mortgage lending
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Latest property news
Time for a Belfast branch? Northern Ireland booms as rest of UK slows down
Mortgage lending to first time buyers and home movers in Northern Ireland is booming while rest of UK struggles.
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Latest property news
Leading estate agency calls for Stamp Duty suspension to get market through Brexit
Leading estate agency group Spicer Haart has called for a Stamp Duty suspensions for 18 months to get the property market through Brexit.
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Latest property news
Mortgages at their most affordable for 10 years, says Halifax
Halifax announces best home loan affordability for a decade, with borrowers spending less than a third of their disposable income on mortgage payments.
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Latest property news
Portfolio landlords struggle to get mortgages as PRA rules kick in, research shows
Nearly three quarters of landlords with multiple properties are finding it harder to get either mortgages or remortgage existing debt as the Prudential Regulation Authority’s second wave of mortgage rules kick in, it has been revealed. Research completed on behalf of lender Foundation Home Loans among 2,000 landlords found that 70% of those with more than four properties had struggled to obtain further finance to buy more properties, while half of those with between one and three properties also faced problems. The second wave of PRA rules went live in September last year to allay fears that excessive borrowing by banks on generous terms to landlords might endanger the economy during a downturn. The larger the portfolio, the harder it has become for landlords to get the green light for more finance, largely because those with more than four properties are now effectively classed as enterprises and must submit business plans to get a home loan or remortgage an existing one. Rejected by lenders Two thirds of landlords with eleven or more properties within their portfolio now believe the range of mortgages available to them has dropped, while a quarter think they are now more likely to be rejected by…
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Latest property news
Is the Brexit effect finally over? Conveyancers and lenders report improving property market
Both conveyancers and mortgage lenders say the property market has recovered significantly in recent months, signalling a return to ‘business as usual’ in many areas of the country. This includes the workload of conveyancing solicitors which has risen to its highest for a year, with some firms experiencing an increase of up to 27% over the past three months, says data firm Search Acumen. Its Market Tracker reveals that transactions “bounced back” between July and September compared to the previous three months, when transactions nosedived. Between July and September conveyancing volumes increased from 210,964 to 254,606 or 21% between the two quarters. Search Acumen says the increase in case-load came directly from an improvement in the property market. But although the number of homes being sold has surged ahead recently, Search Acumen says the property market still has some way to go before it returns to complete health; transactions levels are still 6% down year-on-year, it says. “After the noticeable dip in conveyancing activity revealed by the Q2 2017 edition of the Market Tracker, it’s encouraging to see an uptick in activity through the summer period,” says Andrew Lloyd, Managing Director of Search Acumen (pictured, left). “The conveyancing industry has broadly…
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Latest property news
Rent records and mortgage petition
It’s often advertised that a mortgage payment can be less than an equivalent rent...
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Features
Finding the funding
The housing market is steady, if not flying, but funding is challenging for many buyers, delaying sales, says Sheila Manchester.
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Latest property news
Mortgage lending up to £18.2 billion in May
CML reports the highest figure since 2008 and they “don’t expect significant house price falls.”
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Latest property news
Mortgage lending at seven-year high
Gross mortgage lending rose by eight per cent in 2015, taking the estimated total for the year to £220.3 billion compared with £203.3 billion in 2014, according to the Council of Mortgage Lenders (CML). The CML estimates reveal that gross mortgage lending hit £19.9 billion in December, three per cent below November’s lending total of £20.5 billion, but 23 per cent higher year-on-year at £16.2 billion. Gross mortgage lending for the fourth quarter was therefore an estimated £62.3 billion, up 23 per cent on the corresponding period in 2014. “The low inflation environment, along with real wage growth, an improving labour market and competitive mortgage deals have all helped to underpin demand,” said CML Economist Mohammad Jamel. Looking ahead though, he said the upside potential looks limited over the near-term. He added, “The supply of existing and new properties on the market remains weak and affordability pressures weigh on activity. There is an added element of uncertainty as we wait to see the impact of tax changes on the buy-to-let sector.”
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Latest property news
Mortgage lending hits 7-year high
Mortgage lending has surged to its highest level since 2008 as borrowers rush to take advantage of highly competitive home loan deals. Fresh data provided by the Council of Mortgage Lenders (CML) shows that lenders advanced a total of £21.8 billion last month, up 19 per cent on the £18.4 billion lent a year earlier and 8 per cent on September’s total of £20.1 billion. October’s lending total is the highest since July 2008, when lenders advanced £23.6 billion. The CML said total mortgage lending across 2015 looks likely to top its previous estimate of £209 billion as mortgage lenders continue to compete for business by keeping borrowing rates low. Separate figures from MoneySuperMarket revealed that the average two-year fixed-rate mortgage rate fell to 2.68 per cent in October, from 2.72 per cent in September, while the typical three-year fixed rate on offer dropped from 3.1 per cent in September to 3.08 per cent in October. Bob Pannell (left), the CML’s Chief Economist, commented, “As lending in the regulated mortgage space picked up over the summer months, the pace of recovery has improved. This looks set to continue over the closing months of the year with the factors helping support…
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