Posts Tagged ‘mortgages’
Sale of Northern Rock mortgages.
Chancellor George Osborne has authorised a record-breaking £13 billion sale of mortgages acquired from the Northern Rock by the government during the financial crisis, this is the largest ever financial asset sale by a government in Europe. The mortgages, which were originally owned by Northern Rock are being sold by UK Asset Resolution (UKAR) to…
Read MoreEffect of buy-to-let on UK financial stability
According to the Bank of England in a recent report by their financial policy committee, the UK’s buy-to-let market is posing a threat to the country’s financial stability. Any wobbles in the housing market could be exagerated due to the nature of that market, the effects of a housing crash could be made much worse.…
Read MorePossible cap on loans to BTL landlords
At present owner-occupiers are treated differently to would be landlords applying for loans, the Bank of England at present has powers to cap borrowing by owner-occupiers where it does not for landlords. Officials are watching closely for lenders who are being too accommodating for would be landlords when it comes to satisfying criteria when applying…
Read MoreComments on BTL regulation
According to Stefatheno Silvestrin, senior economist at the the Nationwide Building Society who was speaking at the the Financial Services Expo (FSE) London on Wednesday, the curbing of tax relief on interest-only buy-to-let mortgages for landlords by George Osborne is unlikely to have a major impact on activity in the sector. Silvestrin said the decision…
Read MoreUK’s FTB’s facing toughest conditions
According to an ING International Survey on Homes and Mortgages, first time buyers in the UK are facing some of the toughest conditions across Europe, the survey of over 15,000 people across 15 countries revealed. The study found that more than half of people in Europe see house prices rising over the next year, this…
Read MoreFewer mortgages for London property
Fewer mortgages are being granted to people looking to buy in London, the reason for this is simple, rising housing costs are pricing buyers out of the market, until the housing shortage is resolved the problem will continue to grow. According to the Council of Mortgage Lenders there were 18,800 home purchase loans granted from…
Read MoreInterest rate warning from Mark Carney
The Governor of the Bank of England Mark Carney has put out a warning that interest rates may rise soon, saying that they could rise within the next couple of months. Interest rates have remained at a record low of 0.5% since March 2009. Has the period of ultra low mortgages come to an end?…
Read MoreHousing Market “picks up”
The Council of Mortgage Lenders (CML) says the UK housing market is picking up, following on from a quiet Spring, homeowners took out 49,000 loans in May that is up from the previous month and the highest number since December last year. Paul Smee, Director General of the CML said “House lending in May was…
Read MoreHow tax changes may affect landlords
Landlords may see a drop in their profits as changes that will limit the amount of tax relief they can claim on mortgage costs were announced in last weeks budget, relief will be restricted to the basic rate of income tax at 20%, to be phased in over 4 years from April 2017. Tax experts…
Read MoreNew property hot spots around London
House price affordability in London is putting pressure on buyers to look to the commuter belt to find a home within their price range, latest data from the Land Regsitry shows annual growth of just more than 9%, making the average London house worth £475,961, in the South-East, annual price rises are also just over…
Read MorePensioners invest in Buy-to-Let
The buy-to-let sector of the property market remains as strong as ever, new data reveals that the number of buy-to-let deals available to first-time landlords has increased 13 per cent in the last few months. It is just a few weeks since the relaxtion of rules came into effect concerning changes to how pensioners are…
Read MoreLandlords prefer semi-detached
A survey recently put out by Paragon the buy-to-let lender shows that 35% of landlords prefer the semi detached property when searching for a property to rent out, that figure is up from 23% in the last quarter of 2014. Terraced properties have reportedly fallen out of favour of prospective landlords, over the last three…
Read MoreHouse prices at record high
The price of a typical home in the UK rose by 1% between March and April, according to the latest figures from the Nationwide House Price Index, this is the largest monthly rise since June 2014. UK house price growth rose an annual rate of 5.2 per cent in April, a small rise from the…
Read MoreMonitoring of Buy-to-Let mortgages
It appears that buy-to-let lending is on the increase with January approvals up 6 per cent on the previous month and up 12 per cent on the same period in 2014, these figures are not consistent with those for the overall mortgage market with both first time buyer and house mover mortgages having declined. The…
Read MoreInterest rates still at 0.5% after 6 years
The Bank of England Base Rate has now been at a record low of 0.5% for six years, and there is no real indication that this will change much short term. it expects inflation, as measured by the Consumer Prices Index, to head back up to the Government target of 2% by the first quarter…
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