With the Help to Buy Mortgage Guarantee scheme making up a sizeable percentage of high Loan-to Value (LTV) lending, the Times reported this weekend on calls for the Government to explain how it intends to support this area of the market when the initiative comes to an end next year. Experts commented on the significant increase in the number of 95% LTV deals available on the market since the launch of the scheme, and there are hopes that it will be extended beyond 2016, but agreed that more clarification is needed for lenders regarding future plans.
The Financial Times revealed that mainstream lenders are now offering loans in the £1m plus bracket, taking a share of the large loan market from the private banks. Experts highlighted the advantages to borrowers – including more competitive rates and longer mortgage terms – however, private banks may still be more suitable for those with irregular income sources that require a different level of flexibility.
Elsewhere, the Sunday Times looked at the difficulties experienced by older borrowers trying to secure a mortgage in the light of tough age restrictions, and the growing trend for parents to turn to their children for assistance.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE