Amendments to the Financial Services Bill written to assist mortgage prisoners were blocked last week by the economic secretary to the treasury. The Financial Conduct Authority (FCA) had proposed new clauses 24, 25 and 26 in order to extend it’s regulatory perimeter allowing it to regulate the management and ownership of a regulated mortgage contract,…
Retirement interest-only (RIO) mortgages have grown this year, despite the global pandemic, according to Moneyfacts. The comparison site collected data which highlighted how 21 providers are currently offering RIO mortgages, the highest the number has ever been. An RIO mortgage is an interest-only mortgage aimed at those aged 55 and above. It can be used…
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…
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…
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…
Mortgage lenders have tightened their criteria for mortgage applicants ahead of changes to the governments furlough scheme. The tightening was predicted by brokers and is being made in line with upcoming changes in the furlough scheme that comes to an end in October. The current government guidance surrounding the end of the scheme states that…
There’s no denying that mortgages have taken a hit thanks to the coronavirus pandemic. The UK government has introduced steps such as temporarily removing stamp duty on houses up to £500,000 but unless borrowers have a large deposit, they’re likely still to struggle to get the mortgage they want. Lockdown saw many major lenders pull…