lenders

lenders

Mortgages: interest-only deals a ‘ticking time bomb’ for one million homeowners

04 September, 20150 Comments
In a report on The Independent, Citizens Advice are calling interest-only mortgages a ‘ticking time bomb’ after nearly a million UK homeowners are found to have no way to pay off the money they owe. An interest-only mortgage gives the borrower cheaper monthly payments as they only pay the interest on their home each month;
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Want a mortgage? Don’t eat steak!

12 May, 20140 Comments
It emerged last night that mortgage applicants are being asked ‘Spanish inquisition’ style questions, including whether they play golf or eat steak. Some interviews have lasted up to 3 hours where applicants have been quizzed over the price of haircuts, their plans for more children and even their hopes of a pay rise. These questions
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Lifestyle quiz to secure a mortgage comes into force today

26 April, 20140 Comments
From today, new rules come into force that mean borrowers across the EU will be refused a mortgage if they fail a standard affordability assessment. According the the Financial Conduct Authority (FCA) the Mortgage Market Review (MMR) will ‘put common sense at the heart of the mortgage market and prevent borrowers ending up with a
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Government says benefit claimants more responsible than workers

31 March, 20140 Comments
The majority of the Mortgage Market Review changes will come into effect on 26th April 2014, where new rules will mean that borrowers across the EU will be refused a mortgage if they fail a standard affordability assessment. Please read : Mortgage Market Review explained by the FCA. Please read : How will the Mortgage
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ICO say Social Landlords need to do more to protect tenants’ sensitive data

24 February, 20140 Comments
A recent report by the Information Commissioners Office has found that social landlords need to do more to protect their tenants’ data. Based on the findings from 9 visits and 4 audits of Housing Associations and “Arm’s-length management organisations”, the ICO found that social landlords need to improve their policies and procedures regarding data sharing,
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” Be open about your financial past before embarking on home ownership ” urge Equifax

04 February, 20140 Comments
Leading online credit information provider, Equifax, is urging couples looking to purchase their first home together to reveal any financial commitments they may have kept hidden from each other, before entering a new shared financial agreement such as a mortgage to buy a property. The warning comes as tougher affordability rules are set to be
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Accurate tenant referencing and landlord communication is the way forward

03 February, 20140 Comments
With the impending welfare reform via Universal Credit, legislation to tackle illegal immigration, more landlord Licensing schemes being implemented and stories such as Landlord Fergus Wilson’s recently hitting the headlines; landlords and letting agents need to realise the severe implications if they continue to go about their business without the means of accurate and thorough
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Yet again, one law for tenants and another law for landlords

18 October, 20130 Comments
This week Eric Pickles has announced that millions of tenants will get a better deal when they rent a home, under new plans to help hardworking people. An ambitious package of proposals has been released by the Secretary of State to ensure England’s 9 million private renting tenants are protected from being ripped off by
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