High-risk borrowing is at its highest level since the 2008 financial crisis, according to the Bank of England. But as first-time buyers benefit from record low fixed rates, there is a danger that some are overreaching themselves.
Super-long fixed rate mortgage deals continue to make a comeback, as Virgin Money launches the first 15-year fix since 2008. The mortgage is available for buyers with surprisingly low deposits – but such long deals may not be right for every buyer.
The Help-to-Buy ISA closed to new applicants in 2019, while another popular home-buying resource – the Help-to-Buy equity loan scheme – is also ending in the near future. But this double whammy for first-time buyers isn’t as bad as it looks.
Returning home from a three-week absence, Surrey resident Angela Ellis-Jones was horrified to find she was no longer her house’s registered owner – and faced a four-month fight to get the property back.
For years many homeowners in leasehold properties have been vulnerable to a raw deal, if their landlord chooses not to play fair. A new government enquiry seeks to establish the extent of the problem, with a view to achieving greater protection for homebuyers.
What’s keeping you from buying your first home? Most likely it’s saving up enough for a deposit. We look at how much you might need, how long it may take, and the fastest and most effective ways to build up the money you need to get on the property ladder.
Many in the UK remain unaware of how much their credit file may be influencing their lives. A simple scoring error derailed the career of IT manager Debbie Scott, while the cost of borrowing varies widely across the country – and credit data may even affect which ads you see.
A rise in interest rates is only a matter of time – it’s just that no-one’s sure exactly when. So it’s a good idea to review your own mortgage now, to make sure your home will be secure whichever way the wind blows.
It looks like bamboo, it tastes like sour rhubarb, and it can knock tens of thousands off a property’s value. But are the scare stories surrounding Japanese knotweed really justified? And what should you do if you find it?
A landlord has been forced to hand back £15,000 of rent due to not having the correct licence on his property. The action brought by five tenants highlights the need for landlords to ensure they are fully compliant.
The slowdown in the housing market caused by Brexit uncertainty is showing signs of shifting, thanks to the postponement of the UK’s leaving date. Asking prices are bouncing back as more homeowners decide they can wait no longer.
Many older people turned to their properties as a source of cash last year, due to the rising costs associated with later life. In 2018 homeowners borrowed nearly £11 million a day against the value of their homes, via the process known as ‘equity release’.
Thousands of people across the UK may be unable to switch their mortgage to one with lower interest rates. The FCA is now considering changes to its strict affordability criteria that have made it harder for homeowners to remortgage.