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Category: Mortgages

How the surge in house prices could affect securing a mortgage

02.10.2020

House prices have reached a record high following the introduction of the Stamp Duty holiday and viewings now being allowed after a temporary ban due to Covid-19. The Halifax House Price Index reports house prices have increased by 5.2% year-on-year; the strongest growth since 2016. Despite current economic uncertainties, the average house price is now more than £245,000. This is the highest ever average recorded by Halifax. This rapid...

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Older borrowers facing challenges securing mortgages

08.09.2020

If you’re in retirement and have mortgage debt, research indicates it can be far more challenging to secure a mortgage. You may be forced to pay higher interest rates without a new deal, placing further pressure on your finances. It’s not uncommon to still be paying off a mortgage after retirement. And as the average age of first-time buyers is gradually rising, it’s a trend that’s expected to continue. In fact, in 2018, around a fifth of...

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Rise in flexible working could affect the housing market

21.08.2020

The Covid-19 pandemic is expected to be the catalyst for significant workplace changes, including more flexible working options. It’s a trend that could affect the housing market as aspiring buyers shift their priorities. When searching for a home, ease of getting to work has long been a priority for buyers. Sellers with properties that have benefitted from excellent transport options or are located in commuter towns have benefitted from rising...

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5 things to consider before taking on a second mortgage

07.07.2020

Are you thinking about taking on a second mortgage? Perhaps you want to purchase a holiday home for your family to enjoy, or maybe you want to invest in the Buy to Let market to provide an income in retirement. There are plenty of reasons why you may want a second mortgage, but it’s a big commitment that needs to be carefully assessed too. It’s easy to see why a second property can be attractive. Property prices have soared in recent decades...

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LTV and what it means for your mortgage

07.07.2020

When it comes to finances and mortgages, language can be filled with jargon and acronyms. If you’re looking for a mortgage product, whether you’re a first-time buyer or stepping up the property ladder, you’ve probably come across LTV when searching. While it’s easy to overlook, it’s an important part of getting a competitive deal. What is LTV? LTV stands for loan-to-value. It refers to how much you’re borrowing through a mortgage in...

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What does the coronavirus mean for my mortgage?

20.04.2020

Millions of Brits have faced losing their jobs or a reduction in pay as the coronavirus pandemic has forced businesses to take action. Some firms have been forced to close due to the nationwide lockdown, whilst others will have reduced working hours or laid off staff to minimise losses during uncertain times. For some, it may mean struggling to keep up with usual outgoings, such as mortgage repayments, but steps have been taken to offer...

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7 tips for securing a mortgage if you’re self-employed

13.02.2020

Millions of people are now self-employed, and it could provide more flexible opportunities for those that are traditionally employed. But, as your income may fluctuate, it can be more difficult to secure a mortgage from high street lenders. If this is something you’re struggling with or have concerns about the future, there are things you can do to improve your chances. More than 4.8 million people are self-employed in the UK. This accounts for...

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6 areas where a mortgage adviser can add value

22.10.2019

Taking out a mortgage is a big step. Whether it’s for your first home or as you’re moving up the property ladder. With the length of mortgage increasing and house prices rising considerably over the last few decades, getting the right mortgage is essential. It could save you money and come with other benefits. You may be thinking of going down the DIY route when choosing a mortgage. But there are reasons why choosing to work with a mortgage...

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The cost of being a landlord in the UK

10.09.2019

House prices and rental yield have risen significantly over the last few decades. So, it’s no surprise that becoming a landlord is often seen as an attractive way to supplement income or create a nest egg for retirement. However, research shows that landlords have to contend with significant costs too. If you’re thinking of using property to build up your wealth, it’s important that you go ahead with a clear understanding of how much a...

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6 tips for securing a mortgage if you’re self-employed

10.09.2019

The ability to work flexibly has led to far more people becoming self-employed. In fact, official statistics indicate there were more than 4.8 million self-employed workers in 2018, a figure that’s likely to increase further. Whilst the flexibility it offers can certainly be appealing, it can make securing a mortgage to get on the property ladder challenging. If this is a position you find yourself in, there are things you can do to improve your...

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