The Guardian reported this weekend on recent figures from the Council of Mortgage Lenders (CML), which revealed that the number of borrowers taking out a mortgage for longer than 25 years has almost doubled in the last 5 years, with the highest demand coming from First Time Buyers. Experts said mainstream lenders were more relaxed about longer terms as a way to make payments more affordable, but borrowers should consider reducing the term at a later date if they can.
The Times took a look at availability of higher Loan-to-Value (LTV) mortgages, as homeowners who were the first to take advantage of the Help-to-Buy scheme now look at remortgaging. Brokers suggested that many may have feared they would not have built up enough equity to secure a new deal, but rising house prices could mean they now fall into the 90% LTV bracket, and should consider reviewing their options.
The Observer also took a look at lenders improving their criteria, this time in the interest only market. Latest figures from the CML suggest there are around 1.9 million interest-only mortgage holders in the UK, and lenders are more open to these customers now. Criteria remains tough however, with minimum requirements for income, equity and repayment plans.
Elsewhere, the Mail on Sunday highlighted the difference in availability and criteria for Help-to-Buy mortgages in different regions of the UK.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE