Ageism for older borrowers now being addressed

Andy Chalmers

Building societies have promised to review their maximum lending ages for mortgage borrowers, as increasing numbers of older home owners are trapped in their homes or on very high rates. Since new lending rules were introduced last April, Britain’s mortgage lenders have made it very difficult for older borrowers to secure a loan even when their incomes are secure and they have large deposits or equity. And it’s not just those in their late 50s or early 60s who are struggling – borrowers in their late 40s with good read more

Bank of England NOT to raise rates until Summer 2017

Since the Bank of England's last Inflation Report in August, the path for Bank Rate implied by market rates has fallen by around 40 basis points, such that it only reaches 0.75% in 2017 Q2, compared with 2016 Q3 in August, and is just 1¼ by the end of 2018. The Bank of England admitted that it now seems more likely than not that inflation will remain below 1% until the second half of 2016, much later than judged likely when inflation first fell below 1% at the start of 2015. Recent falls in oil and other commodity read more

The charts that show it’s not THAT hard for first-time buyers

first-time buyers

An increasing share of mortgages are being taken out by 25-34 year olds. Is there light at the end of the tunnel? Young people trying to make their way onto the housing ladder have not had much cause for celebration. Earlier in the year, a report from KPMG revealed that the average first-time buyer requires a salary of £41,000 to afford a property, and more than £70,000 in expensive areas such as London. The sense is that it’s never been harder for first-timers to own property. But data from the Office for read more