UK 23 February 2019 Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.com/news/uk-47336500 Read more about sharing. These are external links and will open in a new window Close share panel First-time buyers now make up the majority of home purchases bought with a mortgage in the UK, figures show.The Halifax bank said the last time such a … [Read more...] about Most mortgages ‘go to first-time buyers’
Changing mortgage deals
MARTIN LEWIS, founder of Money Saving Expert, claims that homeowners can save thousands of pounds on their mortgage. By Christine Younan/Published 30th January 2019 Speaking on BBC Radio 5 Live, Martin Lewis advised property owners to lock into mortgages that change low interest rates.Often rates go down in times of economic uncertainty but the 46-year-old pointed out that this isn’t guaranteed if the withdrawal from the EU has a negative impact on the pound.To avoid being hit by any sudden rises as a result of Brexit, the Money Saving Expert shared his tips earlier this week.He said: “If you check right now, especially those remortgaging, if you can find cheaper mortgage deals available than your existing mortgage and there are no penalties for moving it then I wouldn’t let the fact that Brexit is coming stop you.“There isn’t that much room for interest rates to drop but there is room for them to rise.” Related Articles Money Saving Expert Martin … [Read more...] about Martin Lewis advises to do ONE thing to save thousands of pounds on your mortgage
Homeowners who want to borrow into their 80s now have more choice than ever before. Five years ago there was not a single mortgage that allowed borrowers to repay their debt between the ages of 80 and 84. But following a sharp increase in demand from older borrowers, there are now more than 1,000 up for grabs, according to data analysts Moneyfacts. In the wake of the financial crisis, the City watchdog introduced strict new rules to curb risky lending. Five years ago there was not a single mortgage that allowed borrowers to repay their debt between the ages of 80 and 84. There are now more than 1,000 up for grabs In response, banks cut back on the number of mortgages they offered to borrowers over the then-state pension age of 65. It meant that even with pension income to support the mortgage payments borrowers would struggle to persuade a bank to offer them a loan into their 70s. RELATED ARTICLES Previous 1 Next How do house prices affect your mortgage? If you're … [Read more...] about Mortgages that last until you’re 85
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. One report says that building societies and lenders should bring them back for first-time buyers to ease the burden on parents. We've seen a few of these mortgages reappear on the market but are they really worth looking at if you're struggling to get the funds together for a deposit? 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 … [Read more...] about What is a 100 per cent mortgage loan? Are they good for first-time buyers and can you apply if you have bad credit?
BRITS struggling to get the money together for a deposit can now get a mortgage without one - as long as a family member contributes 10 per cent of the property purchase price from their own savings. But as a perk for lending the cash, the new "Lend A Hand" mortgage from Lloyds Bank will pay family members 2.5 per cent in interest on the money they deposit. The three-year mortgage, which is available to borrowers in England and Wales needing an up to 100 per cent loan, is fixed at 2.99 per cent. It's available on mortgages of up to £500,000 over a maximum period of 30 years. There's no fee and you can also bag £500 cashback once you've completed, plus an additional £300 to help cover legal costs - although the cashback offer can be withdrawn at any time. But be warned that you can't take the mortgage with you if you move; so you need to be sure you're going to stick in your new home for at least three years or know you can repay the entire mortgage in that time. You also … [Read more...] about Lloyds Bank launches new 100% mortgage with NO deposit – but your parents must sign up 10% of their savings