Bank of Mom and Dad, the 10th biggest lender

The "Bank of Mum and Dad" is the 10th biggest UK mortgage lender as buyers increasingly rely on financial support from their parents, a report suggests. Parents will lend £6.5bn this year, according to insurer Legal and General, and be involved in 26% of all UK property transactions. This is up from the £5bn of lending estimated in L&G's equivalent survey a year ago. The average first-time buyer requires a deposit of about £26,000, lenders say. Figures from the Council of Mortgage Lenders (CML) show that the read more

First time buyers increase hit all time high BUT landlord purchase hits a all time low

First-time buyer activity rose to from 28% to 36% of market activity in February, as buy-to-let purchases fell below 10% for the first time in five years, per data from Connells Survey & Valuation. First-time buyers now account for a third of activity in the property market – the highest proportion since July 2011. In contrast to the resurgent market for first-time buyers, the buy-to-let purchase market fell to a new low in February. Continuing the decline seen in recent months, buy-to-let purchases almost halved in read more

Look what happens to a industry when you raise taxes on it.

The amount borrowed by prospective landlords fell 16 per cent in the year to January, as strict new rules on buy-to-let homes took their toll. Figures by the Council of Mortgage Lenders (CML) showed would-be landlords borrowed £800m to buy new homes in January, down from £1.4bn the year before, and £900m in December. The number of people taking out mortgages on buy-to-let properties fell to 5,900, from 9,700 the year before, and a peak of 29,100 in March last year. The news came after figures published yesterday read more

Family own businesses LOOSE OUT AGAIN because of tory taxes changes

More than a million family-owned businesses and freelance workers will lose out because of the tax crackdown on dividend payments. They face paying up to £1,143 a year more in tax because of the way they choose to take an income. Many families who run newsagents, restaurants, shops, accountancy firms and other businesses take their earnings as company directors through dividend payments, rather than a monthly salary. That means they pay lower tax rates than salaried employees and can earn £5,000 a year tax-free on read more

Tory government to raise taxes on the hardest working people in the UK

Theresa May faces a major Budget backlash after ripping-up an election manifesto pledge to freeze National Insurance and instead hitting 2.5million self-employed people with an unexpected tax hike. The rise unveiled by Chancellor Philip Hammond was branded a “rip off” for the country’s hardest workers, with critics – including Tories – warning it would hit low paid earners the hardest. Many raised concerns that the likes of cabbies or fast-food delivery drivers toiling in the "gig economy" for low rates, and with read more