If you’re an older, wiser, more settled borrower could you benefit from a longer term on your mortgage deal? We think you could, but it’s important to be mindful of those exit penalties…
If like us you’re a closet fan of the BBC’s Homes under the Hammer property show (if you’re not then where have you been?) you’ll know that investing in property at auction is a popular choice for many buy-to-let landlords. With bargains to be found and high rental yields achievable, buying a property at auction can be a fantastic way to expand your existing property portfolio or even purchase your first. Equally in can be an excellent way to pick up a residential home, but often properties sold at auction may be in a poor state or repair, so you’ll need to be willing to do some work.
The Channel 4 show, Love it or List it, presented by Kirstie Allsopp and Phil Spencer has shown us that we don’t necessarily need to move to get a bigger, better house. And over the last few years, we’ve seen that more and more of our clients are looking to stay put and renovate and improve their homes.
So you’re looking to move home? The process of moving home is usually for positive reasons, like moving to a new area, buying a larger property or because you’re starting a family or perhaps a new job? It’s often said that the process of moving home can be stressful and traumatic but it needn’t be, at least not from the perspective of your existing mortgage finances.
Unless you’ve had your head in the sand the past few months you’ll be more than aware of the impending tax and regulatory changes, spearheaded by the former Chancellor George Osborne, that will be leaving landlords feeling squeezed, angry and pondering if buy to let is still the right place to invest their money?
Last week HSBC has announced that it is increasing the rates of all fixed rate products by between 0.1% to 0.5% . For fixed rate mortgages, especially the longer term ones, to borrow from the song, it looks like “the only way is up”. Now that might seem quite a bold statement but figures released by the Council of Mortgage Lenders (CML) just last month revealed that home loan affordability had reached an historic low for both those looking to get on and those already on the UK housing ladder.
What are second charge mortgages, why have they increased in popularity and when are they useful? Our resident mortgage expert Alistair Hargreaves explains what a second charge mortgage is, also known as a secured loan, and when they might be beneficial.
Philip Hammond’s first and last autumn statement (the Budget will now be in the autumn with a spring statement) may have disappointed those who expected Prime Minister Teresa May’s “Jam”-focused government to provide a radical new direction from that of David Cameron. Despite the fact that when May came to power in July she stated that her focus would be on those who are ‘just about managing’, or Jams as they are have been named, yesterday’s autumn statement didn’t really signal a sea change.
Today the Chancellor Philip Hammond unveiled his plans for the UK economy. With less than two thirds of the UK population owning their home and increasing numbers renting, the Chancellor stated that “the goal of home ownership remains out of reach for too many” and that there was a pressing need for more affordable housing.
Help to Buy can help you open the door to owning your own home faster. The government initiative helps people who are struggling to find the deposit to buy a home. It's available to first time buyers and existing homeowners who are finding it difficult to move further up the housing ladder – but did you know you could also use the scheme to buy your first home with a friend?