First Time Buyers are wealthier and older

Analysis of the official English Housing Survey by UK Finance found that longstanding demographic factors have led to changes in the characteristics of first-time buyers (FTBs). According to the 2015-16 data there are fewer very young (16- to 24-year-olds) and older (55 or over) first-time buyers compared with 10 and 20 years ago. The results also showed that owning a home was becoming increasingly restricted to just the wealthiest people. Two-thirds (66%) of first-time buyers came from the top 40% of earners, read more

Another prediction of a mortgage rate increase

Mortgage borrowers are well-placed to weather base rate rises over the next couple of years, according to the UK Finance mortgage board. The board, formerly the Council of Mortgage Lenders, says the UK could see a rate rise within 12 months. UK Finance says most borrowers are likely to “withstand rate increases higher than anything that is likely over the next couple of years”. The UK Finance mortgage board says many borrowers on fixed rate mortgages would clearly be immune from rate rises, at least for up to two read more

Governement making money on bank buyouts but interest rate raise could cause massive repo

The various government bail-outs during the financial crisis have had a mixed track record in the near-decade since. Lloyds Banking Group has been returned to the private sector, with the taxpayer having made a modest profit on the bank's rescue; Northern Rock's branches were sold to Virgin Money, under whose brand they trade successfully today, while the taxpayer still retains a 72% shareholding in Royal Bank of Scotland that, at some point in coming months, may be sold down. Yet there is another collection of read more

Bank are charging higher mortgage fees. SURPRISE SURPRISE!!!

Despite mortgage rates continuing to fall, fees on fixed rate mortgages are rapidly increasing and are now approaching a four-year high, according to Moneyfacts research. The average fixed rate fee now stands at £1,018, reaching its highest point since August 2013 when average fees then dipped to £1,005. Since the summer of 2013 fees steadily fell, averaging at £886 in July 2014 before climbing back to £929 in July 2015 and £986 in July last year. Charlotte Nelson, Finance Expert at Moneyfacts, said: “With read more

The mortgage market is improvement and the government want to stop it

Mortgage lending is bouncing back as the slowdown in the housing market appears to be at an end. Prices slid earlier this year but buyers are back - a total of 121,464 mortgages were issued last month, reversing some of the falls in April, according to the Bank of England. More than half of those loans went to people purchasing homes. By value total mortgage debt rose by £3.5bn, the fastest pace in more than a year. As a result, mortgage lending grew by 2.9pc on the year, accelerating a touch from the levels seen in read more