The government announced at the weekend that English first-time buyers are set to benefit from its new mortgage indemnity scheme the so-called NewBuy initiative. The new scheme is being sold as a chance for younger Britons to get a chance to climb onto the UK housing ladder despite today’s adverse economic conditions. Under the scheme, … Continue reading “New Government Mortgage Indemnity Scheme Launched”

The watchdog Financial Services Authority (FSA) has said that there is still a mortgage ticking time bomb potentially endangering 1.5 million borrowers with interest-only mortgages. The FSA said that this time bomb was unlikely to be completely defused, despite the recent comprehensive tightening up of mortgage lending regulations, and many mortgage-holders with interest-only loans may … Continue reading “Mortgage ‘Time Bomb’ Endangers Interest-Only Mortgage Borrowers”

The industry body representing the part of the mortgage industry which markets its loans through intermediaries warned at the weekend that the Financial Services Authoritys Mortgage Market Review (MMR) still contains some areas of contention regarding how best to regulate the sector. The Intermediary Mortgage Lenders Association (IMLA) acknowledged that the MMR had made a … Continue reading “IMLA Raises Further Concerns Over FSA Mortgage Market Review”

When you go to see a mortgage broker, you probably don’t want them to be a comedian rather than a level-headed financial expert but that’s what some potential mortgage customers faced when former They Think It’s All Over host Nick Hancock took a break from the BBC to enter the world of home loans. In … Continue reading “Nick Hancock’s Mortgage Broker Years – Not a Shining Success”

The Nationwide building society has become the latest lender to crack down on interest-only mortgages, insisting that any new residential borrowers must have at least 50 per cent equity in their property if they wish to avoid capital repayments on their home loan. Previously, Nationwide was prepared to arrange interest-only mortgages with borrowers who had … Continue reading “Nationwide Clamps Down on Interest-Only Mortgages”

If you already have a residential mortgage, it is still possible to obtain a second residential mortgage depending on the use of that second property. For this to be a possibility, the reason for the application should be one of the following: A marital breakup Separation Pied à Terre (meaning a property bought for occasional … Continue reading “2nd Residential Mortgage”

It is well-known that many first-time home buyers struggle to save enough cash to put forward as a deposit on their first home. Now new research has revealed this particular element is making it far more expensive for a first-time buyer to purchase a property as opposed to those who are already on the ladder. … Continue reading “First-Time Buyers Hit By Small Deposit Penalty”

All the signs are pointing to a slowdown in the housing market in the past year. New data revealed by the British Bankers Association has revealed that approvals have fallen by 16% in the last 12 months. The lowest level of mortgage approvals since May 2013 The figures actually reveal that the level of mortgage approvals has … Continue reading “Housing Market Slowdown Signalled by Falling Mortgage Approvals”

Three major sources have revealed some interesting statistics regarding the value of the total amount of housing stock in the UK today. The Office of National Statistics, together with the Communities and Local Government and the Council of Mortgage Lenders, has revealed the total value of the stock is currently just over £5 trillion (£5.06 … Continue reading “Major Growth in Value of UK Housing Stock in Last 12 Months”

A recent survey by ICM Research has revealed how a third of those paying back mortgages are facing the reality of finding it hard to continue making monthly payments if interest rates were to go up. According to the research, those who took part were asked how they would cope if rates were to increase … Continue reading “A Third of Mortgage Holders Will Run into Problems if Rates Increase”