Our expert views and commentary on what’s happening in the world of mortgages and sometimes beyond, along with our regular summary of what the papers say.
More than 28,000 mortgages running for 35 years or more were approved in 2017, according to data from the Financial Conduct Authority, with a growing number of lenders now offering terms of up to 40 years. ...
House price growth in the UK remains resilient despite ongoing Brexit uncertainty according to Halifax, with prices rising at their fastest annual rate since early 2017. ...
The government has pledged £5m to help boost the number of green mortgages available to homebuyers. ...
The average price of a flat in England has fallen by 2.1% over the year to an average of £220,146, according to the UK House Price Index for April, whereas all other types of property have increased in value. ...
Fancy a flat-pack home? Up to 162 new factory-built homes could soon be constructed in Worthing if a deal between the council and an affordable housing developer co-owned by IKEA goes ahead. ...
The Bank of England’s Monetary Policy Committee voted to keep interest rates on hold at 0.75% earlier this month, with ongoing Brexit uncertainty continuing to hamper economic growth. ...
Most mortgage applications go without a hitch, but there are times when applications are refused, leaving buyers or homeowners wondering which way to turn. The good news is that once you know the reasons why a mortgage might be declined you can work on boosting your chances of being accepted. ...
NHS staff, police officers, firefighters and teachers are among those who’ll be eligible to apply for a new ‘Hero Mortgage’ from specialist lender Kensington. ...
There are nearly 200 interest-only mortgages for borrowers to pick from, according to recent research, nearly double the number available in 2013. ...
Five-year fixed rates were the product of choice in April, reported the Times this weekend, with 45% of all borrowers opting for protection against the possibility of rising rates. ...
The financial press took a look at the pros and cons of longer mortgage terms this weekend, following research produced by Santander that suggested almost half of buyers would consider taking a mortgage over a period of 40 years. ...
Non-UK residents buying homes in England and Northern Ireland could soon face steeper stamp duty costs, under proposals being considered by the government. ...
UK house prices edged higher in March, according to Nationwide, rising by a modest 0.2% during the month as ongoing Brexit uncertainty continues to take its toll. ...
Joining forces with friends may be the only way some first-time buyers can afford to get onto the property ladder, but it’s important to weigh up all the pros and cons of co-owning a home first. ...
Over 400,000 first-time buyers have been given a leg up onto the property ladder by one or more of the government’s Help to Buy schemes over the past five years. ...
Here’s our rundown of the top financial goals you’ll need to focus on and some of the ways you might be able to reach them....
Political and economic uncertainty has failed to dent first-time buyers’ enthusiasm, latest UK Finance figures show, with numbers reaching a 12-year high in 2018. ...
100% mortgages have hit the headlines recently with the launch of Lloyds Bank’s new ‘Lend a Hand’ scheme, but can homebuyers really purchase a property with no deposit? ...
Growing numbers of first-time buyers are getting onto the property ladder, new figures show, helped by low mortgage rates and government schemes such as Help to Buy. ...
Your mortgage is likely to be your biggest monthly outgoing, so it’s a great place to start if you’re looking to cut costs. Here’s our rundown of some of the mortgage resolutions you might want to consider making. ...
So-called ‘supersized’ mortgages have hit the headlines following the launch of a new mortgage enabling professionals to borrow up to six times their salary. ...
One in five (22%) first-time buyers is hoping their parents will cough up more than half the funds they need to get onto the property ladder, according to recent research. ...
Is moving house one of your New Year’s resolutions? If so, check out our list of do’s and don’ts to get your home ready for viewing and see if you can get the best possible price. ...
One in five mortgage holders, equivalent to three million people, believe they will still be paying off their mortgage beyond the age of 65, according to new L&C research. ...
Nearly two-thirds of people trying to move up the property ladder say they’re finding it harder than it was to buy their first home. ...
Thousands of first-time buyers every year manage to get onto the property ladder with help from their parents, but not everyone is lucky enough to have financial support from family. ...
