One year on from the Financial Conduct Authority’s Mortgage Market Review (MMR), and the weekend’s financial press was keen to look at the impact on borrowers. The Financial Times, Sunday Telegraph and Sunday Express all reported a decline in mortgage lending and in particular a drop in First Time Buyer numbers. Experts pointed out that separating the effects of stricter criteria and general market changes can be difficult, but agreed that some groups – such as older borrowers or those trying to port their existing mortgage – are losing out.
The Guardian and Telegraph both looked at the Buy-to-Let market, which has seen an increase in lending in the last 12 months. This is an area of the market that could appeal to those considering using their new pension freedoms, particularly as rates are now extremely competitive. Industry experts urged caution however, as investors could be subject to tougher conditions post-election. Pledges have been made from all sides for stricter measures regarding minimum lease terms, and an end to tax relief.
Elsewhere the Mail on Sunday gave tips for prospective First Time Buyers, while the Telegraph urged borrowers to take advantage of record-low rates before they begin to edge up.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE