Older homeowners with interest-only mortgages can find themselves in a situation where they are unable to repay their loans at the end of the term, now have more options available to them which could help them to stay in their homes. Continue reading →
The extension of the Right to Buy scheme that will include Housing Association tenants
Who is eligible?
Before 2015 it was only council tenants who had the right to buy the homes they had previously rented, but housing association tenants now have that same right. Continue reading →
Understanding what is a stress test, why BTL lenders use them
A stress test is the calculation lenders use to determine how much they will lend to the borrower. Here is an explanation of how it is calculated, why it is getting tougher and what the change ultimately means for borrowers.
A lender may require the rent to cover the interest payments and set a rate of 5% although your actual pay rate could be lower also they will set an interest cover rate “ICC” say 125% Continue reading →
How will they affect you…
I’m sure you would agree there has been a lot of News about the new btl rules. Many of the Lenders in the marketplace have now released their approach to the new rules and not surprisingly they all have a slightly different way to meet these rules whilst remaining competitive with their products. We won’t try to cover all the changes but below we have highlighted the areas we think will be of interest to anyone thinking of buying a BTL property or existing owners thinking of raising money on their existing portfolios. Continue reading →
The amount of equity released by homeowners from their properties in 2016 was up almost a third (30%) on 2015, with an average loan size of almost £60,000 (£59,887), according to Responsible Equity Release data. Its research shows that more people than ever are taking out equity release plans with a 28% rise in the number of homeowners releasing equity from their properties last year. Continue reading →
Their growing popularity of prefabricated housing, especially among thirtysomethings, demonstrates that prefab housing could be a future alternative to bricks and mortar.
The technical difficulties with mortgage lenders often prove to be a barrier to people wanting to buy homes with unusual construction. Continue reading →
Ministers are planning a new wave of 100,000 prefab ‘modular homes’ in an attempt to solve the housing crisis.
The scheme’s aim is to help the Government hit its ambitious housing target of building 1 million houses by 2020.
It is understood the buildings, known as ‘modular homes’, will be aimed at youngsters looking to get their feet on the property ladder.
The boom in prefab houses will draw comparisons to the scenes seen in Britain in the wake of World War Two.
The Bank of England’s Monetary Policy Committee has voted unanimously to maintain Bank Rate at 0.25%.
However the MPC now expects inflation to rise to the 2% target within six months – quicker than expected – after rising to 1.2% in November. Continue reading →
Lifetime mortgage interest rates have fallen to a record low level in the months following the Brexit vote, according to Legal & General.
The provider’s flexible lifetime mortgage product now offers an interest rate of 3.71%, compared to 5.19% in April this year. Continue reading →
New 55+ Mortgage – a massive shot in the arm for the mature borrower market
If you thought you were too old to get a mortgage, the 55+ mortgage from retirement specialist Hodge Lifetime could provide the solution to your mortgage problems. Continue reading →