The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first-time buyers, self-employed, and those borrowing in retirement.
The point of the paper is to spark a public conversation to help those looking to buy their first home to get onto the property ladder, and those in retirement manage their mortgage more effectively, with the goal being to support long-term growth.
The paper looks at possible changes to improve flexibility and allow borrowing to be more accessible by offering tailored products to customers to cater to their specific needs.
Key areas include:
The FCA are looking for thoughts on whether the stress test for mortgages should be changed. They are also looking into the number of homeowners who need to access their housing wealth to help financially support them in retirement.
This could be a positive move by the FCA provided borrowers are not overstretched.
Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.
6 days ago
Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break
Ever wondered where the most reasonably-priced towns for families to buy are? Property company, Zoopla has identified the top 10 towns for families to live in the UK by looking at the most affordable towns, and how many people are looking in that area.
27 days ago
There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.
28 days ago
Many people are quite private when it comes to what is in their bank account. In this short blog, we look into what Brits have saved by age group.
Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.