Halifax
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Latest property news
Mortgages for grannies and grandads!
Following Barclays’ launching the 100 per cent mortgage, stirring up much debate concerning the bank of mum and dad, the Halifax announced that they are increasing the mortgage lending age limit from 75 to 80. A 55-year-old person will be able to take out a 25 year mortgage and have until their 80th birthday to repay the loan. Halifax said, “As demographics and working habits continue to change, we continually review our products and policies to ensure they reflect the evolving needs of our customers, including those who wish to continue working longer.” Matthew Graves, Sales Director at Enness Private Clients, said, “Thankfully, attitudes to older borrowers in the mortgages market are changing. “At Enness we once had an 88-year-old client who, in spite of his substantial assets, income and impeccable business records, had been rejected by every lender he approached; we were only able to secure him a mortgage by speaking directly to the underwriters. Someone’s age is not necessarily an indication of how credible a borrower they are and, although this latest development is a step in the right direction, rigid upper age limits should be regularly reviewed.” In the same day, Barclays launched their new 100 per…
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Housing Market
First-time buyers make up nearly half of all mortgages
First-time buyers in this country now account for almost half of all homes purchased with a mortgage, a rise of 38 per cent since 2011, owed in part to a surge in first-time buyer mortgage deals, new research shows. The study from the Halifax revealed that first-time buyers make up 47 per cent of all mortgage-aided acquisitions, while the deposit that they have to pay has increased by 6 per cent over the past 12 months to an average of £29,894, reflecting a general rise in property prices over the past year. The average first-time deposit is now 82 per cent or £13,494 higher than in 2007. Overall there were an estimated 139,500 first-time buyers in the first six months of this year, down 7 per cent year-on-year, but while this is the first annual decrease on this basis since the first half of 2011, it is still the highest total for the first six months of the year since 2007. Craig McKinlay (left), Halifax Mortgages Director, said, “There was a modest decline in the number of first time buyers in the first half of the year following the substantial increases recorded in 2013 and 2014. This fall has been…
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