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Mortgage lending to hit new record, despite Brexit uncertainties: Imla

Date: 29th March 2018

Mortgage lending is forecast to reach the highest level since the financial crash of 2007 despite Brexit uncertainties, according to the latest annual market review from the Intermediary Mortgage Lenders’ Association.

If its predictions are correct, 2018 will see the eighth year of mortgage lending growth. IMLA is forecasting gross mortgage lending will reach £265bn in 2018, with net mortgage lending of £47bn.

But despite this optimistic sounding forecast, IMLA’s report ‘New Normal: Prospects for 2018’ has sounded a stark warning that the housing market is facing “structural changes” which is creating challenges regarding affordability, supply and turnover.

IMLA’s forecast says that much of this growth will be driven by remortgage activity. It predicts that this will continue to be more buoyant than lending for house purchases, with total remortgaging rising to £94bn in 2018, accounting for 35.5 per cent of total lending. This is a 4.4 per cent increase on 2017 figures.

IMLA expects buy-to-let lending to recover in 2018 and 2019 despite the adverse tax changes for landlords. It says this will be driven by strong remortgage activity and an improvement in house purchase lending brought about by....

 

 

 

This article is sourced from Mortgage Strategy

 

Remortgaging hits nine-year high: UK Finance

Date: 14th March 2018

There was a spike in remortgage activity in January, with the number of loans arranged hitting a nine-year high, according to the latest figures from UK Finance.

In total there were 49,8000 residential remortgages arranged over the month, a 19.1 per cent increase on the same period the year before. 

UK Finance says this is the highest monthly figures since November 2008, when the figure stood at 51,300.

The value of these remortgages stood at £8.9bn, a 20.3 per cent increase year-on-year.

The figures from UK Finance show the housing market enjoyed a buoyant start to the year, with an increase in the number of home mover mortgages completed during the month, as well as an increase the number of first-time buyer mortgages arranged.

There were 25,000 new home mover mortgages completed in January, a 6.4 per cent increase on January 2017 figures. This £5.4bn of lending was a 10.2 per cent increase year-on-year.

There were 24,500 new first-time buyer mortgage completed in January, some.... 

 

 

 

This article is sourced from Mortgage Strategy

 

MPs may debate rent counting towards mortgage eligibility

Date: 8th March 2017

A 27 year old father of two has secured over 140,000 signatures for an online petition demanding that rent payments be taken into account as evidence that an individual can meet mortgage repayments. 

Now that the petition has amassed over 140,000 it is likely that it will be considered for a parliamentary debate - usually a minor debate in a committee room, but one which often provides a platform for an issue to win more publicity.

"Since living on my own I have paid more than £70,000 in rent on time, yet I still struggle to get a mortgage. Unless you're getting handouts or in receipt of an inheritance, it's almost impossible" says Jamie Pogson, from Plymouth...

 

 

 

This article is sourced from Letting Agent Today

Greg Rutherford on being swindled: ‘My mortgage was due. I was in such a panic’

Date: 7th March 2017

I looked in my bank account and I had nothing,” says Greg Rutherford, each word still bruised with betrayal, as he recalls the moment it hit home that his agent, Gab Stone, had fleeced him of £48,448.

“I started thinking are you bloody kidding me? My mortgage was due and I couldn’t pay it. I had just had a tax bill and I couldn’t pay that either. I was in such a panic, I even called up WeBuyAnyCar.com and asked how much they would give me for my 4x4.”

Stone, who was jailed for 18 months on Monday for fraud by deception, was such a good friend he went to the baby shower for Rutherford’s son, Milo. Yet for much of 2014 and early 2015 Stone was secretly frittering large chunks of the London 2012 long jump champion’s sponsorship and appearance fees on a spiralling gambling addiction.

Rutherford has never spoken publicly in detail about how he was deceived and strung along. He has decided to talk to the Guardian, even though he acknowledges many people will think he was “an idiot” to be duped, because he wants to alert other athletes to how easily it can happen...

 

 

 

This article is sourced from The Guardian

‘Buy for Uni’ mortgage turns students into landlords

Date: 27th February 2017

 

After three or four years of study, many students will look with resignation at bank statements showing them thousands of pounds in debt. Raising enough for a deposit on a first property becomes a a distant thought as they tackle paying off their loans. Unless, that is, they are homeowners already.

