Mortgage fixed rate products low because of a sluggish housing market

I just finished reading an article about how the mortgage fixed rate products are being kept low because of a sluggish housing market. Read here if you are interested. http://www.telegraph.co.uk/personal-banking/mortgages/sluggish-housing-market-keeps-mortgage-rates-rock-bottom-even/ It amazes me on the flip flog news article I am seeing of late. One article stating that rates are going up and expect doom and gloom and then others saying how the rate will stay low. I know everyone has an opinion, but these are read more

79% Drop in bank right offs

I have just seen an article stating that mortgage lenders have hit a 12 year low in mortgage right offs this year. The article goes on to say that the Bank of England show that the amount of lender write offs is 79% lower than last year and even lower than pre-credit crunch figures. Their seems to be many factors that include more equity in property and lower interest rates to name two. Here is the article if you want to 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

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

Two-year mortgage deals Dangerous according to press.

I just finished an article stating that 2-year fixed rate mortgage deals are DANGEROUS because of POSSIBLE stagnant house prices and POSSIBLE high interest rates. Read here if you are interested. http://www.telegraph.co.uk/personal-banking/mortgages/mortgage-warning-two-year-deals-dangerous-house-prices-weaken/ The head of the Bank of England said that there might be an increase in the interest rate if he does not see a change in the inflation rate. Also, House prices could become stagnant but there is 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

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

The face of Buy to Let Mortgages is changing

If you are a landlord you, most likely, have had to get a buy to let mortgage. Over the years these mortgage have been fairly easy to arrange through an experience mortgage broker. They usually required very little in documentation and the lender were mostly interested in the rental value. All this is about to change. Over the coming weeks the banks and building societies will require not only income verification but also verification from inland revenue, copy of leases, letters from letting agents and bank read more

Will Bank of England keep base rates low???

The Bank of England’s Monetary Policy Committee has voted by a majority of 7-2 to maintain Bank Rate at 0.25%. The Committee judged that the lower level of sterling continues to boost consumer prices broadly as projected, and without adverse consequences for inflation expectations further ahead. It also expects pay growth to pick up over the forecast period and believes "subdued household spending growth is largely balanced by a pickup in other components of demand". The MPC added that since the August Report, "the read more

Newly-built homes will have to last at least 2,000 years if the sluggish rate of house building continues

The LGA, which represents local authorities in England and Wales, said that the failure to build enough homes for decades meant existing properties will have to house more people and last for much longer. This has led to the country spending nearly as much on the repair and maintenance of existing homes as it does building new ones. Cllr Judith Blake, LGA Housing spokesperson, said: “Our country’s failure to build enough homes over the past few decades is putting huge pressure on our existing housing read more