First-time buyers forced to fall back on family as banks pull big home loans: You now need a 15% deposit to get a mortgage with the Nationwide The number of high loan-to-value mortgage deals on the market remains low First-time buyers currently see their choice of mortgage severely restricted Mortgages that link a loan to … Read more
Watchdog hits Lloyds with £64m fine after it failed to look after customers who had difficulty paying their mortgages Lloyds, Bank of Scotland and The Mortgage Business hit with £64million fine Banks failed to look after customers who had difficulty paying their mortgage Lloyds has already paid some £300million in redress to affected customers By … Read more
Banks are urging mortgage borrowers to think carefully before taking a further mortgage holiday after the Government officially extended the initiative by three months. Some 1.8million homeowners have opted to take a mortgage holiday since the lockdown began in March. Now, these same homeowners can opt to extend their break by a further three months, … Read more
Borrowers applying for a mortgage should brace themselves for delays and demands for additional paperwork. Banks and building societies have introduced a raft of new checks in response to the Covid-19 crisis to ensure homebuyers’ finances are stable. Experts say you should now expect more questions about your employment status, with some lenders insisting borrowers … Read more
We’ve exchanged contracts on a property but I’m worried about job security – can the lender withdraw its mortgage offer? By Will Kirkman For Thisismoney.co.uk Published: 07:43 BST, 28 May 2020 | Updated: 07:43 BST, 28 May 2020 We’ve exchanged contracts on a property but I’m worried about my job. I haven’t been furloughed, but … Read more
Mortgage holiday debt threat: FCA warns homeowners face paying thousands of pounds in extra interest By Money Mail Reporter For The Daily Mail Published: 22:01 BST, 26 May 2020 | Updated: 22:01 BST, 26 May 2020 Interest threat: The FCA has warned on mortgage holidays Homeowners who have deferred their mortgage payments are being warned … Read more
The Government has announced that struggling homeowners can now apply for a further three month mortgage holiday. The scheme, which was initially set up in March, has been extended so that the deadline for applying is now 31 October, with borrowers eligible for a break of up to six months. Homeowners will now also be … Read more
Mortgage holiday scheme is extended for a further THREE MONTHS giving homeowners worst affected by coronavirus crisis a six-month break from repayments Three month mortgage repayment holidays first made available back in March Government today announced scheme will be extended for further three months The application period has also been extended for initial holiday to … Read more
First-time buyers looking to get on the property ladder following the coronavirus crisis may face a £12,000 gap in their finances as banks offer only high-deposit mortgages. The Government reopened the housing market last week after it was effectively shut down in March in response to the COVID-19 pandemic. But because of fears of a … Read more
Santander reveals 240,000 of its customers are on mortgage and credit card holidays – with savings rates and 123 account due to be cut 206,000 mortgage borrowers had been given holidays Meanwhile 15,000 credit card and 18,600 loan borrowers had paused payments The £32.4bn of mortgages having payments paused was 19% of its lending The … Read more