Many were expecting a drop in the number of home loans approved in December 2017. However, some were surprised at how big the drop was. The total approved by banks in the final month of the year was 36,115 – far lower than the 39,007 figure recorded the previous month. That amounts to 2,892 fewer … Continue reading “Mortgages Suffer Huge Drop in December”
Many first-time buyers will no doubt be pleased at the changes made to stamp duty in 2017’s Autumn Budget. As of 22nd November, first-time buyers were no longer required to pay stamp duty for residential property purchases worth £300,000 or under. Relief was also announced for those living in more expensive areas such as London, where … Continue reading “Stamp Duty Cut May Not Help First Time Buyers After All”
It seems like a smart idea. Some of those who have invested in bitcoin, a virtual currency that has seen incredible gains over the past year, are considering using their profits to fund house purchases. With an increase of nearly 1,500% posted since this time last year, many are hoping their gains will provide a … Continue reading “Cashing Out on Bitcoin? You Could Have Trouble Getting a Mortgage”
November 2017 marked the month when the base rate rose after 10 years of remaining at the same historically-low level. And as new figures have revealed, that month also marked the lowest number of new mortgages approved for over a year. Trade body UK Finance revealed 39,507 mortgages were approved by banks in November last … Continue reading “Mortgage Approvals Hit New Low in November 2017”
Uncertainty over the direction and progression of Brexit could have a marked effect on the housing market, if the latest predictions from experts in the industry are to be believed. RICS, the Royal Institution of Chartered Surveyors, has predicted growth in house prices will slow during 2018. Their market survey has revealed a gradual slowdown … Continue reading “House Prices Set to Fall as We Enter 2018”
2017 has seen the first base rate increase for several years, changing the interest rates paid by many on variable rate mortgages within days. Yet some will be looking ahead to 2018 as a year when further changes could affect their mortgage situation – and this does not refer to any future base rate rises. … Continue reading “Support for Mortgage Interest Scheme to Be Changed in 2018”
Plenty of financial information is compared to other figures both before and after the credit crunch of 2008. One good example of this has come to light now, as the latest data from the Bank of England indicates £72 million in residential loans was written off last year. This may sound like a large amount, … Continue reading “Mortgage Write-Offs at Lowest Level for Years”
Mortgage approvals took another tumble in October – this time leading to the lowest level of approvals in 13 months. September saw 41,576 approvals for house purchases, while October saw a fall to 40,488 – a difference of 1,088. Some experts think this figure could dip further still in the coming months, given the signs … Continue reading “Mortgage Approvals Dip Lower in October”
It’s official – the era of competitive mortgage rates under 1% is now over. The country had enjoyed a period of around 18 months where there were several products available at either just above 1% or below it. This was offered as recently as September, when would-be home buyers could apply for a 0.99% two-year … Continue reading “Number of Home Loans Under 1% Shrinks to Just One”
The Pros and Cons of Extended Mortgage Repayment Periods. It is no surprise to learn that getting onto the housing ladder is still proving to be a struggle for many would-be first-time buyers. We’ve heard in the past that the Bank of Mum and Dad has proven to be a good source of finance for … Continue reading “Is a 35-Year Mortgage Term the New Normal?”