 

Lenders are now looking at students as not just customers for university loans, but also for early mortgages – effectively turning them into landlords.

The new “Buy for Uni” mortgage from The Loughborough Building Society promises up to 100% financing for a property purchase, as long as close relatives provide security. A similar product has been on offer through Bath Building Society for some years, but both have been met with calls for caution by students’ representatives.

Under the Buy for Uni deal students who are over 18 in higher education in England and Wales can get a loan for up to £300,000 as long as the property is within 10 miles of where they study.

Behind them must be members of their immediate family – parents, step-parents or grandparents – who can provide security in cash or equity in a property, such as the family home, if the loan is for more than 80% of the value of the property. Interest rates range between 4.54% and 4.74% depending on what security is provided and the term of the mortgage.

Chief executive of the building society, Gary Brebner, says the mortgage acts as a gateway product to get on the property ladder. After the three- or five-year term, when the student will have graduated, it is expected to change into a more traditional mortgage.

Unlikely as it is that minimum wage shifts in the students’ union bar will cover the repayments, the student instead becomes a landlord, earning money from the spare rooms by renting them out...

 

 

This article is sourced from The Guardian

How Much Would It Cost To Live In a Disney Castle?

Date: 12th May 2016

Have you ever wanted to live like a Disney princess? New research has revealed that palaces and castles from some of Disney’s best loved films would sell in excess of £1 billion in the current UK property market.

Online estate agent House Network said the Sultan’s Palace from Aladdin would retail for £1.75 billion, while Cinderella and Prince Charming would be looking at a potential windfall of upwards of £83million, should they decide to downsize from the King’s Castle.

Using in-depth research of each property’s features as seen in the films, and current UK house prices as a barometer, House Network has valued five of the most famous Disney palaces and castles.

Mark Readings, CEO of House Network, said: “Everyone dreams of their fairy tale house, which gave us the idea of finding out how much some of the most famous fairy tale homes would go for if they were on the UK market today.

“Aladdin and Jasmine are quite literally sitting on a real estate goldmine in their palace and there’s certainly nothing beastly about the value of his castle, but at the other end of the spectrum should they choose to sell, each dwarf would be looking at just over £30,000 back from their cottage.”.... 

 

 

This article is sourced from What Mortgage

   Treasury To Intervene On Mortgage Prisoners

Date: 12th May 2016

The Treasury is investigating how to help hundreds of thousands of mortgage prisoners trapped on their deals following the Mortgage Market Review.

The Chancellor met with Money Saving Expert’s Martin Lewis today on the issue and other industry experts have been raising this with the Treasury.

The so-called ‘transitional arrangements’ written into the MMR allow lenders to waive affordability checks for existing borrowers who may be trapped by the rules as long as the customer does not wish to borrow more money, there is no “material impact” on affordability and they have a good payment history.

Smaller lenders have generally been more willing to use the arrangements but big lenders have come under fire for not applying them, despite being publicly criticised by the FCA.

The MMR allowed lenders to apply the rules to their own customers and customers coming from rivals.

However, the Mortgage Credit Directive, which came into effect in March, dictates that lenders must apply an affordability test on borrowers who switch over from a rival, although borrowers staying with the same lender are not affected.....

 

 

 

This article is sourced from Mortgage Strategy

 

Nationwide increases mortgage lending age limit to 85

Date: 12th May 2016

Nationwide Building Society is increasing its maximum age for a mortgage from 75 to 85, the highest age limit of any high street lender.

The change will enable existing customers with retirement income to borrow up to the age of 80, with a maximum age at maturity of 85. A range of mortgage borrowing needs will be supported, including house purchase and further advances.

The option will be available on all standard Nationwide mortgage products up to 60% loan-to-value and a maximum loan size of £150,000. The revised criteria will be effective from July 2016.

Henry Jordan, Nationwide head of mortgages, said: “We are taking a series of steps to meet a growing demand from customers to be able to borrow in later life. These customers are often asset rich, with significant equity in their home, and they wish to have the flexibility to borrow against it.

“Access to the mainstream market has been a challenge for older customers, resulting in their needs going unfulfilled. This measure helps to address these needs in a prudent, controlled manner. Nationwide is committed to providing a range of options for all customers and this will be the first step toward developing a wider range of options for those looking to borrow into retirement.”

It follows the news last week that Halifax was increasing its minimum lending age from 75 to 80.....

 

 

This article is sourced from What Mortgage

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