Mortgage lending to home buyers has reached its highest levels for February in over a decade, a trade association has reported. Some 50,000 mortgages were handed out to first-time buyers or home movers in February this year - the highest figure for that month seen since 2007, UK Finance said. Within this total, 25,200 first-time buyer mortgages were handed out in February 2018, 2.4% more than in the same month a year earlier. There were 24,800 home mover mortgages completed in the month, the same as in February a year earlier. Meanwhile, there were 35,400 new home owner re-mortgages completed in February, 11.3% more than in the same month a year earlier. Buy-to-let lending for house purchase was down compared with a year earlier, but there was an annual jump in landlords re-mortgaging. There were 5,200 buy-to-let house purchase mortgages completed in the month, 8.8% down on the same month a year earlier. And 14,100 buy-to-let re-mortgages were completed, 20.5% more than a year earlier. … [Read more...] about Busiest February for mortgages since 2007
THE dream of owning a home is becoming increasingly remote for millions of young Brits. And that's not surprising when you think first-time buyers now have to fork-out nearly £50,000 for a deposit to get their foot on the first rung of the property ladder. But what if there was a way wannabe buyers could buy their own home without having to scrimp and save for that deposit? A decade ago, borrowers were able to take advantage of lots offers that meant they didn't need to stump up any money before getting their mortgage. But are these offers still around now? And are they worth looking at if you're desperate to get your first home but can't get enough money together?What are no deposit mortgages? When you're mortgage shopping, you'll see something called Loan to Value (LTV). This is simply the percentage amount of the property that is mortgages and the amount that is owned by you. So for example, if you're buying a home worth £100,000 and have a 10 per cent deposit saved … [Read more...] about What are no deposit mortgages, which lenders offer them and can first time buyers apply?
0 Have your say The mortgage market has shown strong growth in Scotland, with first-time buyers and remortgaging levels at their highest for a decade, new figures have revealed. Property experts said that a relaxation in the availability of mortgages for first time buyers had made it easier for people to get on the property ladder.The report, from UK Finance, the finance and banking industry trade body, showed there were 8,800 new first-time buyer mortgages completed in Scotland in the fourth quarter of 2017, 3.5 per cent more than in the same quarter of the previous year. The value of loans to first time buyers - who are typically 29 years old and have an income of £35,000 - rocketed even higher, up almost ten per cent to £1.01 billion.The average loan to a first time buyer in the last quarter of last year reached £106,000, around 85 per cent of the typical home value - 3.13 times the average salary.Meanwhile, a total of 9,100 new home mover mortgages were … [Read more...] about Property boom for first-time buyers in Scotland
Ad Feature PUBLISHED: 17:31 19 January 2018 | UPDATED: 17:31 19 January 2018 How easy will it be to get a mortgage in 2018? Archant Buy now as house prices will rise, advises Keith Hood of Warners Financial Services Keith Hood, Warners Financial Services At the beginning of a new year its traditional to reflect on the past year’s performance. Personally I’ve played a blinder, no surprise there, I here you say, but what about the business? Well that was also good news. Despite a small interest rate rise, worries about the impact of Brexit and the decline of the buy-to-let market, the mortgage business continued to boom in 2017. Although a lot of this was remortgage business, the property market faired pretty well. According to the property website Zoopla, house prices in Norfolk rose 4.75 per cent and was one of the most buoyant areas in the UK. Transaction numbers are more interesting perhaps for estate agents and mortgage brokers and again this was good news … [Read more...] about Will the mortgage industry continue to boom in 2018?
GETTING your foot on the property ladder can seem like an impossible dream for many. But if you have scraped enough money for a deposit, next you'll want to know how to find the best mortgage deal for your first home. Here's what you need to know about finding a first-time buyer mortgage. How much deposit do I need? One of the biggest difficulties first-time buyers face before even deciding on a mortgage is getting together that tricky deposit. To help this, many mortgages aimed at first-time buyers now offer deals for those with small deposits of just five per cent. That means you can borrow up to 95 per cent of the purchase price of the home you're looking at. But be warned - it still pays to get as bigger deposit as you can, as the larger it is, the cheaper your mortgage will be. Rachel Springall of the Moneyfacts website told The Sun Online a bigger deposit can save thousands of pounds a year. She said: "The average five-year fixed rate for those with a five per cent deposit is … [Read more...] about How to find the best mortgage if you’re a first-time buyer – and all you need is a 5 per cent deposit