20 Mar 2017
Mortgage Required are approved Help to Buy Mortgage Advisers and have helped lots of clients to buy a home through this government fantastic scheme.
The scheme works on the basis that rather than having to put together a deposit and mortgage to purchase the whole of the property, a buyer can now purchase part of the property with the other 25 - 75% of the home being owned by a third party under the terms of this scheme.
A help to buy equity loan is part of the Government’s initiative to help both existing homeowners looking to move and first-time buyers trying to get onto the housing ladder.
28 Feb 2017
All of us at Mortgage Required were delighted to receive confirmation earlier this month that our head broker, Craig Head, was nominated by Nationwide’s Business Development Manager.
23 Feb 2017
The Insurance giant Prudential recently carried out research which found that 25% of 2017s retirees will retire in debt. This is at its highest level for seven years.
The shared ownership and Help to Buy schemes are only available through recognised and authorised agents. Mortgage Required is delighted to announce that we are now able to offer our clients mortgages for both schemes as approved Help to Buy mortgage advisers.
Since the introduction of mortgage affordability tests the lender will ask detailed questions about the your income, employment status, age, personal circumstances, other debts and liabilities and lifestyle.
14 Feb 2017
More and more lenders are agreeing to mortgages where customers have had blips on their credit profile. The main questions are, How big was the blip? How many blips do you have? and How long ago was the blip?!
Critical illness insurance usually pays out in the event that you suffer from one of a variety of serious conditions including heart attack, stroke, certain types and stages of cancer, multiple sclerosis, etc or injury
Maidenhead Council tax is a local tax to help pay for local services. These services include police and fire services, upkeep of local roads and street lighting, drainage, etc
30 Jan 2017
Most lenders contribute to the re-mortgaging costs and the process is really not as complicated as people think –as long as you have a good broker acting for you.
Part of the review requires lenders to implement a financial ‘stress test’. This means that lenders will want to make sure that even if (and when) interest rates rise their borrower will still be able to pay the increased mortgage repayments.
As Landlord you inherit several responsibilities around the need to secure your tenant’s safety. One of these includes the requirement for an annual Gas Safety Certificate.
Long-term income protection is an mortgage insurance policy that is designed to cover you if you're unable to work due to injury or illness.
11 Jan 2017
If you are still working, there are plenty of lenders happy to extend terms on a interest only mortgage.
Mortgage lenders are looking for a clear picture of your finances over time. They need to see that you are regularly profitable and that the business is stable.
23 Dec 2016
New research shows that 75% of borrowers could be missing out on the opportunity to pay less for their mortgage.
With banks offering tiny returns on cash savings and ISAs and the fairly recent stock market volatility still fresh in people’s minds, investing in property is still considered by many to be the best way to invest their money.
Terminal illness cover pays when the policyholder is diagnosed as having an illness which is likely to cause death in the near future. The ‘near future’ can vary but it’s usually either six or twelve months. Many life insurance policies include terminal illness cover for no additional charge.
Most of us have everything we own in our homes and the idea that it could all be lost to fire, theft of some other calamity that could otherwise have been insured is a sobering thought.
As with all tax matters, you should consider your personal tax status and that of your spouse. Whilst you may expect to be liable (or not liable) for tax in certain circumstances, personal tax status and previous behaviour might result in a different outcome.
When a company director dies, it is usual for his shares to pass to whomever inherits his shares through his will. The mechanism by which the deceased’s executor might implement this transfer will, unless otherwise stated, be set out in the company’s articles.
9 Nov 2016
Equity release is a term given to the mechanism by which a homeowner can raise either a cash lump sum or a regular periodic income in return for either selling or mortgaging all or part of their home.
9 Nov 2016
It looks like the Government’s Help to Buy 2 scheme will come to an end on 1st January 2017 as planned.
A stress test is the term given to the process by which lenders assess the sustainable affordability of a loan to a buyer. Required by law to undertake such affordability tests as a result of legislation following the 2008 credit crunch and housing crisis, stress tests are there to protect the borrower (and the lender) for entering into ill-conceived or risky loan arrangements.
Sometimes, the terms life insurance and life assurance are used interchangeably but it is important to realise that they are very different products.
Nowadays, obtaining a mortgage is a complicated thing. We all have credit scores, whether we know it or not, and our chances of obtaining a mortgage offer will be largely determined by that score.
