John Phillips is the financial services director at Kinleigh Folkard & Hayward and in a recent article for Mortgage Introducer he makes an interesting point about lending criteria. There are plenty of positive headlines in the news about the return of growth to the UK economy and even enough good house price data to spark talk of a bubble and imminent correction.At the … [Read more...] about Lending Criteria to be relaxed ?
The EU Directive on Buy to Let Mortgages was quite big news last week. A quick round up of the reaction to the news follows, but first a bit of background: What is the EU Directive on Buy to Let MortgagesThe European Union has been considering a set of new rules governing the supply of consumer credit, and in particular mortgages. As part of the consultation process … [Read more...] about EU Directive on Buy to Let Mortgages
Affordable housing continues to generate plenty of discussion among property professionals, both in the context of the supply of funding, and as a stimulus for house building. The Help to Buy scheme has divided opinion. What Is Help To Buy?Equity Loan Mortgage GuaranteeThe Help To Buy Equity Loan Underwriting the mortgage is still done by the lender in accordance … [Read more...] about Help to Buy
Many homeowners feel trapped on relatively expensive mortgages, the combination of the ongoing lack of availability of mortgages and stagnant house prices. Lenders left the interest only market in droves following indications from regulators that increased regulation was likely.According to Moneyfacts the number of lenders offering interest only mortgages reduced to just … [Read more...] about Are Interest Only Mortgages Making a Comeback?
The Nationwide Building Society is among a growing number of lenders slashing its interest-only maximum loan to value for residential lending. In March the mainstream lender reduced its maximum LTV for interest only loans from 75% to 50%.Martyn Dyson, head of mortgages at Nationwide, says: “A number of major lenders have recently restricted their criteria for … [Read more...] about Maximum Loan to Value For Interest Only Mortgages Start to Tumble
Property developer, Bovis Homes Group have shared some good news in their preliminary results for the year ending 31st December 2011. They report an operating profit of £36m for 2011, an increase of 69% on the previous year.The background makes quite positive reading too. There were 2045 completed home sales, an increase of 8%. The average sale price was £180,100 which is … [Read more...] about Property Developers Report Increased Profits
There is a long standing debate within the residential mortgage market around the viability of interest only mortgages. The Financial Services Authority (FSA) have made no secret of their distrust of lenders who rely on interest only lending. However, some consider that this is a consumer driven product and it is quite likely that most lenders would prefer to restrict interest … [Read more...] about Do Interest Only Mortgages Make Commercial Sense?
As of 1st of February the Land Registry launched a new form (LL) allowing property owners to register a restriction against the title of their home if they do not live at the property. As of 1st of February the Land Registry launched a new form (LL) allowing property owners to register a restriction against the title of their home if they do not live at the property. As of … [Read more...] about New Landlord Protection Against Rouge Sellers
This list is probably going to grow, but trying to collate a listing of the best apps being used by mortgage brokers.This list is probably going to grow, but trying to collate a listing of the best apps being used by mortgage brokers. http://storify.com/chris_c/21st-century-gadgets-for-mortgage-brokers … [Read more...] about 21st Century Gadgets For Mortgage Brokers