NATWEST to change the rules again of mortgages

Natwest Sign

NatWest Intermediary Solutions will be implementing the requirements of the European Mortgage Credit Directive from mid-January 2016, two months ahead of the 21 March deadline. It will begin using the new ESIS documentation, to be known in the UK as the Mortgage Illustration, from mid-January 2016, replacing the current KFI to help minimise any pipeline impacts. NatWest will be calculating the new Annual Percentage Rate of Charge and 2nd APRC in accordance with the guidance received from the Council of Mortgage read more

Ageism for older borrowers now being addressed

Andy Chalmers

Building societies have promised to review their maximum lending ages for mortgage borrowers, as increasing numbers of older home owners are trapped in their homes or on very high rates. Since new lending rules were introduced last April, Britain’s mortgage lenders have made it very difficult for older borrowers to secure a loan even when their incomes are secure and they have large deposits or equity. And it’s not just those in their late 50s or early 60s who are struggling – borrowers in their late 40s with good read more

The charts that show it’s not THAT hard for first-time buyers

first-time buyers

An increasing share of mortgages are being taken out by 25-34 year olds. Is there light at the end of the tunnel? Young people trying to make their way onto the housing ladder have not had much cause for celebration. Earlier in the year, a report from KPMG revealed that the average first-time buyer requires a salary of £41,000 to afford a property, and more than £70,000 in expensive areas such as London. The sense is that it’s never been harder for first-timers to own property. But data from the Office for read more