Fixed rate mortgages have proved hugely popular in recent years, but with increasingly attractive variable rate deals on offer, is it time for borrowers to consider other options? ...
First-time buyers who are currently renting could find it easier to get onto the property ladder now that rental payment information will be included on their credit reports. ...
The Chancellor Philip Hammond will unveil his Autumn Budget on October 29th, with many speculating that he could announce a range of measures affecting the property market. ...
Lenders are urging the government to clarify the future of the Help to Buy scheme, warning that major changes could risk “significant market disruption.” ...
The number of self-employed people in the UK continues to grow, but getting a mortgage if you work for yourself isn’t always straightforward. ...
The challenges of achieving home ownership were highlighted once again this weekend, with the Financial Times reporting on recent figures published by the Office of National Statistics. ...
This year’s Gas Safety Week, which runs from September 17-23, aims to raise awareness of the dangers of poorly maintained gas appliances, which can cause fires, explosions, gas leaks and carbon monoxide poisoning. ...
Longer term 5 and 10-year fixed rate mortgages are becoming increasingly popular, as borrowers seek to protect themselves from further interest rate rises. ...
The Bank of England today voted to keep the base rate unchanged at 0.75%. ...
This weekend’s financial press looked at the future of Help to Buy, with experts sharing their views on whether the Government scheme should be amended, extended or scrapped beyond its current end date of 2021. ...
Gross mortgage lending reached £24.6bn in July, according to latest figures from trade body UK Finance, its highest level since March 2016. ...
UK house prices fell at their sharpest rate for six years in August, according to Nationwide’s latest monthly House Price Index, bringing the average cost of a home to £214,745....
The Financial Times reported this weekend on the increase in the number of Retirement Interest Only (RIO) mortgages coming onto the market, as lender confidence in this type of product grows. ...
Fixed mortgage rates remain at historic lows, with five-year rates available below 2% in May 2018. You don’t have to fix your rate for five years though to benefit from a low rate. Deals usually range from two years up to 10 years or longer, so you can pick a term to suit your needs. ...
Clydesdale Bank has become the latest lender to introduce a new range of mortgages specifically for professionals. ...
The desire for home ownership was a talking point in this weekend’s press, following recent research by Barclays which revealed that more than 60% of First Time Buyers view buying a home as a greater sign of commitment than marriage. ...
Homeowners with only a limited amount of equity now have a greater choice of remortgage options, with lenders including Virgin Money, Tesco and Atom Bank improving their offerings at this end of the market. ...
Whilst first-time buyers often rely on the Bank of Mum and Dad to help with their deposits, those planning their next move also depend on their support, according to the latest ‘Second Steppers’ report from Lloyds Bank. ...
Competition in the mortgage market has been heating up recently, with new figures revealing the ever-shrinking margin between average 2 and 5 year fixed rates. ...
First-time buyers who manage to get onto the property ladder could save an average of more than £2,200 a year compared to renting, with buying now cheaper than renting in all areas of the UK. ...
More than 40,000 homeowners remortgaged in April, according to latest figures from trade body UK Finance, up 36% compared to the same month last year. ...
According to new L&C research, if house prices continue to rise at the rate they have in recent years, the proportion of properties which qualify for this exemption will fall dramatically by 2028....
Saving for a deposit is often the biggest challenge first-time buyers face but increasing numbers of lenders are introducing new mortgage deals which only require a 5% deposit. ...
The Sunday Telegraph reported this weekend on the narrowing gap between 2 and 10 year fixed rates, as lenders compete to attract borrowers looking for longer term peace of mind. ...
House prices fell by 0.2% in May, according to latest figures from Nationwide, with ongoing pressure on household budgets helping push down prices. ...
More than half of millennials – those aged between 18 and 35 - are considering buying a home with friends or family to achieve their aim of getting on the property ladder. ...
Both ends of the lending spectrum were covered in this weekend’s financial press, and in particular the criteria that is enabling different generations to either get onto the property ladder, or stay on it. ...
