It will hardly come as a surprise but the introduction of the Mortgage Market Review now in force across the UK has led to dozens of news sites and magazine style websites commenting on the new situation. Some have reported on the straight facts as we currently know them, while others have looked into specific … Continue reading “News Outlets Seize on New Mortgage Rules Introduction”

A mortgage broker in Northern Ireland was fined and banned from operating this week by the watchdog Financial Services Authority (FSA). Gareth Flanagan, of Londonderry’s GMF Marketing Services was fined £95,200, although this was reduced by 30 per cent from £136,000 due to an early settlement. Flanagan was found to have failed to act with … Continue reading “NI Mortgage Broker Fined and Banned”

A study by Moneyfacts showed that there are 3,054 residential mortgage deals available on the market, although average rates are down the standard rate for a two-year fixed rate mortgage has dropped from 4.48 per cent to 4.22 per cent in the last year. Nevertheless there has been a significant expansion of the mortgage sector … Continue reading “Number of Mortgage Products at Highest Level Since April 2009”

The White House revealed yesterday that US President Barack Obama is to launch a new task force with the job of investigating alleged mortgage fraud. The new initiative will be jointly operated with New York attorney-general Eric Schneiderman, who has long been interested in untangling alleged fraud cases involving mortgage-backed securities and general household mortgages. … Continue reading “Obama Heralds New Mortgage Task Force”

Most people looking to buy a property will need to save a four-figure sum to put down as a deposit. Now, a recent survey has discovered almost one in four people (23%) looking to buy a property for the first time take between five and 10 years to save the required amount of money. The … Continue reading “One in Four First Time Buyers Take Over Five Years to Save a Deposit”

Think of property prices and the highest ones that come to mind will undoubtedly be in London, followed by the South East. However, as recent research by Savills has revealed, the London properties are those with the greatest loan-to-value ratios. While property prices in other parts of the country are much lower than those in … Continue reading “Outstanding Loan-to-Value Amounts Are Lowest in the Capital”

There was a time when people got mortgages at a young age and paid them off before they retired. But new figures from Prudential have revealed this is becoming less likely today. The insurer has found a proportion of those retiring in 2017 will still have outstanding mortgage payments to make. Currently, 38% of retirees … Continue reading “Outstanding Mortgages Common Among Retiring People”

A little over one million households could be in for a shock if interest rates rise in the near future. Thats the verdict of experts from the Office of National Statistics (ONS). The ONS has released the information as part of its Economic Review for October 2015. It refers to households that are highly leveraged … Continue reading “Over 1 Million Households Owe Mortgage Debts of 4.5 Times Their Income”

According to the Financial Conduct Authority, almost 20% of mortgage holders have an interest-only mortgage. Furthermore, around 85,000 interest-only mortgages will reach maturity this year. It is thought that over 11,000 of those mortgage holders will face problems when that time arrives. If they cannot find the funds to clear the mortgage, they could end … Continue reading “Over 11,000 Families on Interest-Only Mortgages at Risk of Losing Their Homes in 2018”

Platform has announced that it is reducing its rates on their 2 year fixed buy to let deals with effect this week. The lender has a range of Buy to let deals ranging from 60% loan to value (LTV) up to the 75% LTV level with the rates ranging from 3.69% – 4.69%. Platform is … Continue reading “Platform Reduces its Buy to Let Rates”