18 Oct 2016
The solution for some seems to be to set up a limited company within which to purchase the buy to lets.
With ‘Help to Buy’, the Government lends you up to 20% of the cost of your newly built home, so you may only need a 5% cash deposit and a 75% mortgage to make up the rest. To reflect the current property prices in London, from February 2016 the Government is increasing the upper limit for the equity loan it gives new home-buyers within Greater London from 20% to 40%.
A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other.
There are a variety of criteria that a mortgage lender will set before they will consider lending. Some lenders will not lend to a borrower with previous CCJs but others will, dependent on the facts. Of course, the riskier a borrower is deemed to be, the more expensive the mortgage is.
21 Sep 2016
CCJs are a black mark on your credit file and can stop someone getting a mortgage or even qualifying for a mobile phone contract. The main problem with CCJs is that a lot of people simply don’t know they even have them, until they are turned down for credit.
August 2016 ushered in the lowest ever Bank of England Base rate at a staggering 0.25%. To put this in perspective, the highest Bank of England Base Rate was set at 15% during the Summer of 1990. But why is the Bank of England Base Rate relevant to the homeowner?
It’s perhaps one of life’s ironies that most of us are keen to get on the housing ladder and yet, almost as soon as we get there, we are just as keen to get rid ourselves of the debt burden we were so keen to take on to buy our dream home.
One benefit of the current tax regime is that life cover, if taken out by the company, can be treated as an expense for tax purposes and is therefore allowable against corporation tax.
Our brokers are professionally trained and qualified to offer you the best quality advice. We work on your behalf. You are our client and as such we owe you a legal duty of care to act in your best interests. At Mortgage Required, we are on your side, we know the market and we are here to help!
Both Payment Protection Insurance and Mortgage Payment Protection Insurance are forms of ASU. Accident, Sickness and Unemployment Insurance is usually taken when someone is concerned about how they would meet their obligations were they to be incapacitated by accident, sickness or unemployment.
15 Aug 2016
The Bank of England’s Monitory Policy Committee voted unanimously to reduce the Bank of England base rate to 0.25%, in order to stimulate growth in the economy post Brexit. This is the lowest the bank rate has been in its history.
Before you change mortgage provider, if it is to obtain a cheaper deal than your existing one, consider asking your provider about their ‘product transfers’ before you commit to moving.
Losing your job or finding yourself ‘between jobs’ is, unsurprisingly, a stressful place to be. Keeping a cool head and taking action is important.
One of the biggest fears of any parent is that they die leaving young children. Of course, we all want to leave our children what we can in financial terms, but if they are under 18 then they will also need a guardian to look after them.
It has long been recognised that the best way to secure the right mortgage deal is to fully explore the market and what is on offer to whom. As the financial markets have expanded and matured, it has become harder for the layperson to interrogate the market completely and with the level of forensic understanding required if the best informed decision is to be made.
As a professional, responsible company Mortgage Required believe all clients should be aware of the risks associated with every loan. With this in mind we offer all customers a free protection review.
If you die without a Will in place then you are said to be ‘intestate’ and the laws of the land will decide what happens to your estate.
7 Jul 2016
One of the silver linings of Brexit — for now — is that mortgage rates remain very competitive My advice on what to do now is to Remortgage to an excellent deal without delay, in case these deals are replaced or withdrawn.
Dying without a Will is a very bad idea.. However, what if you don’t die? What if you are simply incapacitated and unable to either work and/or make your wishes known in respect of child care or the management of your assets?
A ‘sealing fee’ is sometimes also referred to as a ‘discharge fee’, ‘redemption fee’ or ‘exit fee’. The fee, when charged, is usually between £100 to £300 and is stated in your mortgage’s terms and conditions.
Whilst the legal systems of Scotland and England vary and there are some specific differences with respect to the purchase and sale of property, both systems have advantages and disadvantages.
A will is a means by which a person may set out their wishes in respect of their estate in the event of their death. It might detail the deceased’s wishes for funeral arrangements and go into as much or as little detail as required, perhaps even detailing music and a venue for the wake!
To specify exactly what is included in the sale of property in a short blog is impossible. However, for the purposes of this item, we’ll exclude mineral rights and the legal definition of Freehold and Leasehold interests and look at something more basic!
If you have anything of value to leave when you die, or you have dependents or children that are under the age of majority, then you should have a Will that appoints guardians and allocates your wealth appropriately.
