Summary In the course of the last decade, homeownership under owner-occupation has reduced by 6%, particularly worse in the case of 25 to 39-year-olds. Presently, the median deposit for first-time buyers is £30,000. Almost 3.57 million “Resentful Renters,” i.e., people who could have been homeowners before the financial crisis but are not now are in […]
Category: Mortgages
Mortgage Applications Slow Down Even As Rates Remain Low
Demand for mortgages slow down, but applications are still high in comparison to the same period in 2018 Mortgage refinance applications dropped 7%, but they are still 135% higher than this time last year The growing number of refinancing is due to a result of low mortgage interest rates It seems like the demand for […]
Mortgage Debt In The UK Increases by £0.03 Trillion
Wealth Asset Survey indicate that household debt in the UK has reached £1.28 trillion Almost 90% of the total household debt is from mortgage debt Household financial debt has also increased with student loans and hire purchase agreements contributing significantly According to the latest Wealth Assets Survey, mortgage debt has been growing in the UK. […]
Halifax Introduces A Variable Rate Mortgage Starting At 0.98%
Halifax launches new variable rate mortgage with an initial rate of 0.98% Mortgage rates have been dropping, but mortgagors prefer fixed-rate mortgages because of certainty in monthly payments Variable-rate mortgages are a massive gamble because they depend on the possibility of base rate dropping Halifax is taking the winter mortgage rate war to another level […]
FCA Partners With UK Finance To Help Mortgage Prisoners
The Financial Conduct Authority and UK Finance partner to help mortgage prisoners out of expensive loans UK Finance, FCA and other trade bodies developing a remortgaging eligibility tool to help consumers who might not benefit from the relaxation of affordability rule Unaffordable borrowing hurting consumers necessitating remortgaging to cheaper alternatives Recently the Financial Conduct Authority […]
New FCA Regulations To Unchain Holders Of Mortgages From High Mortgage Rate Deals
The Financial Conduct Authority has removed regulations that bar mortgage prisoners from transferring their high mortgage rate product to another provider. Mortgage prisoners cannot meet the affordability criteria to switch their products, and thus, they are trapped paying high mortgage rates. The rates are substantially higher relative to the fixed rates that new customers receive. […]
Growing Market Concerns Following Declining UK Mortgage Lending To A Six Month Low
In September the proportion of new mortgages in the UK approved by banks dropped to a new six-month low. However, there was a significant increase in annual numbers by around 13.5%. This is an indication that the UK property market is decelerating owing to the uncertainties surrounding Brexit. New home mortgages decline in September According […]