News
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UK Debt Map of Limited Use to First-Time Buyers
Housebuilder LPC Living has warned off would-be housebuyers from relying on a ‘debt map’ launched this week when considering their eligibility for a mortgage. Payplan, one of the UKs largest debt management companies, launched the interactive service earlier this week. The report, based on 40,000 inquiries, shows the number of people to seek debt advise within a particular post code area as well as the average debt per person and [...]
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First-Time Buyers In The Dark
The majority of young people are unaware of help available to buy their first home according to research by BBC Radio 1. Three quarters of those polled aged 18-29 said they had no or limited knowledge of shared ownership schemes which are designed to help would-be house buyers get on the property ladder. Under the scheme the buyer takes out a mortgage on part of the property and pays a [...]
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First-time buyers overlooking help on offer
A report by the UK’s largest mortgage lender suggests a third of would-be first-time buyers have given up putting money aside for a deposit. Halifax, which is owned by Lloyds Banking Group, found that half of those polled felt the country could be destined to become a nation of renters like much of continental Europe. With the average deposit standing at almost £27,000, 35% of those questioned felt the only [...]
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Mortgage competition welcome news for consumers
Housebuyers could save up to £600 a year on their mortgage repayments with the prediction that a raft of new lenders will shortly enter the market. According to a recent article in The Telegraph, a raft of new entrants to the mortgage market such as NBNK and Home & Savings Bank will provide increased competition, in turn, reducing interest rates to less than 1.5%. The drivers behind the new entrants [...]
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Calls for more lending to first-time buyers
A leading provider of affordable homes in the North West has called for more assistance to be made available to first-time buyers following reports that banks are favouring buy-to-let landlords. According to an article in today’s Daily Mail there has been a sharp increase in those seeking to invest in rental property as the returns are often greater than those offered by high street savings accounts. The average rental yield [...]
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LPC welcomes first-time buyer increase
LPC Living has welcomed figures released by the Council of Mortgage Lenders which show a 20% increase in the number of first-time buyer mortgage approvals in a month (according to The Telegraph). In March 2013 a total of 19,100 loans were approved to new homeowners compared to just under 16,000 the previous month. First-time buyer mortgages accounted for 45% of all home loans approved. Scott Neal, marketing manager for LPC [...]