While on the surface it may appear that the Bank of England has decided to continue holding interest rates at their all time low, many of those paying closer attention are convinced important changes to the Bank’s monetary policy are on the horizon.
AS THE NEW SCHOOL YEAR KICKS OFF, WE TAKE A LOOK AT THE GENERALLY ACCEPTED NOTION THAT SCHOOLS PLAY A KEY ROLE IN DECIDING LOCAL HOUSE PRICES.
Proximity to local school services is usually one of the first things to be included on an estate agent’s sales particulars, often appearing before other important details such as the number of bedrooms, bathrooms, and reception rooms.
According to recent figures, the remortgage market is witnessing a substantial increase in applications ahead of the biggest maturity period in five years, which will see over £35 billion worth of mortgages maturing during September and October.
And it doesn’t stop there, over the next 18 months, a total of £330 billion worth of products will reach maturity.
If you’re thinking of applying for a mortgage, there’s never been a better time to apply – with the rate of mortgage approvals secured by brokers now close to 90%.
Figures released by the Intermediary Mortgage Lenders Association (IMLA) have revealed that, during the second quarter of 2017, 88% of mortgage applications made through brokers led to offers.
On 31st December 2012, the Financial Advice industry was transformed with the introduction of the Retail Distribution Review or RDR for short. This came about because the regulator at the time, the Financial Services Authority, was concerned that certain practices within the industry were unconducive to providing the best possible outcomes for investors.
With the latest announcement that A-level grades are going up, but at the same time an increasing number of gaps for university places, is the ever-increasing cost of university fees stopping the next generation from attending university, despite the intellect to do so?
The age of borrowers is on the increase. In fact, studies have shown that over one-third of mortgages taken out this year won’t be fully repaid until after the borrower turns 65.*
Traditionally, the standard mortgage repayment term has been set at 25 years, however many lenders are now setting their maximum term length at 40 years.
But what has caused this rise in the age of borrowers?
Many contractors, freelancers, and independent professionals often depend upon 90% LTVs in order to purchase their own property.
But the availability of low deposit options is dwindling and those that are still available are going up in price for first time buyer contractors.
Over the past 12 months following the Brexit referendum, inflation has risen to a four year high of 2.9%. This is in stark contrast to May 2016, when inflation was at 0.3%. With this rise in inflation, the income of borrowers has decreased whilst the probability of them defaulting has in increased.
Buying your first home is an exciting milestone. However, it’s also the most expensive purchase you’ve probably ever made.
And buying a new home can be even more expensive than you might expect. There are a whole host of hidden costs that can add in the region of 10% to the total cost, and it’s important to budget for them.
Here are some of the key costs to factor in to your budget:
Analysts and industry experts predict that, over the next three months, the lending options for buyers with a 25% deposit or less will start to decrease. The prospects for those with a deposit of 10% or less look worse still, with a severe lack of lending options available.
The prediction was made as part of the latest Bank of England Credit Conditions Survey, where lenders were asked to reveal their predictions for the market over the next three months. The anticipated drop in supply was attributed to a changing appetite for risk.