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Government launches shared ownership right to buy scheme

The new model will allow people to buy their home in 1% increments, rather than having to save up 10% at a time. The government has announced plans for a new national model for shared ownership which will allow people to get on the housing ladder with deposits as low a £2,000. Under the plans, tenants in new housing association properties will be given an automatic right to buy a share of their home from as little as 10%, with the ability to increase that share over time up to full ownership. Using an example, the government said a housing association tenant renting a £200,000 property could buy an initial 10% stake worth £20,000, while paying subsidised rent on the remaining 90% of the property. The tenant could make up this 10% stake through a £2,000 deposit and a £18,000 mortgage.

 

First-time buyer lending hits 12-year high

There were 35,010 new first-time buyer mortgages completed in August 2019- the highest monthly total seen since August 2007, according to the latest data from UK Finance.

Its figures show that the number of first-time buyer completions is 0.7% higher than in August 2018 to reach a 12-year high.

There were 18,640 new remortgages with additional borrowing in August 2.9% fewer than in the same month in 2018. For these remortgages, the average additional amount borrowed in August was £55,000. There were 18,100 new pound-for-pound remortgages ( with no additional borrowing in August 2019, 2.3% fewer than in the same month a year earlier.

 

Rental Income Market

2019 Quarter 1 analysis on the UK Rental market and Landlord Income.

This report outlines the results along with current rental trends and future rental intentions.

Click here to read full report

100% Mortgages for First Time Buyers

Britain's biggest lender is to offer 100% mortgages for first time buyers, if the buyer has family that can stand behind the loan.

The new 100% mortgage known a 'Lend a Hand Deal' will mean a first time buyer can borrow up to £500,000 without having to put a penny deposit down. The Lloyds deal requires that a member of the family, such a s a parent, grandparent or close relative - helps out. The bank will only grant the 100% mortgage if the family member puts a sum equal to 10% of the value of the property into a Lloyds savings account.

The deal is structured so that 'the bank of mum and dad' can help out their children, yet still keep control of their cash savings that they will need later in life, Lloyds will pay interest on the amount deposited.

Bank of England raises UK interest rates

The UK interest rate rises to 0.75% the highest level since March 2009

House prices fall 0.1% in August 2017

The average price of a home fell 0.1% in August to £210,495, taking the annual growth rate down to 2.1% from 2.9% in July.

Latest figures from Nationwide

Redwood Bank launches new mortgage offering

A new bank has opened its doors. Redwood Bank is offering a cloud-based infrastructure which will be the first of its kind from a banking point of view. The bank will have its headquarters in Letchworth and Warrington Borough Council will have a 33% stake in the company.

Another bank adding its mortgages to the mix can only be good news, enabling a more competitive market place for mortgage shoppers.

Bank of England to place limits on buy-to-let mortgages

The Bank of England will be granted new powers to curb mortgage lending for buy to let investors to protect the economy from a possible collapse in the sector, it was announced on Wednesday.

From early 2017, the Bank will have the authority, via the UK financial regulators, to limit buy-to-let mortgage lending, both in terms of loan-to-value limits, and affordability of repayments.

Equity Release - Retirement Lending

Unlock tax-free cash and no monthly repayments to make!

A lifetime mortgage allows you to release money from your home. You can choose whether or not to make any interest payments throughout the life of the mortgage. This mortgage (as well as any accumulated interest or charges) will be repaid when you die or you move into long-term care using the money that’s generated from the sale of your home. How much money you can release from your home will depend on your age and your home’s value. To be eligible for a lifetime mortgage, you must be over 55 years old, own your own home and be a UK resident.

Read more

Equity Release New Record Lending

*The Equity Release Council’s Q3 lending figures showed another record breaking quarter for lending: £452.6m

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