New Governor of Bank of England could end Help to Buy
If the Help to Buy scheme threatens to create a housing bubble, the new Bank of England governor has pledged to bring it to an end. Speaking to Sky News, Mark Carney said the scheme would not be extended if it posed any threat to the stability of the economy. Mr Carney said: “If the […]
Land Registry e-DRS terms and conditions update
The Land Registry has opened up their electronic Document Registration Service (e-DRS) to every professional customer who sends an application to change the register. Previously the service was only open to conveyancers but the Land Registry have decided to meet customer demand by simplifying the terms and conditions that govern the use of electronic channels […]
House prices continue to rise
UK house prices have increased by 3.9% from July 2012, their highest annual rate since August 2010. According to the latest Nationwide House Price Index the average UK home is now worth £170,825. Robert Gardner, Nationwide’s Chief Economist, said: “UK house prices rose by a robust 0.8% in July, providing further evidence of an upturn […]
Buy-to-let lending worth over £5 billion
In the second quarter of 2013 lenders advanced 40,000 mortgages to buy-to-let investors, worth £5.1 billion. According to data published by the Council for Mortgage Lenders (CML), both the number of buy-to-let loans and the value of lending were the highest since the third quarter of 2008. Year-on-year, buy-to-let lending was 19% higher by volume […]
New lender focuses on those with adverse credit
New mortgage lender, Magellan Homeloans, has launched a pilot mortgage service aimed at borrowers unable to gain mortgages from traditional high street lenders. Their target market is borrowers who have experienced a one-off life event which has resulted in an adverse credit record. They have said they will consider applications from individuals who can explain […]
Average second-time buyer is 42 years old
Prospective second time buyer are now likely to wait 14 years before moving on from their first home. According to the Post Office’s Step-Up report second-time buyers now wait 15 years longer than in the 60s to move up the property ladder. In the mid-1960s, second-time buyers had to wait just three years before moving […]
ITV show highlights £7.8 million mortgage fraud
Thursday’s ITV Fraud Squad programme revealed how fraudsters stole £7.8 million from Britain’s banks in a sophisticated mortgage fraud. The programme showed the Economic Crime Department of the City of London Police at work, as well as including interviews with victims who have been conned out of huge sums of money. Commander Steve Head, in […]