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Mortgage Strategy Awards 2020: Shortlist announced

Do you have 19 March 2020 circled in your diaries? One would hope so, because that’s when the best of the mortgage industry will be descending on the JW Marriot Grosvenor House hotel in London to eat, drink, be merry, and hopefully collect a Mortgage Strategy award. 

 

The long listing, short listing, judging, discussion, arguments and consequential patching things up with each other is well on its way to being completed by the time you read this, and of course, in an industry as teeming with talent and drive as this one is, each entry is beyond worthy and would have cleaned up in leaner years...

Christmas mortgage price war sees home loan rates fall to as low as 1.05%

A Christmas mortgage price war has dragged the cost of home loans to record lows.

A slowdown in the property market has fuelled competition among high street lenders, forcing them to offer the cheapest ever deals to attract wary borrowers.

Average rates for five-year, ten-year and even fifteen-year mortgages are all at the lowest level on record, while two-year fixes are close to record lows.

 

The competition means someone can fix their mortgage for as little as 1.05 per cent for two years, 1.44 per cent for five years, 2.2 per cent for ten years...

 

Separating mortgage fact from fiction: expert challenges the myths

Think you can only get a mortgage from your existing bank or lender? Or maybe you are put off becoming a homeowner altogether because you have debt?

 

Think again, is the message from an online mortgage broker, which is lifting the lid on a range of common mortgage misconceptions in a bid to help borrowers understand more about their options and prospects for taking out a home loan.

 

Dilpreet Bhagrath, who is a mortgage expert at Trussle, explained how having an overdraft, or bad credit may not necessarily exempt you from...

High LTV mortgage lending takes largest share since 2008

Quarter three statistics from the Bank of England revealed that the share of lending above 90 per cent loan to value (LTV) was 5.9 per cent.

Lending in this LTV bracket is now at its highest since quarter four 2008.

The value of gross mortgage lending in quarter three was £73.3bn, broadly in line with the same quarter in 2018. Compared to Q2, it was up 11 per cent from £66.1bn.

Mortgage approvals in the three months to September were also worth £73.8bn, an increase of 1.1 per cent on the year before.

 

The proportion of mortgages priced at three per cent or more above the Bank Base Rate...

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

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...

Remortgaging hits nine-year high: 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.... 

MPs may debate rent counting towards mortgage eligibility

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...

Nationwide increases mortgage lending age limit to 85

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....

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