Four in 10 millennials are living in rented private accommodation at the age of the 30, according to a recent report by think tank the Resolution Foundation....
The Post Office has introduced a new ‘Family Link’ mortgage aimed at first-time buyers that can afford monthly mortgage payments but who don’t have a deposit to put down. ...
After several years of steady increases, the number of people working on zero hours contracts has plateaued. ...
Buyers, including many first timers, who signed up for the government’s Help to Buy equity loan scheme in its early stages will soon start being charged interest on their loans. ...
M&S Bank has launched its first mortgage range, which includes fixed and tracker deals for those moving home or remortgaging, as well as for first-time buyers. ...
House prices slowed in the year to the end of November, according to Halifax’s latest house price index, rising by 3.9%, down from 4.5% in October. ...
Tomorrow’s Autumn Budget sees growing speculation that the Chancellor could announce measures to help first-time buyers, as well as plans to build more houses. ...
You’ve found the property you want to buy, but now you need to get it for the right price. We understand that haggling on the property price can be tricky... So here are our top tips to help you buy a property at the best possible price. ...
Moving home is supposedly one of life’s most stressful events, but a bit of careful planning can help ease the strain. Here are some of the things you need to think about when making your move....
Increasing numbers of homeowners are opting to stay put rather than move up the property ladder, according to research by the Council of Mortgage Lenders (CML). ...
Leaseholds on new build-houses could soon be banned under new proposals being considered by the government. The government said that it will consult on whether to prohibit the sale of new build leasehold houses and limit the amount of ground rent that can be charged. ...
Saving a deposit can take years, but there are schemes and mortgages that can help. Here are three ways to get on the property ladder with a smaller deposit....
The Bank of England left the base rate unchanged at 0.25% in it’s May meeting, but warned that rising living costs and falling wages will mean “challenging” times for many households this year. ...
If you receive a large proportion of your income from bonuses, getting a mortgage isn’t always straightforward. ...
Let to buy can be an option for those who want to purchase a new home whilst keeping hold of their current property and letting it out. As someone looking to buy a new property, it can allow you to release some equity from your current home and put it down as a deposit on your new one.It’s a popular choice for couples who move in together later in life, perhaps once they both already have their own properties. In this case, you’d both move into o...
Applying for a mortgage can be tricky, but if you’re a self-employed worker, freelancer or contractor, you could face extra challenges. Here's what you'll need to get a mortgage as a self-employed person... ...
Buying a property is likely to be the biggest purchase you’ll ever make, so it’s vital you choose carefully. Here are five things you should ask when viewing a property....
Let’s face it, if you’re buying a home or remortgaging, the huge choice of mortgages available can seem bewildering. Should you go for a fixed rate deal, a variable rate deal, or an offset mortgage? And how much will you be able to afford?...
When buying a property in England or Wales, two of the most important terms to get to grips with are ‘exchange’ and ‘completion’. Only once you’ve done both of these will you be able to get your hands on the keys to your new home. Here’s what you need to know....
If you’re looking to bump up the value of your property, perhaps with a view to selling it, then the good news is that lots of improvements can be made without breaking the bank. Here are our top tips on how to add value to your home....
First-time buyers struggling to get onto the property ladder often find that they can only afford to buy if they club together with friends....
You’ve found a property you want to buy and got your mortgage application ready to go, so now you need to hire a solicitor and make sense of their quotes...
A mortgage is one of the most expensive commitments many of us will ever take out, but even some of the savviest households fail to consider cutting the costs of their mortgage. ...
Predictions for the housing market continued in this weekend’s financial press....
The Times, Independent and Sunday Times reported this weekend on the latest launch of headline grabbing rates, following the release by a high street lender of a 2 year tracker below 1%. Experts agreed that it was sure to attract attention, but before applying borrowers must consider other factors including set up fees and minimum payable rates (collars).The Independent on Sunday looked at the issues can arise when purchasing an ex-local authorit...
