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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.
Homeowners are facing a rise in mortgage costs even without an increase in the official interest rate after the Bank of England pulled the plug on a scheme that has pumped tens of billions of pounds into banks to help fuel lending. JC's Ray Boulger said the Term Funding Scheme has been keeping mortgage rates low. 'If you go back pre-credit crunch, the bank rate was the only significant weapon the Bank had,' he said. 'Now they have got a lot of other options.'
Brokers need more lenders offering Airbnb mortgages, following the growing demand from clients who wish to purchase on a holiday let basis, analysis conducted by Mortgage Solutions found. JC's Ray Boulger explained that if the whole property is being let, there will be a maximum period, typically three months, and expected rental income will be ignored in the affordability assessment.
Self-employed women take less maternity leave than their salaried sisters because they can’t afford the time off, research from John Charcol suggests.
Joint borrower sole proprietor mortgages allow parents and other relatives to club together with their children, using their combined earnings to secure a loan. JC's Nick Morrey says that the best deals for joint borrower sole proprietor mortgages are with Barclays.
The UK's financial watchdog has said it will take 'immediate action' to help tens of thousands of mortgage prisoners unable to switch to a cheaper deal. JC's Nick Morrey said: 'At least the FCA is trying to open the door that will encourage lenders to allow them to take them on. But you can’t force lenders to take on bad debt.'
A growing number of would-be homebuyers are choosing to rent while waiting for Britain’s exit from the EU to produce bargain property prices. JC's Ray Boulger said that many would-be buyers were holding off as Brexit enters its supposed end stage.
Borrowers are stretching their mortgages later into life, with more than a third of deals now set to run past the age of 65. "Most building societies have now extended their mortgage age limit to 80 or have no maximum age at the end of the mortgage term," said JC's Ray Boulger.
Brokers expect Secure Trust Bank to exit the mortgage market for the foreseeable future if the plan to stop originating new mortgages goes ahead. JC's Ray Boulger said: “Their statement suggests it could be short-term, but they may need to make redundancies or reallocate their origination department which means if they come back in they might have to hire them again."
Hinckley & Rugby Building Society has launched two residential mortgages for later life borrowers that are more competitively priced than any retirement interest-only deal currently available. JC's Ray Boulger said although these two later life products are not retirement interest-only mortgages (RIOs) they have some features of a RIO and are priced more competitively than any RIO currently available.
First-time buyers have been given a boost as interest rates have tumbled on mortgages that require only a 10% deposit. The cheapest two-year fixed-rate deal with a 10% deposit is now 1.79%, with a £999 fee, from HSBC. A year ago the best deal with the same fee, from NatWest, charged 1.84%, according to the broker John Charcol.
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