Our views on the latest mortgage eligibility checker

There has been more innovation in the last 18 months, than in the last 18 years in the mortgage industry, and this new tool, the mortgage eligibility checker , is an interesting development.

Anything that gives the buyer more information has to be a good thing.

However on reviewing this new tool, we would advise some caution.

This new tool looks like it sits somewhere between robo advice (where a computer / algorithm tells you the likelihood of you getting a mortgage ) and a comparison site.

As experienced independent mortgage advisors our concern would be twofold.

How many people fit in to standard boxes?

Lots of people move jobs regularly and have changes in circumstances. What happens if the criteria says you need to have been in your job 6 months and you have only been there 5 months?

A broker would know which lenders are happy with that and could argue by the time the case was offered you would have been there 6 months. A computer, on the other hand, would just say no.

The other concern would be how independent the results are.

It may not be commonly known, but many comparison sites sell on data, and the person buying that data may not be independent.

Therefore you may not be offered the best possible deal.

So in summary, we think this new eligibility checker is certainly a handy tool and worth taking a further look. However we still strongly believe that speaking to an independent mortgage broker, like ourselves, will ultimately save you time and money.

As Independent mortgage brokers we will not only find the best financial deal across ALL lenders, but will also do all the hard work for you!

  • No forms to fill in, we do it all for you.
  • 100% independent and research all the best deals on your behalf.
  • No more sitting on hold to the lender, we do it for you.

Don’t just take our word for it, our Google reviews say it all  😃

If you are a first time buyer, looking to mortgage or  remortgage then don’t hesitate to drop us a line to book a no obligation consultation.

Posted in Market Watch

Still on the up: house prices rise fastest in the East of England

If you own a house in the East of England, the good news is it could be worth considerably more than it did one year ago. According to the latest figures published by the National Office of Statistics, annual growth in house prices in the region rose by 13.3% in the year to August 2016, outperforming the South East at 12.2% and London at 12.1%.

The  UK House Price Index showed that growth was strong across the country, with average house prices increasing by 8.4% compared to 8.0% in the year to July 2016. That means, across the UK, the average house will set you back £218,964.

Read more

Posted in High Net Worth, Market Watch, Uncategorized

As borrowing drops in July, is this the start of Brexit blues?

It’s now nearly three months from the shock result of UK to leave the EU. We’ve been told that “Brexit means Brexit”, but for the time being, nobody seems to know exactly what will happen next – politically or economically.

In terms of property, such uncertainty breeds uncertainty – and borrowing has dropped considerably. According to data from the Council of Mortgage Lenders, total borrowing by house owners was £10.6 billion in July 2016 – down 13% compared to the previous month and a 12%.drop compared to the previous year. At 58,100, the total number of loans taken out by homeowners was also down 14% month on month and 13% year on year. First-time buying also took a hit – down 19% month on month and 6% lower than June 2015.

So should we be worried about a slowdown? A drop in borrowing can suggest a cooling off in the market, but there may be factors other than the referendum result at play here.

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Posted in Market Watch, Mortgages, Remortgaging, Uncategorized

Location, location, location: where’s best at what age?

Have you ever wondered about retiring somewhere different? Or what place might be the best to bring up the kids? According to two recent surveys, for family life the East of England comes out top, but for retirement you might want to look West or South.

uSwitch.com has just published its first ever Better Family Life Index and the top three areas are all located in the East of England: Hertfordshire, Cambridgeshire and Central Bedfordshire.

Read more

Posted in Market Watch, News, Uncategorized

Did Your Home Earn More Than You in 2014?

I think it’s safe to say that our property market has recovered well this year.

In fact, it’s bounced back so well that your own house could now be earning more than you.

Post Office research claims that around two-thirds of people in the UK earned an annual salary less than the average UK home. Over the last 12 months, the average house price went up more in value than average annual earnings – that’s £29,339 to £27,271.

Unsurprisingly, London took it to a whole other level, with homes going up £80,000 over the same period. That’s twice the average salary in the capital, and around £10,000 over the average pay of a fully qualified doctor.

Since the majority of people aren’t big money earners, this increase may compound the difficulties of first-time buying.  Graduate nurses earn around £21,000, police officers take home £23,000 and a teacher’s standard wage is £22,000.

Although there are some signs of salaries rising and inflation falling, for people still struggling to climb on to the property ladder, this news is going to be another concern.

Having said that, relief from the heated housing marketing is due in 2015. Experts are predicting a marked slowdown. High prices, Mortgage Market Review guidance (e.g. stricter criteria for borrowers), and less demand from overseas buyers are cited as being some of the causes.

Keep reading our articles – we’ll keep you updated on what’s happening throughout 2015.

 

 

Posted in First Time Buyers, Market Watch, Mortgages, News, Uncategorized