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Broker searches have gone from acceptance prices as the UK “is in the grip of the perfect storm of high inflation, a cost of living crisis and a change of government”, says Knowledge Bank. Top research in the residential sector was the maximum age of a borrower could be at the end of the mortgage …

Northern Ireland has seen its condominium property value limit rise to £190,000 as part of a decision by the Department for Communities. The property value limit is the cap on the value of a property that can be purchased as a condominium and applies to condominium, rent-to-own and condominium for over 55s. The previous property’s …

The UK government will set out its vision this autumn to ‘unlock home ownership’ for a new generation by building more homes in the places people want to live and work and shaking up our housing market, according to the plan. Treasury growth 2022. Chancellor Kwasi Kwarteng announced in this morning’s mini budget that “a …

Government plans to legislate for rental landlords to pass £400 rebates on tenants whose bills are included in their rent have been branded ‘demon landlords’ by the National Residential Landlords Association. The move comes after housing group Shelter said tenants were at the “thank you” of landlords passing on the support, first announced by Chancellor …

Rumors of stamp duty cuts on Friday as part of the government’s mini budget were described by Edinburgh Mortgage Advice founder Mark Dyason called it a “very cynical move because property prices are a sign of the country’s wealth”. It was reported this morning that new Prime Minister Liz Truss and Chancellor Kwasi Kwarteng are …

Glenhawk has launched a range of unregulated bridging products that double its existing loan amount to £10m, targeting professional landlords with residential and hotel properties. The range covers residential loans up to 75% loan-to-value, commercial and mixed commercial agreements, up to 70% LTV, and development exits, up to 75% LTV, explains the specialist short-term lender. …

New Prime Minister Liz Truss and Chancellor Kwasi Kwarteng are considering lowering stamp duties, The Times reports. The cut is believed to be announced this Friday, September 23, as part of his cabinet’s mini budget. Truss has made no secret of his wish to cut taxes in a bid to boost Britain’s economy, which is …

Glenhawk has agreed a £200m senior funding line with NatWest Markets to augment its regulated and unregulated lending. The specialist short-term lender says the new line will support its unregulated product range, which will focus on renovation and light development projects, larger loans and commercial property – as well as increasing of its regulated offer. …

The most borrow-dependent movers are starting to cut budgets in the face of rising interest rates and rising costs of living, according to data from Savills. A late August survey of more than 1,000 potential buyers reveals that commitment to move has also declined, at least in the short term. The net balance of people …

According to Bridging Trends data for Q2 2022, average short-term lending rates continue to decline, from 0.71% in Q1 to 0.69%; a long-standing trend, ranging from a slow rise over the decades to a steep decline in recent years as the market grew in competitiveness, sizeand accessibility. The question is when will short-term financial rates …

Even the most optimistic among us will find it hard to deny that the next two years could be very difficult for the industry. Despite the Bank of England’s various efforts to avoid a recession, we hear interest rate forecasts to exceed 3% by the end of the year and inflation continues to beat forecasts …

The second mortgage market continues to experience rapid growth, supported by significant economic and social changes over the past two and a half years. Data from the Finance & Leasing Association shows the market added £130m in new business in June 2022, which is a 29% increase on the same month in 2021. Customers should …

Coventry for Intermediates launched a range of three-year fixed-rate mortgages in response to the need for “medium-term certainty” in the face of rising interest rates. Coventry Building Society’s broker-only arm says the range will match corresponding rates in its two-year product range and comes after “broker feedback suggests growing client demand for medium-term certainty”. He …

At first glance, the housing market seems more intimidating than ever for first-time buyers (FTB). Prices have risen sharply in recent years – much faster than average wages – creating affordability issues for all buyers, but especially those trying to climb the first rung of the ladder, who don’t have of a cushion of real …

The industry must work to change public perception of the condominium (SO) market as the housing sector becomes more difficult for first-time buyers (FTB), says a panel of industry commentators. Speaking at a follow-up roundtable to Sesame Bankhall Group’s (SBG) white paper, ‘Overcoming the challenges facing first-time buyers in the UK’, Alex Beavis, SBG’s Director …

A study by MetLife indicates that 48% of homeowners in the UK are worried about their ability to pay mortgage payments. On top of that, research shows that 42% of the 2,000 owners surveyed by the company say they have no savings to use if they lose income. Young people with mortgages appear to be …

It’s no industry secret that many lenders are frantically pulling product lines – sometimes their entire supply – off the shelves with the promise of a quick relaunch. For example, according to data provided by Moneyfacts, things started in August with Post Office Money cutting its range, followed by the Coventry Building Society taking the …

According to Hodge Bank, the number of homeowners taking out retirement interest-only mortgages to consolidate debt has nearly halved in the past year despite the looming cost-of-living crisis. The percentage of customers who applied for RIO loans who wanted to reduce their debts has fallen to 7% so far this year, from 13% in the …

Reliance Bank has refreshed its range of home loans for the middle and direct market, but retains cash back incentives for key workers and condominium completions. The specialist lender adds that it will accept gifted deposits from family and friends when the source of funds is from the UK. It says key worker applicants will …

Foundation Home Loans has added a two-year “special edition” buy-to-let product up to 75% LTV to its Green ABC+ mortgage portfolio. Products are available at up to 75% LTV for limited companies and individuals looking to remortgage or purchase. The specialist lender is offering the deals as part of its F1 product line, for borrowers …

The new government led by Liz Truss, which takes office tomorrow, must restore tax allowances for homeowners to get them back on the market, said Cluttons manager James Hyman. Reacting to today’s news, Hyman said: “The new Prime Minister’s priority must be to ensure that interest rates do not soar out of control, as this, …

West One Loans has launched a bridging range with variable interest rates linked to the Bank of England base rate. The range is available at up to 70% loans offered across all of the specialty lender’s existing bridging product categories, including regulated and unregulated. Pricing starts from 70 basis points plus base rate for residential …

Searches for brokers fell 4.8% on mortgage platform Twenty7tec in August from the previous month, with the number of available home loans falling to its lowest level since July last year. The fintech company says there were 1.4 million buy and remortgage searches on its platform last month, a traditionally quieter time for the industry …

According to L&C, around a quarter of young workers are considering relocating now that remote working has become an established practice. The brokerage says in a survey that 26% of 16-24 year olds and 23% of 25-34 year olds plan to move now that they can work remotely, attributing those attitudes to lockdown work practices …

Sellers are willing to cut their asking price by up to £150,000 to entice a cash buyer for a smoother sale in a frenetic property market, according to GetAgent. The average asking price for homes listed in London is currently £486,931, but those looking for a cash buyer are signing up at an average asking …