If you go to an independent mortgage adviser like Mortgage Required who are not restricted to just one lender, then you will see lots of different mortgages, all with different terms.
23 May 2016
Barclays have re-launched their ‘Family Spring Board Mortgage’ which effectively allows borrowers access to 100% mortgages.
The term ‘overpaying’ your mortgage refers to the voluntary additional payment of cash into your mortgage account over and above the agreed monthly sum.
12 May 2016
The Bank of Mum and Dad (or as it is affectionately know at Mortgage Required – BOMAD) is now equivalent to one of the UK’s top 10 mortgage lenders and is set part with over £5bn in 2016.
Conveyancing is the name given to the field of law that specialises in the sale and transfer of land and buildings.
Once you buy a property your solicitor will receive the Title Deeds. They will register your title with the Land Registry and then, if you have a mortgage, he will register the mortgage against your title and in most cases the deeds will then be sent to your mortgage provider who will hold them until the mortgage is paid off in full.
Until such time as all the terms of a legally binding contract have been agreed, recorded in a document and that document has been signed by both parties, then the deal is no more than a ‘gentleman’s agreement’ and has little or no force in law.
Borrowing money for a ‘buy to let’ investment is different to borrowing for your own home. The interest rate is usually higher in comparison and the deposit required is usually between 20% and 40% of the property’s value.
After the 2008 mortgage bubble and crash, mortgage companies have been under a greater duty to make sure that borrowers are able to pay their monthly payments even if mortgage rates increased significantly.
From the 1st October 2015 regulations require smoke alarms to be installed in rented residential accommodation and carbon monoxide alarms in rooms with a solid fuel appliance.
31 Mar 2016
If you are a buy to let investor, you might be forgiven for feeling just a little bit picked on recently. What with the increases in SDLT (Stamp Duty Land Tax) aimed squarely at you and the upcoming removal of mortgage interest tax relief, the ‘cons’ are starting to outweigh the ‘pros’ for many investors looking for a home for their money, especially highly geared, high rate tax paying Landlords outside London’s ‘magic circle'.
If you are selling a house you will incur significant costs including the procurement of an EPC (Energy Performance Certificate), your estate agent’s disbursements, advertising and marketing costs and their sales commission, your conveyancer’s fees and their disbursements, your removal costs and any additional expenditure that might be incurred including, perhaps, all the other costs incurred by you in the purchase of your new home!
18 Mar 2016
Budget 2016 - Key Points For You:
Insurance Premium Tax, Stamp Duty, Income Tax, Capital Gains Tax, Inheritance Tax, Individual Savings Account (ISA).
17 Mar 2016
On the face of it, persuading the Chancellor of the Exchequer to pay a large lump sum into your personal savings account seems like the stuff of fairytales but, after yesterday’s budget announcement, it seems that if you are currently 17 or under and will be 18 in April 2017, you will qualify to open a new ‘Lifetime ISA’ that will accrue up to £32,000 in government contributions up until to your 50th year.
As part of the house buying process, your legal representative will undertake several ‘searches’ on your behalf. The cost of these searches will be charged back to you as expenses (disbursements).
A Mortgage Indemnity Guarantee (MIG) is an insurance policy that protects lenders if the mortgage repayments cease for some reason, perhaps due to death or a homeowner being made redundant at work. The MIG is NOT insurance protecting the borrower but is there to reduce the lender’s losses as a result of mortgage default.
Rather than try to give you a definitive timeframe to buy a house, it is probably best if we give you an idea of the potential pitfalls you may encounter. This way, you are best prepared to avoid them and speed the process.
25 Feb 2016
There is only one subject for me to write about this week and that’s “Equity Release.” At Mortgage Required, we get all sorts of enquiries, but never before have we had so many enquires of this nature. It seems that so many retired people are “asset rich/ penny poor” and they are looking for a way to get their hands on some of their equity.
Unless otherwise agreed, either party may withdraw from a transaction at any time before the purchase contract has been signed by both parties (or their authorised representatives) and exchanged. At this point a deposit is normally paid in consideration of the agreement and the deal becomes legally binding on both parties in according with the contract terms.
Once a sale has been agreed, specialist legal representatives (conveyancing solicitors or licensed conveyancers) will be instructed by the buyer and seller. It is usual for the seller’s representative to raise a contract for sale of the land, provide answers to what are called ‘pre contract enquiries’, offer proof of title and set out a schedule for what is included in the sale and when the sale will take place.
