Information about changes in the mortgage market and how this may affect your house purchase or application for mortgages.
Phase 2 of the help to buy scheme may prove expensive for borrowers!
For many young people nowadays, the dream of owning their own property looked set to stay just a dream. But that was before the government launched its help to buy scheme!
Prime Minister David Cameron says that he” hopes the scheme will make the dream of home ownership a reality for many who would otherwise have been shut out.” Read more
Help to buy scheme (part 2) brought forward…..
The Government launched Help to Buy phase one earlier this year to give a boost to the housing market.
The Government’s next boost for the property market claims it will help full fill people’s ‘aspiration’ of home ownership. Read more
Buying a Property Off Plan!
During the property boom years, buying a property off plan was a popular concept, but when the market plummeted, so did the demand for off plan.
Government schemes have given house builders a boost in recent times and things it seems is finally starting to pick up. Read more
Should More Products Be Available for Existing Mortgage Customers?
Remortgaging can be a hassle but the good news is that mortgage rates are now at their lowest ever levels and by switching to a better deal, home owners could find their monthly repayments come down significantly, particularly if they have built up a decent chunk of equity in their home.
According to figures published by the Council of Mortgage Lenders (CML) remortgage lending had its best month in 5 months in April this year. A total of £3.4 billion was advanced those remortgaging, this was up 9.7 per cent on the amount advanced in March this year. Read more
The Banking Reform Bill.
According to many financial commentators the structure of the UK banking sector needs fundamental change, mainly in order to make banks more resilient to shocks and easier to fix when they get into difficulties and also to reduce the severity of future financial crises.
The banking system was saved from collapse by billions of pounds of taxpayers’ money and therefore people wanted to see bosses held to account and a system introduced which would ensure this could not happen again. Read more
A New UK Bank Enters The Market!
Many financial experts believe that at the moment more competition in the financial lending market is both wanted and needed, especially from those who intend to offer more innovative and bespoke products.
The British Bankers Association (BBA) has always welcomed competition for high street banking services and choice for customers and therefore they have stated that “The UK has a highly competitive retail banking sector already offering greater customer choice than in many other countries.” Read more
Is There a Need for More Shared Ownership Properties?
It seems that the UK housing market went in to hibernation five years ago, and we have had to wait a long time to see some positive trends emerging since.
According to the Halifax House Price Index house prices have risen by an average of £10,000 in the last 12 months. Read more
Banks Still Failing With PPI Claims!
Payment protection insurance (PPI) was an insurance sold alongside loans and credit cards. Many customers have only later discovered they did not need the cover, or would have been unable to claim on it.
Therefore in a vast numbers of cases the insurance was merely nothing more than a lucrative money spinner for banks. Read more
Is Now the Time to Grab a Fixed Rate Mortgage?
Mortgage rates have been slashed to record lows in the wake of government schemes such as the funding for lending scheme, to stimulate the property market.
Currently four in five new mortgages are arranged on a fixed-rate basis, according to lenders’ trade body the Council of Mortgage Lenders (CML). This suggests most borrowers are protecting themselves against rate rises. Read more
Warnings of Another House Price Bubble!
It seems that the mortgage market is once again moving, rates are at an all time low, lenders are flush with government cash, and at last they are keen to hand it over.
The Royal Institution of Chartered Surveyors (RICS) published a recent survey which showed that home prices grew last month at their fastest rate since the market peak of November 2006. Read more