Mortgages with a 90% loan-to-value (LTV) are likely to remain scarce whilst employment figures and the economy remain fragile, expert lenders have warned. With a second lockdown announced for England, an unemployment spike is expected, making lenders wary of committing to anything high-risk. At a recent video conference organised by St James Place, various experts…
The second national lockdown in England, currently running until 2nd December, is likely to keep lenders’ attention focused on assisting their struggling customers. With the announcement from the government that economic support will continue and mortgage holidays will be extended, lenders across the country are likely to be using their resources and staff to keep…
The Co-Operative Bank has revealed that new mortgage lending has reached £530 million during the third quarter of 2020. The bank also announced that net residential lending had hit £242 million whilst net SME lending was at £225 million and Bounce Back loans and the Coronavirus Business Interruption Loan Scheme (CBILS) were reported to have…
Credit reference agency Experian could be facing a major fine after they were found to be breaching GDPR guidelines. The UK’s Information Commissioner’s Office (ICO) have warned the firm that they have nine months to comply with an enforcement notice or face what could be a huge fine. The regulator found that Experian were illegally…
Personal finance service provider Permanent TSB has agreed the sale of a portfolio of performing buy-to-let mortgages. The portfolio, worth about €1.2 billion, has been sold to Citibank London, the UK branch of US-based Citibank. The deal also involves the sale of a pool of about 3,700 buy-to-let loan accounts. All of the loans are…
The income requirements for first time mortgages are on the rise across the UK as lockdown restrictions ease and the housing market reopens. Research undertaken by Hamptons International and Guardian Money found that in order to afford the average first time buyer property in the UK, borrowers who had managed to save a 15% deposit…
Barclays have warned that they face making cost cuts as a direct result of the economic impact of the Coronavirus pandemic as their bad debt provisions are pushed to £4.3 billion. The bank beat profit forecasts for the third quarter of 2020 however have put aside a further £608 million to help cover a potential…
The threat of repossessions looms for thousands of homeowners across the UK as measures introduced to protect them during the coronavirus pandemic are lifted. As of next month, borrowers will no longer be able to ask their lenders to defer mortgage payments and a moratorium on repossessions for mortgage arrears will be lifted. Mortgage holidays…
Experts have predicted that second charge lending will grow by 100% in the second quarter of 2020. Leading second charge brokerage Loans Warehouse made the prediction about second charge loans, where borrowers are able to use existing equity in a property towards a second loan, after seeing some market recovery following the lockdown caused by…
Lenders across the UK have been warned to ‘go easy’ on homeowners as repossessions restart following a period of halt. Lenders have been warned by the Financial Conduct Authority (FCA) that they must treat the 1.8 million homeowners who have taken out a mortgage holiday over the past few months fairly. Director of Consumer and…