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John Charcol regularly contributes to all forms of media and our lead spokesperson, Ray Boulger, is widely regarded as the guru of the mortgage market. Ray is a regular on BBC Television, BBC Radio, ITV and Sky News. As well as broadcast media, he is a regular in the Financial Times, Sunday Times, Sunday Telegraph and other leading newspapers.
Here is a selection of the latest developments at John Charcol.
It is now a year since regulatory changes opened up the mortgage market to older borrowers. JC's Ray Boulger says: “I think the principal reason why the big lenders have chosen, so far, not to launch into this market is that the underwriting requires different considerations to mainstream lending."
A new breed of interest-only mortgage for older people is starting to take off. These deals could throw a lifeline to thousands of people who have an interest-only home loan that’s coming to an end, but don’t know how they are going to pay back what they owe. JC's Nick Morrey says demand for the new deals isn’t high at the moment, in part “because the public don’t know they exist and what the benefit is”.
One year after the financial watchdog changed its rules to allow thousands of retired borrowers to extend their interest-only mortgages, This is Money can reveal that the initiative has failed spectacularly. Broker JC's product technical manager Nick Morrey said: 'The deals themselves are not particularly inspiring or cheap.'
Making customers understand their broker's value is the first step a mortgage adviser needs to go through to avoid to lose them. Our mortgage technical manager Nick Morrey explains how John Charcol strengthens their relationships with clients.
Brexit has forced people to turn to second charge mortgages as the UK continues to face economic uncertainty, it has been claimed. JC's Nicholas Morrey said: "Brexit has certainly caused uncertainly. As a result, fewer people are moving property and instead are looking to do home improvements."
Home improvements can add as much as £40,000 to the value of UK homes, according to new research. “If you are in a terraced house with no off-street parking, a loft extension to get more bedrooms may not attract the higher price of a similarly sized detached/semi-detached property that has off street parking and a garage," said JC's Nick Morrey.
Ray Boulger of John Charcol and David Hollingworth of L&C Mortgages have both called for Chancellor Philip Hammond to raise the threshold for stamp duty in today’s Spring Statement.
Lenders are offering a range of “secret” loans to existing customers so that they don’t lose our valuable business. “A better deal will often be available by remortgaging, but if the difference is small and the existing lender offers a suitable product, many borrowers will opt for a product transfer for its simplicity,” says JC's Ray Boulger.
Almost two in five buy-to-let landlords are looking to hike rents to remain profitable since the tax changes, whilst more than a third are also taking into account other options, such as getting a new accountant, cutting costs or buying yielding assets. JC's Ray Boulger said there has been a move by some landlords to switch to better yielding assets, reducing exposure in high priced areas where yields tend to be low and buying in the North and Midlands.
This week HMRC launched its most high-profile crackdown yet on the sector, raiding 50 estate agencies suspected of failing to register under anti-money laundering rules and revealing fines to others. “One of the reasons for the weakness of the top-end London market is the crackdown on money laundering,” said JC's Ray Boulger. “As a result the demand for higher-priced property in London will be permanently reduced.”
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