UK house prices: The bespoke mortgage challenge for entrepreneurs when buying a house – Investec Comment September 20, 2015 Buying a house can be tricky at the best of times, but if you own your own business, are self-employed, or work in private equity, the process can be more difficult still. Why? The first stumbling block is income. Some lenders' application processes may be fairly black and white: you either meet the criteria [...]
UK house prices are set to go through the roof, with the fastest growth in London September 18, 2015 House prices are growing at a robust pace this month while mortgage lending has surged as the housing markets heat up. Estate agent Knight Frank’s house price sentiment indicator today scored 59.3 for September, with scores above 50 indicating price growth. The fastest current growth is in London. Households’ overall expectations of [...]
Mortgage industry says EU rules will offer little benefit and hit lending September 13, 2015 NEW EU rules on mortgages are likely to dampen lending volumes, the industry has warned today. The European Mortgage Credit Directive was likely to depress lending activity, according to 74 per cent of mortgage brokers surveyed by the Intermediary Mortgage Lenders Association (IMLA). A similarly high proportion of lenders – 71 per cent – held [...]
Alternative lenders are a blessing, not a curse, for the retail banking market September 10, 2015 The dominance of the big banks is under threat. A study released this week by the University of Edinburgh Business School, conducted among 200 of the world’s top global experts in credit, has found that three-quarters believe alternative lenders pose a real challenge to banks and traditional lenders. The findings are echoed by a report [...]
Building bonanza at Barratt as profits jump 45 per cent September 9, 2015 Success in the housebuilding market continues apace, after Barratt reported another jump in profits. The figures This kind of fare has become standard among housebuilders in recent years: profit before tax jumped 44.8 per cent to £565.5m in the year to the end of June, while revenues rose 19.1 per cent to £3.76bn and basic earnings per share jumped 45.8 per [...]
UK housing marktet: Record low rates spur mortgage lending climb September 9, 2015 Record low borrowing costs and competition between banks led to a rise in mortgage lending from April to June, figures released by the Bank of England and Financial Conduct Authority showed yesterday. The total value of mortgages advanced was £52.5bn over the period, a 15.1 per cent jump on the same time last year. The [...]
Citizens Advice warns of ticking timebomb for one million interest-only mortgage customers September 4, 2015 One million interest-only mortgage customers are sitting on a ticking timebomb, with no idea how they'll pay off their mortgage once their term is up, a charity has warned. Citizens Advice said this morning that while 1.7m people with interest-only mortgage products have no linked repayment vehicle, such as an endowment or Isa, 934,000 of [...]
High prices and rate threat lifts remortgaging August 31, 2015 MORE Brits are cashing in on the rise in the value of their property by remortgaging, according to new figures from a broker. The average remortgage loan reached a new high of £170,094 in July, the Mortgage Advice Bureau (MAB) said yesterday. The data indicate that borrowers are opting to cash in on property gains [...]
August Bank Holiday 2015 blues for Barclays, RBS and NatWest staff as local branches stay open August 27, 2015 In these modern times of accessibility and 24-hour contact, is the Bank Holiday becoming part of Britain’s history more than a cultural event? Three lenders were excited to announce the desecration of the sacred so-called bank holiday weekend by opening branches across the country. While execs and chairs head off to their homes in the [...]
Looming bank tax fails to dampen spirits at OneSavings Bank August 27, 2015 Specialist lender OneSavings Bank yesterday announced a 60 per cent increase in profit in the six months to 30 June, and said it remains confident that it will continue to “exceed financial objectives” in 2016 despite the new UK bank corporation tax. The challenger bank reported an underlying profit before tax of £47.6m, exceeding forecasts [...]