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Category: News

A post COVID bounce!? Who’d have thunk it….

The last few weeks have been a blur! Ever since the government gave the green light for the housing market to re-open it has seen things running, well, shall we say, a little hot. There has clearly been pent up demand for people to buy and sell homes, so the initial fears of an immediate…
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MPs call on lenders to halt all repossessions against mortgage prisoners until help arrives

Members from the All-Party Parliamentary Group on Mortgage Prisoners today issued an open letter calling for a halt to repossessions against borrowers who saw their home loans sold onto inactive or unregulated lenders following the financial crash. Up to half-a-million mortgage borrowers in the UK saw their home loan sold onto such lenders following the crash,…
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Developers ‘misled and took advantage’ of people buying leasehold property, watchdog finds

Housebuilders are in the firing line as the competition watchdog revealed it has found ‘troubling evidence’ that leasehold homes were mis-sold. Some 100,000 families across the country are currently trapped in unsaleable homes due to the restrictive terms in their leasehold contracts.  The Competition and Markets Authority (CMA) said it has evidence that these families…
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What will happen to mortgage rates after Brexit?

THE UK is leaving the EU this Friday and entering a transition period, which will impact homeowners in Britain. Boris Johnson’s Brexit bill passed through Parliament last week, paving the way for the country’s exit from the European Union. How could things change after January 31. This will see the UK remaining in the EU…
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Millions of self-employed struggle to get a mortgage

The self-employed face a looming crisis as millions are being locked out of home ownership due to mortgage lenders’ failure to understand their finances, experts have warned.  Contractors, sole traders, gig economy workers, freelancers, and even early-stage start-ups all make up the UK’s 4.8million strong self-employed workforce. This number is growing rapidly, particularly among younger…
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UK House Prices Fall

House prices fell unexpectedly in September as uncertainty around Brexit dampened activity, according to Nationwide’s index. The building society recorded a 0.2% fall from a month earlier, below a 0.1% forecast in a Reuters poll of analysts. Compared with September last year, the average house price across the UK rose by 0.2% to £215,352. But quarterly measures in Nationwide’s…
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Help to Buy ISA end date is fast approaching

HELP TO BUY ISAS are currently available for new savers to open, however the deadline for doing this is looming. What will happen to savings in a Help to Buy ISA after this date? The Help to Buy ISA scheme is a type of ISA which sees account holders able to benefit from a government bonus of…
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Warning for homeowners, as cheapest ever two-year fixed rate deals come to an end

Homeowners whose 2-year, fixed rate mortgage deals are about to end have been warned to act now to avoid standard variable rates.  In September 2017, the average 2-year, fixed mortgage rate hit its lowest ever level at 2.17%, according to Moneyfacts. Borrowers can swap to deals almost as cheap as that now, but those who…
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Cheaper homes, generous mortgages and stamp duty cuts means that almost 2,000 more first-time buyers get on the property ladder each month

Official figures have confirmed that almost 2,000 more first-time buyers climbed onto the property ladder in July than in the same month last year. Data released today by banking trade body UK Finance revealed that there were 32,640 new first-time buyer mortgages completed in July, some 5.8% more than in the same month last year. …
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What decides mortgage rates?

Mortgage rates and savings rates are part of a complex financial web that draws on official lending costs, ie base rate, money market funding costs, and competition for savers’ deposits. The traditional influence on fixed rate mortgages over the past decade has been swap rates, the cost of obtaining fixed term funding on the money…
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