Buying a house in Glasgow is more cost Effective that Renting

Buying a home is more cost-effective than renting in 48% of British cities, according to a property website. Zoopla analysed the asking prices and rents of two-bedroom homes currently on the market in the UK's biggest cities. It found that buying works out cheaper than renting in many parts of Scotland, northern England and the West Midlands. Glasgow, Coventry and Birmingham were the top three cities for cost-effective buying. Cambridge, London and Brighton were top for cost-effective renting. Top 10 read more

Interest rates at a all time low

Mortgage rates for two and three-year fixed rate deals fell to record lows in February, with borrowers accessing the largest number of products since 2008, according to new research. The average two-year fixed rate mortgage fell to 2.54pc in February, down from 2.56pc in January. The average three-year fixed rate mortgage fell to 2.92pc, down from 3.01pc the previous month, according to analysis of data compiled by the Mortgage Advice Bureau, a broker. The average five-year fixed rate deal also declined, from 3.27pc read more

The bank of England does not believe in a free market

The Bank of England is expected to signal a clampdown on buy-to-let lending when it reports on the mortgage market for landlords. The Bank has been watching the buy-to-let market for some time and is concerned about the amount of money pumped into the market and its vulnerability to even a small rise in borrowing costs. Threadneedle Street’s regulatory arm, the Prudential Regulation Authority, will on Tuesday publish a report on underwriting standards for buy-to-let mortgage lenders alongside scenarios for testing the read more

Purchasing a house 1984 vs 2016

Baby boomer vs Gen Y: home buying in 1982 compared to 2016 Owning a home is more important to young adults than establishing a successful career or even finding the right partner, says new research. Yet the likelihood of being able to achieve the goal of property ownership has never been lower. Those aged 18-40 put home ownership ahead of all other milestones in life, including educational achievements, career success, marrying or having children. The research, by mutual lender Yorkshire Building Society, also found read more

Nearly half aspiring homeowners aged 35 to 40 in ‘crisis’ over homeownership

Research showed almost half of Britons who haven't bought their own home by their mid-thirties doubt it will ever happen. With first-time buyers increasingly squeezed out of the housing market, research from Yorkshire Building Society found that 49% of non-home owners aged 35 to 40 who aspire to own a home say it is ‘unlikely’ or ‘very unlikely’ that they will ever own a property. However, the survey showed more than two-thirds of young adults aged 18 to 40 felt that owning their own home was crucial to success in read more

Stamp Duty extended !!! Will Scotland do the same?

The government has extended the period before the higher stamp duty rate will apply to second homes, and the time in which homeowners can claim a refund, from 18 months to 36 months. This will give those who have an overlap between two properties or are "moving in difficult circumstances" longer to dispose of their main residence. In the Budget documents, the government confirmed that there will be no exemption from the higher rates for significant investors, and that higher rates will apply equally to purchases read more

We need a government that will stop doing this

Mortgages for homeowners and buy-to-let landlords could become more expensive under new rules being imposed by international regulators, an industry trade body has warned. The Council of Mortgage Lenders (CML) said the global rules were likely to have “unintended and negative consequences” for buy-to-let borrowers and those borrowing to finance the purchase of their own home. It warned that the Basel committee on banking supervision – which sets rules to be adopted by national banking regulators – could require read more

Raises in tax killing off the BTL market

The number of buy-to-let mortgages rocketed by 22% in January compared with the same month in 2015, as landlords rushed to beat forthcoming tax changes. Around 9,500 loans were taken out by buy-to-let borrowers in January, compared with 7,800 in January 2015, according to the Council of Mortgage Lenders (CML). The total amount borrowed rose by 40% year-on-year to £1.4bn. The figures are the latest to show a surge in interest from investors ahead of the coming stamp duty hike on second homes. From 1 April, they will read more

Nat West making it easier to get a mortgage

One of Britain's largest mortgage lenders has adjusted the ratio it uses to decide on loan applications, with brokers predicting rivals will follow suit. NatWest has lowered its loan-to-income ratio (LTI) requirement for mortgage borrowers to 4.45, from 4.75, for borrowers offering deposit of between 15pc and 25pc. The multiple of salary applies for both single and joint earners. Experts say the lender is rebalancing its loan book because of the high number of mortgage borrowers on lower salaries at a time when house read more

Self-certification mortgage lender selfcert.co.uk has responded to the FCA's self-cert mortgage warning, arguing that "there is no evidence Self Cert products caused any more harm than any other mortgage product available in the UK". It disputed the FCA's claim that all firms offering mortgages in the UK (including EEA firms) will have to comply with the Mortgage Credit Directive, which requires a thorough affordability assessment based on information that has been verified by the lender. selfcert.co.uk read more

https://mortgageinformationcentre.co.uk/2471-2/