10 Feb 2016
On the 1st of December 2015, the Help to Buy ISA savings account was launched. Since then, at least 140,000 people have opened one. This is great news for first-time buyers, who can now earn up to 4% tax-free interest on their savings.
Yes, but unfortunately, because of the various misdeeds and over zealous behaviour of both some borrowers and some lenders in the run up to the Great Credit Crunch of 2008, it is now rather more difficult for freelancers and the self employed to obtain a mortgage offer.
If you are looking to rent out your property in Maidenhead after 1. February 2016 the UK will require Landlords to undertake ‘Right to Rent’ checks on all tenants.
An Offset Mortgage simply allows you to set the balance of a savings account you might have against the outstanding loan balance when calculating interest charged on your mortgage.
25 Jan 2016
It’s been an interesting month at Mortgage Required, as we launched our 2016 campaign,” Saving Britain, one Mortgage at a time.” As well as making the staff dress up as Superheroes (yes really), we hit the road to take the message round the Thames Valley, that just like any other household bill, homeowners can also save money on their mortgage.
The house buying process can seem very long-winded and complicated but in reality it is just that so many different things need to be checked before the mortgagee will hand over the monies to the buyer’s solicitor and the buyer’s solicitor will hand over the monies to the seller.
In the past, when purchasing a property it was necessary to employ the services of a solicitor. Like many other professions, solicitors may specialise and most people only ever use a solicitor when buying or selling their home or when drafting a Will.
Home insurance may cover a variety of ‘risks’. Most standard policies will list the risks covered and crucially which risks are either excluded or treated differently.
‘Gazumping’ normally becomes newsworthy as each property boom gains momentum, as prices start to rise fast. That said, it can happen at any time.
The equity in a property is best defined as the net surplus value that remains after any secured loans against the property are deducted from the property’s market value.
The Standard Variable Rate quoted by a lender is the interest rate that a lender chooses to apply to mortgages, typically when a customer’s fixed rate or tracker rate ends. Unlike a tracker, the Bank may choose not to follow the specific indices linked to the tracker mortgage (usually the Bank of England’s Base Rate) when adjusting their Standard Variable rate.
30 Nov 2015
Despite the weather doing its best to disrupt the annual ADS Santa Fun, sponsored by Mortgage Required it was the biggest and best yet.
30 Nov 2015
The Government has launched an “Own your Home Campaign,” offering various initiatives to help people onto the property ladder. 1st December 2015 sees the launch of the government’s Help to Buy ISA scheme for first-time buyers.
27 Nov 2015
Anyone buying a 2nd property will see an additional 3% on their stamp duty rate from April 2016. This means that tax bill on a buy-to-let property costing £250,000 will jump from £2,500 to £8,800.
In the UK, at the time of writing, Inheritance Tax may become payable where the value of ‘the estate’ (effectively the net worth) of an individual resident in the UK exceeds £325,000. If IHT is payable, it is usually paid out of the Estate by the Executor of the Estate or the Administrator of the Will.
20 Nov 2015
As part of the Government’s stated policy of helping first time buyers into the housing market, a new initiative is launched at the end of this month.
From December 1st 2015 first time buyers can advantage of the new Help to Buy ISA scheme which gives every individual a cash boost towards the deposit on their first home.
16 Nov 2015
The Building Society Association (BSA) announced that they are reviewing age limits on mortgages as more customers demand longer mortgage terms in order to keep monthly costs down. Older homebuyers may soon find it easier to get a mortgage as many lenders currently insist mortgages are repaid prior to the borower’s planned retirement dates.
A tracker mortgage is very much like any other mortgage in most ways. However, whereas the standard variable rate mortgage mortgage interest rate is set by the lender, a tracker mortgage has its interest rate set with reference to in most cases, the Bank of England’s Base Rate.
If you have a mortgage, you are required to insure your house against potential damage, subsidence, fire and other risks. You will also want to protect the value of your contents against these risks and theft.
3 Nov 2015
Interest rates are so low that mortgage lenders can’t really cut them any more in order to win business. Instead of fighting it out in a rate war, providers are looking for new markets or niche areas for lending.
As the name suggest, a ‘fixed rate mortgage’ is a mortgage that has an agreed rate of interest fixed at the start of the loan. It won’t vary in line with the Bank of England Lending Rate, LIBOR or the mortgage company’s Standard Variable Rate (SVR) for the fixed rate period
15 Oct 2015
According to the latest credit conditions survey, swap rates (money market rates) are falling, and mortgage lenders therefore expect interest rates to fall in Q4.
