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Home prices creep upwards as market rebounds

Posted by John Yerou on in Mortgage News

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The housing market has bounced back in a big way – and home prices have increased to keep up with this trend in a major way over the past month.

While this isn’t necessarily good news for anyone looking to secure a home loan, owners looking to sell their homes will indeed be happy to learn that the price of the average home increase by around 2.1 per cent over the past 30 days. This has added around £5,000 to the price of your typical home, leading to an average price of almost £250,000.

Continue reading »Home prices creep upwards as market rebounds

High street mortgage lender recognises contractors beyond IT sector

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There’s been a ground-breaking shift on the High Street this week as the Halifax welcomed contractors outside the IT sector into its mortgage fold.

Banks and building societies recognising that contractors don’t have to be servicing computer systems to command a livable self-employed wage has been a long time coming.Continue reading »High street mortgage lender recognises contractors beyond IT sector

“Interest only” mortgages for contractors not the pipe dream they were

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The Council of Mortgage Lenders has reinforced its message that monitoring forecasts and budgets for repaying interest only home loans is the safest way to ensure mortgagees are not left high and dry.

Many banks and building societies pulled out of interest only or ‘endowment’ mortgages at the end of 2012. One reason was the creditworthiness potential customers needed to bring to the table, but weren’t.

The other was the lack of long-term verification that any plans in place would actually produce enough capital to pay off the mortgage at the end of the term.Continue reading »“Interest only” mortgages for contractors not the pipe dream they were

Chancellor’s new Help to Buy scheme strongly criticised by MPs

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One of Chancellor Osborne’s newest schemes announced in the Budget specifically designed to support the mortgage lending market has been criticised by MPs.Continue reading »Chancellor’s new Help to Buy scheme strongly criticised by MPs

Major banks throw first time buyers a bone

Posted by John Yerou on in Mortgage News

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There may be some good news for those first time buyers that have grown weary of being tossed table scraps by major home lending providers.

It turns out that first time buyers – especially those that lack the cash on hand to put down weighty deposits – may finally be able to find a relatively affordable mortgage loan, even though they don’t have much in the way of a deposit amount. This is because both Halifax and First Direct recently announced that interest rates on lending products ideal for low-deposit first time buyers were being slashed.

Continue reading »Major banks throw first time buyers a bone

Low cost lending may contain hidden dangers, experts say

Posted by John Yerou on in Featured

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That attractive fixed rate mortgage loan might look like a fantastic deal, especially in the wake of ultra-low interest rates, but beware the bait and switch. Continue reading »Low cost lending may contain hidden dangers, experts say

Help to Buy scheme likely to aid foreign nationals

Posted by John Yerou on in Mortgage News

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World FlagsThe EU’s human rights rules could have a knock on effect to UK housing. Under them, it’s likely that the Help-to-Buy scheme will help foreign EU and non-EU residents buy a home in the UK.

The Help-to-Buy scheme in itself is the shot in the arm the depressed housing market needs. Through it, lenders would offer mortgages subsidised by the Government.

For one, it would make the housing market more accessible to first time buyers. It would also help younger/lower-income Brits with 5% deposits buy a home.

But, under EU rules, the UK can’t confine this type of mortgage lending to its indigenous citizens. People both inside and outside the Eurozone will have equal access to Help-to-Buy.

Continue reading »Help to Buy scheme likely to aid foreign nationals

Contractors shouldn’t ignore protection insurance

Posted by John Yerou on in Mortgage News

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Permanent Health Insurance Vs MPPI

The scandal over mis-sold PPI has meant that a lot of self employed contractors  have refused to take out income protection on their mortgage payments because they do not understand that it is a different product.

Continue reading »Contractors shouldn’t ignore protection insurance

More lenders are increasing their standard variable rate

Posted by John Yerou on in Mortgage News

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These are testing times for freelancers and contractors coming to the end of their discounted rate mortgage period. With a number of high street lenders raising their standard variable rates, they are feeling justifiably nervous about their repayments.

Continue reading »More lenders are increasing their standard variable rate

Things are looking good for buy to let property investors

Posted by John Yerou on in Mortgage News

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Self-employed Contractors with Limited Companies looking to invest in properties

Whilst first-time buyers continue to struggle to get their feet on the housing ladder, the buy to let market is witnessing the return of property investors. The largest investors in properties are self-employed people, including contractors operating through their own Limited.

Continue reading »Things are looking good for buy to let property investors

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