It looks as if the recent boom in property prices may have slowed down. But mortgage lending in June rose by 6% despite fears that stricter rules on new lending might depress demand.
A new EU directive means that mortgage borrowers will soon be entitled to a cooling-off period. So how might this affect the home buying and selling process and conveyancing?
Homebuyers can expect far tougher questioning from lenders on mortgage applications made after 26 April 2014 when the Mortgage Market Review rules come into force
Will mortgages be harder to get, or more expensive, now that the lending for residential loans is to be removed from the government-backed Funding for Lending scheme? That is the question which now faces prospective house-buyers. Funding for Lending (FLS) was introduced last year, providing cheap central bank funding to banks and building societies to […]
The Bank of England says that mortgage rates have fallen following the introduction of the government’s Funding for Lending (FLS) scheme last year
Homeowners looking to reduce their electricity bills may be tempted by offers of free solar panels. But before signing up to any such offer, property owners should think twice.
Part of the Help to Buy package announced by Chancellor George Osborne in the recent budget is a mortgage guarantee scheme. This is intended to help would-be buyers who can only manage to raise a small deposit and have been unable to obtain a high-enough mortgage to buy a home. This new scheme should […]
Figures from the Council of Mortgage Lenders show lending for house purchase reached its highest January total in five years.
A recent survey by the Bank of England suggests that the mortgage availability is expected to increase over the next three months.
Vince Cable has been invited by the Law Society to intervene and mediate in Conveyancing Solicitors’ ongoing dispute with Mortgage Lenders.
The SLC calls for conveyancers to contribute ideas to a proposed quality assurance scheme designed to reassure lenders.
A media storm has erupted from the recent decision by the HSBC Bank to axe thousands of Solicitors’ practices from its Conveyancing Lawyer Panel. Fridaysmove examines the impact of HSBC’s decision on consumer interests.
The annual Lloyds TSB Review of the Cost of Moving Home was recently released to the press. On face value, the report is yet more bad news for Home Buyers, claiming that the ‘Cost of moving rises faster than house prices over the past decade’.
September 2011 sees the introduction of a new mortgage verification scheme designed to help combat fraud; but is this going to result in a slower, more complex Conveyancing process?
According to an article in the Mortgage Finance Gazette, there has been a drop in mortgage approvals for the month of June compared with May. The figures show that there were 47, 643 loan approvals for house purchases, which was lower than the May figure of 49, 461 Furthermore, Nationwide reported that house prices fell by […]
According to Reuters (13. 7. 10) FSA are to ban ‘self cert’ mortgages as new rules will require evidence of income to be produced. ‘Self cert’ mortgages are where a borrower has obtained a mortgage by self certifying his income, i.e. they have not produced evidence of their income to the lender. ‘Self cert’ mortgages played […]
Six mortgage advisers were banned by the Financial Services Authority (FSA), yesterday, due to mortgage fraud. One of them was fined £130, 000 and the total number of brokers to have been banned this year is now 91. Click here to read the full report by ‘IFAonline’ published on 5 July 2010. The FSA are […]
According to BBC online news on 1. 7. 10, lenders are warning that there is going to be a new squeeze on mortgage availability. Although, we have seen improvements recently in the mortgage market, it is feared that this will not last and lending is to get tougher, they say, based on reports from the […]
The Law Society Gazette reported on 17th June 2010 that mortgage fraud continues to rise based on the latest figures issued by the Solicitors Regulation Authority. These figures are particularly worrying for conveyancers. Peter Rodd, a member of the Law Society’s money laundering task force, said that most of the £15bn of criminal funds is […]
The mortgage lender, Platform, has just launched a new product solely for joint property buyers. They say that research has shown that those with joint mortgagees tend to ‘perform better’ than those with a mortgage in their sole name. They are therefore able to offer favourable rates to joint applicants. Click here for the full […]