Buy-to-let is expected to see even greater falls in pricing in the coming three months, after significant drop in the cost of loans in Q3.
Her Majesty’s Land Registry is a non-ministerial Government Department, Executive Agency and Trading Fund according to the Land Registration Act 2002. “So what does it have to do with buying and selling your home”? you might ask.
How long is a piece of string? There are many variables at play when considering the ideal deposit to make your house purchase, but the primary one is most likely to be “What is the minimum deposit I can get away with to buy this house?”
30 Sep 2015
This month saw Nationwide Building Society launch a range of self-funded 95% mortgages, its first since 2008.
A self-certified mortgage or ‘self-certification’ was a popular way for the self-employed to obtain a mortgage pre Credit Crunch. The process was generally reliant on an applicant being truthful in their statements in respect of personal income and it was aimed at the self-employed and people with a variable and unpredictable monthly wage packet.
23 Sep 2015
Mortgage Required are delighted to have partnered with Northwood of Maidenhead, to supply mortgage advice to their clients.
Whilst a stable employment history, good salary and large deposit are all good starting points when applying for a mortgage, your application is still likely to be refused by many lenders if you have a poor credit rating.
Despite the terms you have agreed, in some cases you might be able to persuade your lender to let you delay or reduce your monthly payments for an agreed period of time. This is generally referred to as a ‘mortgage holiday’.
The mortgage approval process and the house buying process in general can be quite daunting to the first time buyer. Not only can the process seem laborious and complicated, it can also be expensive and littered with requests for non-returnable bills!
2 Sep 2015
The Family Building Society is the brain child of the Chairman on the National Counties Building Society, and was set up specifically to “help families who can work together to use their money and their assets more successfully.
As the name suggests, an interest only mortgage requires that you only pay the interest element of your mortgage in your monthly mortgage repayment.
27 Aug 2015
Mortgage Brokers’ market share is now at its highest ever level, with adviser-introduced loans accounting for 69 per cent of new mortgages in 2015 year to date, and it’s rising!
In the context of mortgage advice, a ‘Whole of Market’ broker is not necessarily able to look at all mortgages available in the UK from UK Lenders, they only need to have a panel of lenders who represent each sector of the mortgage market.
13 Aug 2015
Just as all memories of the “Help to Buy” ISA announced in the last budget were fading, the Treasury has named the first six banks and building societies that will offer first time buyers said “Help to Buy ISA.” The Treasury has confirmed that the list is not intended to be exhaustive and that there is still time for other providers to join the scheme and offer the account to savers.
Bridging loans are a short-term funding option, usually required to 'bridge' a gap between the purchase of one property and the sale of another.
6 Aug 2015
A recent review of Mortgage Required clients revealed that more and more customers are taking up the option of protecting their mortgage.
A transfer deed is a document used in conveyancing in England and Wales to transfer real property from its legal owner to another party, and is the document used when residential property is sold.
Where property is registered with HM Land Registry the Charge Certificate will prove the ownership or transfer of land. This includes Freehold and Leasehold Interests.
29 Jul 2015
Katie Lavender one of our Mortgage Advisors has just passed her Ce-map 2 exam meaning she is only 1 exam away from becoming fully qualified.
28 Jul 2015
Following Mark Carney's comments last week that base rates may rise as early as the end of this year, followed by increased press coverage on the subject, we are receiving calls daily asking "when should I sign up?"
Title deeds are paper documents showing the chain of ownership for land and property. They can include: conveyances, contracts for sale, wills, mortgages and leases.
24 Jul 2015
Tim Managing Director of Mortgage Required ticked a box in his bucket list in June when with two other sailors on a 42 foot Yacht he crossed the Atlantic.
22 Jul 2015
Earlier this month the Governor of the Bank of England, Mark Carney hinted that interest rates could rise as early as the end of his year.
17 Jul 2015
The Financial Conduct Authority (FCA) have strict rules about consolidating debts into client’s mortgages on the basis that if you default on your car loan, the finance company will come and reposes your car, but default on your mortgage and you may of course lose your home!
Buying property as an investment has proved to be a successful and lucrative investment decision for some and here we will address some of the benefits and pitfalls those new to the market should consider.
8 Jul 2015
The Chancellor has largely left mortgages alone in recent budgets, but last week he came out fighting.
These charges can add up to thousands of pounds so make sure you think carefully about how long you tie in for in the first place. We can help you find the right deal for your circumstances.
1 Jul 2015
We enter a team every year in what is fast becoming a Mortgage Required tradition. The Round the Island Race was first run in 1931 with just 25 entries. It is now a firm part of the British Summer Season and Social Calendar
Buying their home is the largest financial transaction that most people will undertake during their lifetime. It therefore makes sense to take professional advice in order to protect yourself from some of the many pitfalls that can befall the inexperienced and unwary.
A remortgage is the term used when you raise a secured loan (a mortgage) on a property that either is currently free of mortgage or has an existing mortgage and you switch to another lender.
A Local Authority Search is usually submitted by your conveyancer / lawyer. The search will be submitted to the appropriate Local Authority and will ask about any details relating to planned development in the immediate area & disputes and road works that might affect the property.
Many people think that when you buy a property you always buy the Freehold but this is not the case.
By far the most dramatic and exciting way to buy a property is by auction.
Offering to be a Guarantor on a mortgage agreement should not be entered into lightly. If the borrower defaults in their payments or otherwise breaches the terms of the mortgage agreement, the lender will soon be looking to the Guarantor to step in and take over the obligations in accordance with the Guarantee Agreement.
When someone says they own their home it usually means they own a Freehold Interest in the land and buildings. Freehold (or Fee Simple Absolute in Possession to give it its proper legal definition) is a fairly extensive ownership and, subject to any restrictions or obligations placed upon your Freehold interest, such as rights of way, you are as close as you will ever get to ‘owning’ your very own ‘castle’.
One of the most important criteria is the lender’s maximum Loan to Value (LTV) ratio. So, what is Loan to Value?
A Buy to Let mortgage is a loan which, as the name suggests, is lent to the buyer of a residential property for the purposes of investment rather than personal occupation. Both loans are used to buy houses or flats but the Buy to Let mortgage is different in some subtle but important ways.
When you are considering buying property, your first call should be to a mortgage adviser. An adviser can guide you through the maze of financial products available to home buyers and ensure that you are best placed to buy the property you want on the best terms available to you.
Stamp Duty is a charge levied in England and Wales by the Government and the cost of Stamp Duty is payable by the purchaser. It is a charge levied on all property transactions over certain transactional values
8 May 2015
The results of the election certainly left the mortgage market… well exactly where it was before the election, but with the added bonus that everyone feels we were in a period of stability.
29 Apr 2015
Here at Mortgage Required, we have noticed that uncertainty over the General Election has failed to put a substantial dent in mortgage lending. My guess is that there are a few of good reasons for this.
3 Mar 2015
The Chancellor took me by surprise last week when he announced the “Help to Buy ISA”in the budget. After the help he’s already given first time buyers when he adjusted the Stamp Duty thresholds last year.
2 Mar 2015
Two years ago the Government launched the first phase of it’s "Help to Buy" scheme, which has now seen more than 80,000 borrowers purchase a home.
Through the first phase of Help to Buy, (let’s call it H2B1), the Government provides an equity loan worth up to 20 per cent of the value of a new build home, interest free for the first 5 years, which can be repaid at any time or when the home is sold, with the borrower putting up a 5 per cent deposit.
16 Feb 2015
Its seems that every time I turn on the TV, there is someone telling me to check I have the best deal on my car insurance / energy tariff / bank account etc etc. Finding a better deal can always save you a bob or two, but the best financial switch anyone can make is the switch from a higher to a lower-rate mortgage.
3 Feb 2015
As an Independent Mortgage Broker, I am a massive fan of new lenders joining the UK mortgage market, it keeps the other banks awake and forces competition.
12 Jan 2015
Last week Barclays lunched the UK’s lowest ever 10 year fixed rate mortgage at 2.99%, available to anyone with a deposit of 40%, for a fee of £999. This is about 1.41% below the average mortgage rate currently being paid in the UK.
27 Nov 2014
I think anyone with an interest only mortgage without a repayment vehicle, will by now have a letter from their lender, warning them to make arrangements to repay their capital.
Nowadays, banks and building societies are reluctant to give mortgages to customers unless they pay capital as well as interest, but back in the day, interest only mortgages were as common as muck!
3 Nov 2014
Mortgage complaints have increased by 55 % compared with the same period in 2013, data from the Financial Ombudsman Service has revealed.
20 Oct 2014
There’s nothing like a TV program on interest rates to get the Mortgage Required Office riled and ITVs Tonight program last week was no exception. “How prepared are British homeowners for a rise in interest rates?” was the title, which looked at the impact of increased interest rates on 4 very different families.
18 Sep 2014
Competition in the mortgage market intensified this week as a fresh mortgage price war erupted with a string of major lenders slashing their rates.
18 Aug 2014
Anyone in the “mortgage know” will be aware of the new affordability checks which came into effect at the end of April this year.
The changes were brought into effect following the “Mortgage Market Review (MMR), which was ordered by the government to avoid a repeat of the 2008 housing recession.
8 Jul 2014
It’s been a while since I wrote about a new mortgage lender entering the mix, but the RBS funded Magellan Home Loans gained permission to trade from the Financial Conduct Authority (FCA) in 2013 and crept quietly into the market in August last year.
23 Jun 2014
A credit score is basically a lender’s way of rating us and trying to determine the likelihood of us paying our mortgage each month. All Mortgage lenders, Finance Houses, Loan Companies and Credit Card Companies share information about our credit histories on the credit register.
8 Jun 2014
The Royal Bank of Scotland (RBS) have introduced tighter restrictions on mortgage lending in an effort to make sure customers can afford their loans.
Well that’s the official line anyway, although personally I think there may be hidden agenda….
15 May 2014
In response to the strength of economic recovery and increasing house prices, Mark Carney, the Bank of England’s Governor, indicated that interest rates may rise sooner than anticipated, but the “action would be gradual and limited.”
9 May 2014
We are now well and truly into the Financial Conduct Authority’s new set of mortgage rules (Mortgage Market Review or MMR)– the last few weeks have been interesting but also somewhat frustrating.
30 Apr 2014
Mortgage lenders will now have to pay closer attention to applicants spending habits and check everyone’s income in 100% of cases. Banks will be responsible for “Stress Testing” applications to make sure repayments can be met if the interest rate rises three or fourfold.
27 Mar 2014
Arranging masses of Interest only mortgages seems like a dim and distant memory, but 25 years on from the endowment boom there are still around 4 million of them around.
12 Mar 2014
The Bank of England Governor Mark Carney has confirmed that although unemployment is fast heading towards its trigger point of 7%, lack of growth in other sectors of the economy means the Bank of England base rate is unlikely to rise when it finally does hit 7%.
8 Mar 2014
Scottish homeowners have been warned that a “Yes” vote for independence on September 18th will mean that Scotland would possibly have to create a brand new currency. This would have dramatic consequences for their monthly mortgage repayments.
13 Feb 2014
Thankfully, some banks have announced a range of support for flood victims; Santander said it would offer free overdraft extensions and mortgage payment holidays to customers who have been affected by the flooding
29 Jan 2014
Reading that the former English Defence League leader Tommy Robinson was last week jailed for 18 months for mortgage fraud got me thinking that it’s been a while since I have read a decent mortgage fraud story.
20 Jan 2014
I know we have only just welcomed in the New Year, but with so many economic commentators suggesting 2015 as a likely time for an interest rate rise, my top tip is for borrowers to look at their mortgages in 2014, as lenders will no doubt start to eek up their rates this year.
6 Jan 2014
At the end of each year I ask the Consultants to write a summary of the mortgage market over the past 12 months and predictions for the coming year. This helps to focus the mind on the various debates / discussions they will be having with clients, who always want to know our opinions on rates and on what they are based.
3 Dec 2013
I understand that many mortgage lenders are in the process of writing to borrowers who are only paying interest on their mortgages and not currently chipping away at the capital.
13 Nov 2013
I was delighted to see that Accord Mortgages have entered the 95% mortgage arena, but fairly gobsmacked to find that the products don't form part of the Government’s Help to Buy scheme or require any family guarantee.
25 Oct 2013
Back in the day, “Shared Equity” was considered a little down market, perhaps where one might go as a step up from renting – a helping hand onto the housing ladder.
3 Sep 2013
Let to Buy tends to be seen as a Plan B – a product for reluctant landlords who have entered Buy to Let accidentally, and usually because they could not sell their previous residential property prior to buying another. Let to Buy, the conventional wisdom goes, is what you do with the house you could not sell.
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