News & Insight

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 changes on the way for landlords

More changes on the way for landlords.. Landlords who own four or more mortgaged buy-to-let properties can soon expect lenders to look across their whole portfolio if they want to apply for a mortgage on a new property....

What the new tax rules mean for landlords

As announced in the Budget, mortgage interest rate relief is going to be limited to the basic 20% income tax rate: higher and top rate tax payers no longer get full relief.The government has now published the detail of how the change will be phased in here which says in 2017 to 2018 the deduction from property income (as is currently allowed) will be restricted to 75% of finance costs, with the remaining 25% being available as a basic rate ta...

Who is responsible for a mortgage after death?

Dealing with the death of a loved one is difficult enough, and trying to get your head around the financial side of things (like their mortgage) can make things even more complicated.I’ve published this post to help you understand how the mortgage may be handled following the death of a partner or spouse. Even so, it’s important to note that there are lots of other things to consider and every situation is different....

Can you get a mortgage on a temporary work contract?

The good news is that being on a temporary work contract won’t necessarily stop you getting a mortgage, providing you have at least 12 months’ history in that current line of work and have not had any breaks in employment. What’s the issue with ‘temp’ contracts and mortgages? Most lenders don’t like short term contracts because they suggest the applicant’s income isn’t guaranteed for any significant period of time.If you’re on a temporary contr...

What can you expect to be asked at a mortgage meeting?

Applying for a mortgage can be a somewhat daunting and stressful experience. The following article will give you some idea of what to expect and explain how a good broker can help with the process. Why have things changed recently? The credit crunch has made lenders approach mortgages with much more caution than they did previously. This means they look at your income and expenditure in more depth than before, and especially whether you could a...

A guide to divorce and mortgages

If you are going through a divorce one of the most important steps is sorting out the finances. It is often the case that one of the main parts of the settlement is who will get to keep the house.So how is that decision reached? What happens with the remaining mortgage payments? And once it has been determined by all parties involved and that reconciliation is irretrievable, what happens to the mortgage? Who is liable for the mortgage? If you ...

What the papers say – Week commencing 27th September

Potential changes are afoot in the Buy-to-Let market, which could see the ‘accidental landlord’ phenomenon become a thing of the past. The Times revealed this weekend that a new EU directive, due to be implemented in March 2016, could mean that lenders must make a distinction between deliberate investors and ‘consumer’ landlords – with the latter becoming a regulated part of the market. Critics argued that this would prove to be a complicated and...

Why we are paying more for our mortgages.

With bank rate remaining unchanged since March and the cost to lenders of funding mortgages so low, you would be forgiven for wondering why mortgages are becoming more expensive. In the face of mounting criticism for increasing mortgage rates, the lenders position has been laid out in the latest “News & Views” from the Council of Mortgage Lenders and it makes interesting reading. Lenders are less able to vary the rate they charge existing c...

Yorkshire and Barnsley Building Societies to merge.

The Yorkshire and Barnsley building societies are to merge by the end of the year as the Barnsley seeks protection against the possible loss of up to £10m, deposited with two Icelandic banks.The Barnsley along with some local authorities and charities had more than a billion pounds between them on deposit with Icelandic banks, which are not covered by the Financial Services Compensation Scheme. The Barnsley said it had reserves large enough to ab...

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