformation of east London, raising the profile of the area and bringing it to the attention of the world”.
Duncan Innes, executive director of real estate at London Legacy Development Corporation (LLDC) said “a key issue for the Olympic park itself is to provide family homes and the social infrastructure that goes with them”. Read more
What Happens to Property During a Divorce?
According to the most recent figures available there were almost 120,000 divorces in England and Wales in 2010.
Research has shown that the dividing of assets is a traumatic business and saying “It’s over” is the easy part – because deciding what happens to the family home can be more emotionally draining than the break-up itself. Read more
The Effect of the Economy on Property During a Divorce.
With 157,000 marriages in Britain ending in divorce every year, property is the largest and most contentious asset.
According to life insurer Norwich Union, at least 35 per cent of all couples looking to divorce are forced to sell their home just to cover the cost of the divorce itself. Read more
The 25 Year Fixed Mortgage.
In 2007, Nationwide building society launched a 25-year home loan with a fixed rate of 6.39 per cent for those with a 10 per cent deposit. However, it appears that now borrowers have paid dearly for the perceived security of the mortgages.
David Hollingworth of London & Country, the mortgage broker, said the loans, which were heavily promoted by Gordon Brown, were “doomed from the start”. He also added that “these products were never what customers wanted”. Read more
Self Employed Struggle to Get a Mortgage.
According to the Office For National Statistics, approximately 4.2 million people in the UK now working for themselves.
The number of people working for themselves has jumped by nearly one million since 2006 and the increase appears to be largely due to high unemployment which has forced many workers who lost their jobs to start working for themselves. Read more
Rent to Buy Scheme.
With home ownership out of reach for many people the ‘rent to buy’ scheme could potential help, it was introduced at the height of the credit crunch and has already helped many on to the housing ladder by converting their rented home into their own home.
The ‘rent to buy’ scheme offers an opportunity for buyers to purchase a property either outright or on a shared ownership basis after a fixed period. Read more
Olympics Blamed for House Price Fall.
Property websites has revealed that the amount of time home hunters spent searching for a property fell by as much as 50 per cent in August as ‘magical Olympic moments’ brought Britain to a standstill.
Among the most notable dips in site traffic were the opening and closing ceremonies. Read more