***THIS COMPETITION IS NOW CLOSED*** Thanks to everyone that entered the competition! The winner of the competition is Iain Maciver, who voted for Riverrun as his favourite Game of Thrones castle and will be receiving a canvas print of the castle very soon. Keep checking back to the London & Country blog for more competitions and updates! Here at London and Country Mortgages, we decided to value seven castles from the hit TV show Game of...
Stamp Duty Land Tax is a controversial issue for some. Originally introduced as a historic tax in 1694, it is something that is unavoidable if you are buying a house.You must pay this tax by the official moving-in date (or possession date) of your new home.The stamp duty that we recognize today was first introduced in 2003, and has just undergone the biggest change since it was introduced. How does stamp duty work? If involved in the purchase p...
The financial press took a look at different aspects of the Buy-to-Let market this weekend. The Times reported on recent research which revealed that around 16% of those who will be cashing in their retirement pots following April’s ‘pension freedom’ reforms plan to invest in Buy-to-Let property. While this may be a way to generate income into retirement, experts warned that potential investors need to understand the implications regarding income...
Being a first time house buyer is a daunting prospect. There’s a mine of information to get your head around, lots of financial terminology, and most crucially - a lot of saving to do. As it’s your first time, it’s all new to you, of course. But everyone has to start somewhere, right? And hopefully, it’ll lead to the home of your dreams, so it’s well worth the budgeting and planning. How much am I likely to need? One thing that’s for certain is...
There have been so many changes to the property market within the last few years, that for first time buyers coming into the market right now, it’s like a whirlwind. Knowing the right places to look; the appropriate checks to ensure you do; and the changes in mortgage rates and house prices; it’s almost like you need a degree to understand everything involved in the process of buying a house.So here’s a quick guide to the most important things yo...
With the Council of Mortgage Lenders reporting that around 67% of mortgage are currently on lender Standard Variable Rates, and Bank of England Governor Mark Carney’s recent comments regarding the potential for rates to increase earlier than expected, brokers are anticipating a busy period for remortgaging. Experts in the Sunday Times predicted a spike in fixed rates and urged borrowers to act now to protect themselves, perhaps by considering a l...
The Observer reported this weekend that a tightening up of rules regarding affordability and the withdrawal of cheap lending will mean mortgages are harder to secure this year. The Mortgage Market Review comes into force in April, and brings with it stricter rules from the Financial Conduct Authority, meaning lenders will be forced to look at borrowers’ finances in greater detail. Homeowners will also be stress tested to see if they can afford th...
Lender criteria was the focus of mortgage news in the financial press this weekend, with the Telegraph revealing that lenders are cracking down on borrowers who fail to notify them that they are renting out their properties. Many accidental landlords are trying to avoid being transferred to higher Buy-to-Let rates, so lenders are checking electoral roll registers, social media websites and online letting agencies. The Sunday Times looked at crit...
Figures released by the Halifax today suggest that new build properties have increased in price by 12% in the last five years, now costing on average almost £234,000.In contrast Halifax’s house price index suggests the average overall price in January ’08 was £191,000 compared to £162,000 at the end of 2012 – a drop of around 15%. So it would appear new builds have been significantly outperforming the general market. This may not be a huge surpri...
The big news for prospective homebuyers in this week’s budget was the launch of the new help to buy scheme. It is aimed at helping people buying their first home or move up the housing ladder – specifically those who are struggling to find a big enough deposit.There are two parts to the scheme an “equity loan” and a “mortgage guarantee” and both aim to improve the access to and affordability of mortgages. Both are also open to a wider audience ...
Bank of England data released today shows that home owners are continuing to favour paying down their mortgages rather than borrowing more against the value of their homes. Housing Equity Withdrawal (HEW) for quarter two of this year was again a negative figure of more than £9.1bn. This compared to -£8.9bn in Q1 – another sign of the difficult conditions for the housing market.There is undoubtedly a reticence among borrowers to increase the siz...
A new proposition was unveiled this week by Castle Trust, a firm that hopes to bring a new type of mortgage to the market and investments that are linked to house price movement. The new ‘mortgage’ will be for 20% of the property value and will not charge any interest or require any monthly repayments. Instead the borrower must pay back the loan when the property is sold, along with 40% of any growth in the property value. Take an example of som...
The number of people putting their house up for sale jumped in February, according to new figures from the National Association of Estate Agents (NAEA).Available stock in the UK housing market saw a 25% year-on-year rise last month with an average of 70 properties available for sale per estate agent branch – up from 56 properties per branch in February 2010.Property sales also increased in February – rising to an average of 8 per branch from 6 pe...
Mortgage affordability has hit its best level for 10 years, according to new research from Barclays.Having analysed more than one million customer accounts it found that people are currently paying 15.4% of their take home pay to cover their monthly mortgage payment – the lowest level since Barclays began the regular analysis ten years ago.The improved affordability was attributed largely to the current low interest rate environment – the UK has ...
This weekend’s financial press focused once again on the anticipated rise in interest rates. Mortgage brokers in the Independent, Sunday Express and Sunday Times reported that a lot of borrowers are now looking to secure a fixed rate to limit their exposure to increases, but many warned that they may have already missed the bottom of the market. Fixing is not for everyone of course, and as the gap between fixed and variable rates widens, many may...
Richard Branson’s Virgin Money is set to enter the banking world and purchase Church House Trust for £12.3 million. Virgin, who were rumoured to be in the hunt for Northern Rock, plan to invest a further £37 million in the Somerset based bank and will offer banking, saving and mortgage products.Virgin Money’s Chief Executive Jayne Anne Gadhia, said they aim to provide a different type of banking experience and “make everyone better off by offerin...
The Council of Mortgage Lenders (CML) reported that loans for house purchase reached 55,000 in October, the highest level since December 2007, and a near 100% rise from the trough of January 2009.They also released some interesting figures on the popularity of fixed rates. From a high of 80% of new loans in July, fixed rates were only chosen by 66% of new borrowers in October, a number which I suspect has fallen further since. Tracker deals seem ...
Alternative methods of purchasing a property were the order of the day this weekend, with The Guardian reporting on the return of the 100% mortgage, albeit in the form of a shared ownership scheme. The Mansfield Building Society has teamed up with the South Yorkshire Housing Association to offer the product, allowing buyers to purchase 60% of a property without a deposit, whilst paying rent on the remaining 40%. The Independent looked at lenders ...
Does that sound a bit ominous? It’s not supposed to be, as there’s good news…….at least I think it’s good news. Nationwide released their latest house price index today which showed prices grew on average by 0.9% in June. There, that’s it, good news. But even better, the three month change, which is regarded as a more reliable indicator of what’s really happening, turned positive (went up to you and I), for the first time since December 2007. Br...
From 2010 some of the best known names in UK banking including Abbey and Bradford & Bingley savings will disappear from our high streets. Spanish banking giant Santander announced that both Abbey and B&B will be rebranded early next year, with Alliance & Leicester following in the £12 million move. It expects to save £180 million from the changes, which once completed, will allow customers to use any of the 1,300 rebranded branches to...
Several of the articles in this weekend’s financial press looked at the difficulties faced by both potential and existing borrowers in the current climate. The Guardian reported on the lack of availability of shared ownership mortgages to anyone who doesn’t have a perfect credit score, while the Independent and the Times both discussed the increasing fear of repossession. On a more positive note, the new Lloyds TSB ‘Lend a Hand’ mortgage featured...
The debate continues over whether we are genuinely seeing some green shoots of recovery in the housing market. The latest house price figures from Halifax reported a fall of 1.7% in April, but the Royal Institute of Chartered Surveyors (RICS) has this month reported that enquiries and sales are continuing to pick up.It found that enquiries increased for the sixth month in a row in April and sales also edged up, albeit from historically low level...
