The Times reported this weekend on the latest figures from the Bank of England and Financial Conduct Authority, which reveal an increase of £0.8 billion in Buy-to-Let lending in the first 3 months of this year compared to the same period last year. The increase in popularity in this area of the market is also reflected in a reported 12% increase in the number of BTL deals now available, according to the Council of Mortgage Lenders.
The Sunday Telegraph looked at older borrowers trying to secure a mortgage, revealing that some smaller building societies and private banks are more flexible in their criteria, potentially lending to those in their 70’s and 80’s. Strict criteria must be adhered to, but experts claimed that many older borrowers have a variety of income sources and assets which can make the loan affordable while remaining responsible.
The Mail on Sunday suggested that a rise in property valuations combined with an increased demand from First Time Buyers, and rock bottom interest rates, could ease the way for second-time buyers to move up the ladder.
Elsewhere, The Sunday Times looked at the potential problems experienced by borrowers trying to secure a mortgage when they no longer receive paper bank statements.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE