Nationwide Looks set to Become One of the UK’s Big Lenders.
It currently appears that the Nationwide building society, which is Britain’s biggest customer owned financial service group, looks likely to surpass Barclays in terms of gross lending in 2012.
This would therefore make it the third biggest UK lender after Santander and Lloyds Banking Group. They are competing with the likes of the Royal bank of Scotland (RBS), HSBC and Barclays in the financial service sector. Read more
‘Newbuy’ Applications from the Halifax Hit a High!
The ‘NewBuy’ scheme allows potential buyers to buy a home with a lower deposit than they would normally need. Meaning that they may be able to buy sooner than they thought, without having to save for a long time to build up the deposit that some lenders would otherwise expect. Deposits especially for first time buyers can be as much as 25 per cent.
Initially when the NewBuy scheme was set the government pledged that it would provide some 100,000 new homes. However, in October the Home Buliders Federation (HBF) admitted that only a quarter of this amount will be provided. Read more
First Time Buyers Have Still Bought Despite Challenges!
Most first time buyers have faced many different challenges than those who bought their homes just 5 years ago.
Since the credit crunch began first time buyers have seen challenges from mortgage rationing, high deposit demands, fluctuating housse prices and also the end of the stamp duty concession. Read more
Marriage or Mortgage?
In the current financial climate it appears that more and more young people currently living within the UK now see the purchase of a house together as a bigger commitment in life than marriage.
According to the post office financial services a third of us are taking the property plunge before walking down the aisle, especially so in those who already rent together. Read more
Second Time Buyers Face problems Too!
While the plight of first time buyers has featured heavily in the news of late, it also appears that they are not alone as second steppers now also face difficult times.
Figures published recently have shown that home affordability for second steppers is far worse than it is for first time buyers. Read more
Lenders Slash Mortgage Rates.
It appears that a number of mainstream lenders have cut their mortgage rates in recent weeks and it looks like others will have to follow if they want to remain competitive within the industry.
The Debt Advisory Line is welcoming the news that banks and building societies are slashing the cost of mortgage rates by launching some historically low fixed rate loans. Read more
Is Repossession at its Lowest Level in Since the Credit Crunch?
Last year, the Council of Mortgage Lenders (CML) forecast that 45,000 homes would be seized this year by mortgage lenders who had run out of patience with borrowers who were unable to repay their home loans. Although the number of homeowners actually losing their property because they are unable to pay their mortgages appears to have fallen to its lowest level since the credit crunch began.
According to recent figures, only 26,300 properties have been repossessed in the first nine months of this year, which is 8 per cent fewer than in the same period last year. Read more
There is no question the property market has been struggling to stay above water for the past five years.
Separate figures from the National Association of Estate Agents (NAEA) underline how much the housing market has seized up since the recession took hold. The number of properties for sale at each branch average was 62 in September, compared with an average of 100 in December 2008. Read more
Landords Use Property Portfolio for Retirement.
While ‘generation rent’ may complain about a mortgage famine and hope for a house price crash, the current situation is good business for landlords.
It appears that the buy to let’s source of potential income is attracting investors eying long-term rental returns rather than the capital growth from rising house prices chasedin the boom years. Read more
Could There be New First Time Buyer Deals on The Cards?
Mortgage rationing has meant would be first time buyers, unable to build up a hefty deposit, have been priced out of the market.
It seems that even with the ‘funding for lending scheme’now fully up and runinng the majority of mortgage products have been aimed at those with a stake of 25 per cent or more but the tide is gradually starting to turn and more lenders are at last looking for a piece of the action in the first-time buyer (FTB) sector of the market. Read more