Aspiring homebuyers today welcomed the Chancellor announcement that they will receive extra help to get onto the ladder as he pledged a new mortgage guarantee scheme and an extension of the stamp duty holiday. Rishi Sunak‘s fresh initiative will incentivise lenders to provide mortgages to first-time buyers as well as current home-owners with just 5 per cent … Read more
Could cladding scandal trigger new bank crisis? Finance industry could see widespread mortgage defaults if leaseholders are forced to pay for safety repairs, MPs are warned Widespread mortgage defaults could spark a economic meltdown, expert warns It is due to cladding on buildings which could cost thousands to homeowners Expert says unaffordable bills would cause … Read more
Aspiring first-time home buyers will be listening keenly to the Budget this week with Chancellor Rishi Sunak expected to announce Government-backed mortgages with deposits of just five per cent. The Government is set to guarantee the loans, enabling lenders to offer mortgages worth 95 per cent of the purchase price on properties worth up to … Read more
Our fixed mortgage is coming to an end from April. We have been with the same lender for the last five years and are happy to stick with it as it offers competitive rates we’re happy with. When we took out the mortgage for our three-bedroom home, it was a 30 year term meaning of … Read more
More than one in five aspiring homeowners blame bad credit for having their property purchases thwarted, citing this as the reason their mortgage application is turned down. Having a bad credit history is the reason behind 22 per cent of mortgage rejections, according to a survey commissioned by mortgage broker, Haysto. The survey found that … Read more
A fifth of Britain’s wealthiest people are TURNED DOWN for mortgages despite having hundreds of thousands in the bank Not having a monthly pay slip means they struggle with ‘tick box’ applications Wealthy individuals also have issues applying for overdrafts and credit cards The problem has become worse, according to survey by a mortgage provider … Read more
Mortgage approvals for house purchases hit their highest level since the financial crisis last year, as the stamp duty holiday and socialising restrictions kept buyers engaged with their search for a new home. There were a total of 103,400 approvals for new mortgages in December 2020, bringing the total for 2020 up to 818,500, according … Read more
The difference in interest rates between two and five-year fixed mortgages is the smallest it has been since 2013, according to new figures. In 2020, the average annualised rate gap was just 0.27 per cent, according to data from comparison site Moneyfacts. Traditionally, two-year fixes have been popular with buyers because their rates were much … Read more
One in four homeowners is paying their lender’s highest mortgage rate – and some even think it helps them pay off their loan faster… Borrowers could save £4,080 per year by ditching their standard variable rate This is the ‘default’ rate when your initial term ends and it can be up to 6% Some thought … Read more
A new mortgage lender is planning to offer UK borrowers the ability to fix the rate of interest on their mortgage for up to 30 years. Perenna, which raised £7.3million during its latest funding round and plans to launch this summer, wants to bring ‘fixed for life’ mortgages to the UK market. UK borrowers will … Read more