Planning to buy a home, or switch your existing mortgage? Prepare to answer a litany of questions, spend hours at the bank and endure forensic analysis of your daily spending habits. Even after jumping through all those hoops, success is not guaranteed, as there are now strict affordability rules that force lenders to ensure borrowers will be able to afford to pay their mortgage in the future. The main bulk of the current rules surrounding lending came into force in 2014 through the Mortgage Market Review, which
This is a good article http://www.mortgagesolutions.co.uk/news/2018/08/03/harder-bank-england-justify-rate-rises-oxford-economics/?utm_source=customsell&utm_medium=email&utm_campaign=msol-house-advert-second-send-0308-1533298246 Experts say that the Bank of England will have a hard time justifying future increases in the lending rate using the current economic condition.s
I have just finished reading a article showing FTB's the ability to build a credit score without using credit cards that could help them buy a home. CHECK IT OUT https://www.telegraph.co.uk/personal-banking/mortgages/millennials-build-credit-rating-without-getting-credit-card/ It is good to see that you can elect to pay your rent through an app resulting in a positive credit score through Equifax.
I have finished an article on how over 55 are now doing equity release mortgages in large number. Higher than ever before. Read Here http://www.telegraph.co.uk/personal-banking/mortgages/babyboomers-release-cash-homes-record-numbers/ This is understandable because since 2009 there is very little incentive to save and people have gotten use to spending. The only cash available is the equity in their homes. This will work for our over 55’s generation but what about the next? I fear that future
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
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
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
The government's Help to Buy ISA scheme has been branded a "scandal" after it emerged that up to 500,000 first-time buyers cannot actually use it towards a deposit on a house. At the launch of the scheme last year, former chancellor George Osborne said it would provide "direct" government support to people saving for a deposit on their first home. Deposits, typically 10% of the total cost of a house, are worth tens of thousands of pounds and are usually considered the biggest obstacle to home ownership.
More mortgages were approved for first-time buyers in June than in any month since August 2007, according to the latest data from mortgage lenders. People taking their first step onto the property ladder were advanced around 34,300 loans during the month, up 24% compared with May and some 17% higher than a year earlier. The figures from the Council of Mortgage Lenders (CML) also show that affordability measures for first-time buyers have remained relatively stable in recent months. The typical loan size increased to