Get Ready to Beat the Rate Hikes

Last month Mark Carney warned that a base rate increase is likely towards the end of this year or very early in 2016. Although it’s expected to be a minor increase, it’s the general trend that home owners need to prepare for – it may be worth taking steps soon to get ahead of the game.

With lenders also expected to up interest rates on mortgages, making monthly mortgage payments more expensive, it makes sense to start looking for new fixed-rate deals before banks and building societies take action.

Read more

Posted in First Time Buyers, Mortgages, Next Time Buyers, Remortgaging

Landlords Can Now Cover Rental Shortfall With Personal Income

Back in February our blog included a story about Barclays’ plans to let landlords cover rental shortfalls with personal income. We can now update you on recent developments: the bank has just scrapped its old B2L mortgages to make way for this new approach.

Now, Barclays puts landlords through an affordability assessment to find out whether rental will be met. Where there’s a shortfall, landlords can still potentially get a mortgage if they have enough disposable income to plug the gap. If applications were not completed by July 24th, landlords need to re-submit under this new assessment criteria.

Read more

Posted in Buy-to-let, First Time Buyers, Mortgages, News, Next Time Buyers, Remortgaging

New Demand for Interest-Only Mortgages

If you thought interest-only mortgages perished during the financial crisis, be prepared for a revival in this area of borrowing. But this time, banks have tightened their lending criteria, narrowing the amount of people who can use them.

Take Leeds Building Society for instance. It’s among the first of the lenders to return to interest-only, offering customers an option to only pay the interest on the loan, and pay off the rest of the capital at the end of the mortgage term.

Read more

Posted in Mortgages, News, Next Time Buyers, Remortgaging

Mortgages For Company Directors ARE Possible

It’s become widely recognised that since tighter financial regulations came in, triggered by the economic crisis, securing a mortgage has become problematic in general. If you’re self-employed and working as a company director you face even more obstacles when looking for a lender.

No more self-certification

In the days before tighter rules, many self-employed people got self-certification mortgages, where lenders didn’t check their stated income. However, they became known as ‘liar loans’ due to instances of and potential for fraud, and were done away with, dashing the hopes of genuine applicants. A few years on and company directors continue to struggle to get a mortgage, even if they and their businesses are successful.

Read more

Posted in Buy-to-let, Commercial Mortgages, First Time Buyers, Mortgages, Next Time Buyers, Remortgaging

Best Picks Of Low-Rate Mortgages

The great British summertime has finally arrived, bringing with it warmer days. But as our weather and BBQs heat up, mortgage rates continue to fall – even dipping below 1%. This is excellent news for borrowers who plan to spend summer searching for deals.

The Bank of England and the Financial Conduct Authority (FCA) reported that in the first quarter of this year, the average rate was 3.01% – a drop of 0.25% recorded at the end of 2014. Since then however, more lenders have announced much lower rates.

Read more

Posted in Buy-to-let, First Time Buyers, Mortgages, News, Next Time Buyers, Remortgaging