Beware of penalties for long term fixed rates

I have read an article warning borrowers about the pearls of taking 5 and 10 year fixed rates with high early redemptions penalties (ERP). Read here if interested. http://www.telegraph.co.uk/personal-banking/mortgages/beware-fixed-mortgages-high-exit-fees-brokers-warn/ I agree with the article that a degree of caution is require when selecting a long term fixed rate. A lot of customers may think that they will be staying put in their homes but what if there is a big job promotion, a job loss, or more children. read more

Councils have the right to charge tax on empty properties

I have read an article stating that the Government have given local authorities the right to start changing council tax on empty properties. Philip Hammond stated "It can’t be right to leave property empty when so many are desperate for a place to live" We all know this is a load of crap. It is another way to generate money for a starving government. I don't know about the rest of the country but around here landlords want rent money and if a property is empty it is usually because it is going through read more

FTB pay no stamp duty but what about Scotland???

I have just read that the chancellor is eliminating stamp duty for FTB's up to £300,000.00 Read the article. http://www.mortgagesolutions.co.uk/news/2017/11/22/budget-2017-hammond-slashes-stamp-duty-for-first-time-buyers/?utm_source=Adestra&utm_medium=email&utm_term=&utm_content=&utm_campaign=Daily%20SP29%20TML&utm_campaignid=893&utm_cmdid=52561 BUT, what about Scotland?? Will the SNP do the same???? read more

Nationwide to entre the equity release market

I have just read an article about homeowners over 55 releasing equity from there homes and that Nationwide Building Society are now going to lend to this market. The highlights are 1) Available to 55 – 84-year olds 2) Up to 46% loan to value depending on age 3) No fees including legal and survey 4) You can port to a new property 5) You can take additional borrowing 6) Can pay back up to 10% per year Read here if you want all the detail read more

Mortgage Price War is Over

I have read an article expressing the doom and gloom of the current interest rate raise expressing how not only the base rate raising to .50% but also how the fix, tracker and discount rates have also climbed. Here is the article if you would like to read http://www.thisismoney.co.uk/money/mortgageshome/article-5077957/End-line-sub-1-mortgage-rates.html What does this mean in real terms for most us leaving in Scotland? Around £8.00 more per month. That’s right £8.00 Does this mean that our customers should read more

Want to increase the value of your home???

I have read an article about Mr and Mrs Rafferty and how they added value to their home by raising money to complete and extension and replace windows. (READ HERE if you are interested) http://www.telegraph.co.uk/personal-banking/mortgages/remortgaged-renovate-homes-worth-extra-200k-rising-rates-still/ Maybe you are the type of customer who would like to stay put in their current home but need more space. The answer could be found in the equity of your current home. For example, if your current home is read more

An average of 12.2% of all UK property stays on the market for 6 months or more

An average of 12.2% of property that is for sale has been on the market for 6 months or more This is an interesting article https://www.mortgagestrategy.co.uk/survey-finds-12-5-uk-properties-market-6-months-longer/ It says that despite what we are experiencing in Lanarkshire some area of the market is still sluggish in sales. London is one of the worst with 22% of house still on the market for ½ a year or more. I would love to see a break down, flats vs house showing which type of property is on the market read more

Interest only. Will this impact you???

I have read an article about the impact of maturing interest only mortgages and how it will affect aging customers. The FCA estimate that 1.8 million homes in the UK are on Interest Only mortgages and that excludes the Buy to Let market. Many of these do not have a repayment vehicle in place. These mortgages where set up prior to 2008 in most cases and the customers that have this type of mortgage will be coming close to retirement when they mature. The changes in mortgage regulation, as it pertains to customers read more

NOW IS THE TIME TO FIX YOUR MORTGAGE

Two factors are coming together to make right now a crucial moment for homeowners to review their mortgage. Firstly, extreme competition between lenders mean rates are keener than ever. Secondly, the Bank of England’s leading Bank Rate is expected to rise as early as November. This would cause mortgage rates to rise in turn, and so the window to secure a best-ever deal will close. While the initial increase is expected to be small – a doubling of Bank Rate from 0.25pc to 0.5pc – it would be the first in more read more

How young homebuyers are walking into debit

I just finished reading the Daily Mail (Money Mail Section Sep 20th 2017) According to the article, young home buyers are taking on billions of debit just as interest rates are about to rise. The article also stated that more than £35 billion of fixed home loan deals will come to an end in the next 2 months and these borrowers will then be moved onto a variable rate deals. Folks. The article was very negative and did a lot to try and scare the public but gave little in the way of solution or advice. It is read more