Mortgage choice widest in nearly a year
The number of mortgages on the market has risen to 3,215, according to Moneyfacts – the widest choice seen since March 2020’s count of 5,222. It is also the largest four-monthly rise, at 42 per cent, (counted from October 2020) since 2007. In what should be good news...
Property industry to remain open as national lockdown resumes
Last night, Prime Minister Boris Johnson announced another national lockdown, which has already come into force and is expected to last until mid-February. However, the property industry is to continue operating, with estate and letting agents remaining open, house...
Home buyer numbers hit 16-year high
The average number of prospective buyers per estate agent branch was 580 this November, says NAEA Propertymark. This is 29 per cent increase on a monthly basis and is the highest number recorded since August 2004, when 582 were counted. In addition to this, the...
Nationwide opens 90 per cent LTV mortgages to more borrowers
HSBC keen for 90 per cent LTV return but concerns remain for 95 per cent
HSBC has confirmed it is ready to return to 90 per cent loan to value (LTV) lending as soon as other big lenders re-enter to ensure capacity can be spread around to meet demand. However, the lender said it would not be diving straight in to the 95 per cent LTV sector...
FCA chiefs fail to explain why borrowers were not told payment holidays would affect lending decisions
The heads of the Financial Conduct Authority (FCA) have failed to explain why borrowers who took payment holidays at the start of the coronavirus pandemic in March were not told that doing so would affect future lending decisions until months later. In a session with...
High LTV rates hit five-year high adding thousands to mortgage bills
Borrowers looking for a low deposit mortgage deal will be forced to pay the highest average two-year fixed rate in five years, increasing their mortgage costs by thousands of pounds as rates have soared since April. Analysis from the Bank of England showed the average...
House prices set to rise by 14%
House prices are on course to rise by 14% between August and November according to the House Price Forecast by price comparison site reallymoving. Average house prices in England and Wales are on course to increase by 14% in the three months between August and...
Shared ownership model revamped in £12.2bn affordable housing investment
The minimum initial share to acquire a shared ownership property has dropped from 25 per cent to 10 per cent as part of the government’s plan to get more people onto the housing ladder. People will be able to purchase shares in one per cent instalments when...
Bank of Mum & Dad “needs financial advice”
32% of parents would value advice on how best to give money to children and would also like government support with guidance and tax breaks, according to new survey from Openwork. 62% of parents would welcome government-backed guidance on how to make gifts and loans,...
Fixed rate costs plunge from pre-lockdown levels
Average mortgage rates have fallen by as much as 0.51 percentage points in some product categories compared to the deals on offer before lockdown began. Figures from Moneyfacts show substantial reductions across many different fixed rate periods and loan-to-value...
Mortgage payment holidays and repossession ban extended
Homeowners struggling to pay their mortgage because of coronavirus will be able to extend their repayment holidays by a further three months. More than 1.8m payment breaks have been taken up since being offered in March, as part of measures designed to ease...
Housing market in England to reopen for ‘socially distanced’ property viewings
Estate agents back to work on Wednesday as new laws permit key house-hunting activities. The housing market in England has been given the green light to reopen after seven weeks of lockdown, with renters and buyers allowed to move home and view properties as long as...
BoE cuts rate to record low of 0.1%
The Bank of England has slashed the UK base rate to a record low of 0.1 per cent as it attempts to boost the UK economy against the spreading coronavirus crisis. This is the second cut in interest rates in just over a week after the BoE reduced rates from...
Government names and shames building owners for not fixing cladding
The Ministry of Housing, Communities and Local Government has published a list of five building owners who have failed to put a plan in place to remove unsafe aluminium composite material (ACM) cladding from high-rise buildings. In January, Housing Secretary Robert...
