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18
JUN
2020

Brokers grapple with down-valuations

Mortgage brokers have been contending with down valuations in the weeks since the housing market reopened on May 13. While some advisers say that valuations have been mostly holding up against pre-lockdown levels, many others report surveyors are returning much lower than...
08
JUN
2020

Buy to Let Barometer Q1 2020

BVA BDRC’s Q1 2020 Landlord Panel results The first quarterly report this year, produced for The Mortgage Works, is now available with insight taken from the latest Landlord Panel research. Based on data collected between 20 March and 2 April, the report also captures...
03
JUN
2020

FCA confirms support for customers who are struggling to pay their mortgage due to coronavirus

Yesterday the FCA confirmed the support firms should give to mortgage customers who are either coming to the end of a payment holiday or who are yet to request one. The FCA also reminded customers that if they can afford to resume payments, they should. For customers still...
22
MAY
2020
Average Mortgage Rates

Mortgage rates do not appear to be reflecting the cut in base rate

The average mortgage rate across the mortgages in our “rate basket” has reduced this week from 1.42% to 1.40%. This is a little disappointing, given that many lenders have been publicising mortgage rate reductions following the “re-opening” of the mortgage...
21
MAY
2020

Chancellor plans mortgage payment holiday extension

The chancellor is reportedly devising a scheme to extend mortgage holidays for those still in financial difficulty as a result of coronavirus. The Financial Times reports that Rishi Sunak is working with the FCA and the industry on the best way of continuing support for...
20
MAY
2020

House prices rose by 2.1% in March before lockdown: ONS

House prices increased by 2.1 per cent in the year to March, but was down by 0.2 per cent from February, the latest figures from the Office for National Statistics show. Average UK house prices reached £231,855 in March, but the data is based on sales reported to Land Registry,...
18
MAY
2020

Lenders reprice and fine tune criteria as market reopens

Mortgage lenders have been adjusting their pricing and updating criteria as the market reopens and physical valuations resume this week. This morning has already seen a host of lenders repricing their deals as and fine tuning their risk appetite ready for an expected surge in...
14
MAY
2020

Mortgage valuations are resuming

It is good to learn that some lenders are now resuming physical valuations for mortgage applications. Although, during the lockdown, some lenders have been able to undertake “desktop” valuations on some properties, there are many that require a physical valuation,...
12
MAY
2020

New guidance for working in other people’s homes opens way for mortgage valuations

Photo by Ross Joyner on Unsplash The Government has issued new guidance for working in other people’s homes which hopefully will include surveyors looking to do physical inspections of properties. The guidance still recommends that businesses should “make every reasonable...
23
APR
2020

Lenders kick-start mortgage deals

From the BBC. Some big lenders have begun reopening their doors to British borrowers, making it easier to get a home loan. At the start of the coronavirus lockdown, several scrapped deals or only offered loans to those with large deposits. But this week Nationwide, Halifax,...
22
APR
2020

Changes to Mortgage Affordability Assessment

Now available to the end of June, the Job Retention scheme was accessed this morning by employers to make 67,000 job claims in the first 30 minutes of the website going live. This is having a knock on impact for lenders as they look to tighten affordability and income they will...
09
APR
2020

Covid-19 – Impact on Lender’s Affordability Criteria

Lenders are adjusting their affordability criteria for new applications in response to the impact of Covid-19 on borrower’s incomes. The adjustments will vary from lender to lender and the type of employment (permanent full time, zero-hours, self-employed etc). Most...
25
MAR
2020

Mortgage Payment Holidays

This is an arrangement between UK Finance on behalf of members and the Government. UK Finance is the trade body that represents high street lenders. If you would like to know who they represent click here. Anyone can ask their lender for the payment holiday as a result of...
02
NOV
2019

FCA Proposes New Rules to Help ‘Mortgage Prisoners’ Refinance Homes.

The FCA has set out new rules through its policy statement PS19-27, that are designed to remove the barriers that prevent some mortgage customers from finding a cheaper mortgage deal. The new rules will allow lenders to use a a more relaxed affordability assessment for customers...
08
NOV
2016

Second charge lending defies Brexit fears with 6% rise

The second charge market “has taken post-Brexit uncertainty in its stride”, with new business volumes in the traditionally quieter August matching July and 6% higher than the same time last year, according to Enterprise Finance research. Its report shows that in July,...
01
NOV
2016

The new-builds catching house buyers in a leasehold property trap

When Clare Budgen bought her first house in Ellesmere Port in 2009 for £155,000 the last thing on her mind was the lease. Taylor Wimpey, the developer, arranged the lease on a 999-year basis, so what could the then 22-year-old possibly have had to worry about? But just seven...
28
OCT
2016

A third of contractors fear they are a mortgage lending ‘risk’

22% of contractors and self-employed workers believe the way they earn their income has made it more difficult for them to get a mortgage compared to when they were in full-time employment, Accord research reveals. Nearly a third (29%) of contractors believe that financial...
28
OCT
2016

Best-buy Mortgages – 28 October 2016

See our current best-buy fixed-rate, tracker-rate, buy-to-let and re-mortgages. Contact me for a personalised illustration.
19
OCT
2016

Mortgage costs fall by up to 5% in Q3

Most mainstream mortgage products have seen further cost reductions in the past three months, according to Mortgage Brain analysis. With a current rate of 1.89% (as of 1st October 2016), the cost of a three year fixed mortgage with a 60% LTV is now 5% cheaper than it was at the...
18
OCT
2016

Lifetime mortgage rates at record low post-Brexit

Lifetime mortgage rates have dropped to new record lows following reductions in government bond yields in the aftermath of the Brexit vote, according to Legal & General. Legal & General’s Flexible Lifetime Mortgage product now offers an interest rate of 3.71% fixed for...
12
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