Date:12 October 2010 I Comments: 1 I Views:9,110

I haven’t been paying too much attention to the mortgage market lately because frankly it’s a little slow and somewhat tainted by stigma (having joined the industry in late 2007) but it’s been almost impossible to miss the presence of Santander. Until recently they had been dominating the results tables of mortgage research with leading rates and a wide variety of choice. Be it in the guise of Abbey or Alliance & Leicester there is no denying Santander’s aggressive stance in the mortgage arena but recently other lenders have started to pepper the top spots. Surprisingly Woolwich seem to be pricing themselves

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Date:3 September 2010 I Comments: 6 I Views:10,758

House prices are up! House prices are down… Now they’re up again! And now there down again. And when they are only halfway up they’ll be neither up nor down…. And that’s where they need to be, neither up nor down but on a bit of a plateau. While that’s going on, earnings need to go up which will bring down the – House Price : Earnings. In order for earnings to go up, inflation needs to rise steadily. In order for inflation to rise steadily people need to have enough money to keep buying stuff. How do they find more

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Date:20 August 2010 I Comments: 0 I Views:7,184

If you are: 1/ An experienced landlord 2/ Can afford a 30% deposit 3/ Want to buy a Buy-to-Let property that needs some work Then it may be possible to get over half the deposit back once a bit of redecorating work has been done as well as recoup some of the cost of the redecorating. There is a mortgage product available known as a ‘Light Refurb’ offer. The way it works is this: 1/ 70% of the current property value is advanced (subject to the potential rental value) 2/ The ‘light refurb’ work is carried out (within 3 months) 3/ 70% of the

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Date:22 July 2010 I Comments: 6 I Views:11,919

There has been some news about this in the past but I have now experienced the affects of Japanese Knotweed on a mortgage application first hand so I can now add to the melting pot. My client had found a house they wanted, we put their application in, the mortgage lender contracted a surveyor to value the property and this came back fine so the mortgage was offered. The client had had an independent survey carried out and in total honesty mentioned to their solicitor that there was ‘nothing on the survey apart form the mention of some Japanese Knotweed’.

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Date:29 May 2010 I Comments: 1 I Views:8,601

Now a millionaire doesn’t necessarily have to have £1 million in the bank. It’s possible to be considered a millionaire if you own assets like a house/yacht/racehorse that are worth a million or so. Owning a house worth £1 million or more with a mortgage of £750,000 doesn’t technically make you a millionaire until the mortgage is paid off or the house goes up in value and the mortgage goes down. And when a house already worth £1 million or more goes up in value, it does so by the same percentage as the average house (roughly speaking) so the

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Date:20 May 2010 I Comments: 0 I Views:6,282

……..and, they’re gone. HIPs are no longer required when selling a house. Did they make much difference while they were around? It’s possible a number of houses remain unsold due to a poor energy rating (although the hole in the roof was obvious) and they will stay that way because Energy Performance Certificates are still required. EPC’s were about the only useful piece of information in a HIP although the sustainability information required for newly built properties is quite interesting for today’s environmentally conscious homebuyer. EPC’s are provided by accredited energy assessors and should cost around £100 for an average sized house but the

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Date:21 April 2010 I Comments: 1 I Views:18,646

For many years a multiple of earnings has been considered a way to gauge how much a mortgage lender will lend. For example, if a mortgage lender suggests they would lend 5x income, someone with a £10,000 salary would be able to borrow £50,000. In some instances this is still partly the case but to safeguard against overstretching individuals with high outgoings, most lenders will also now look very closely at the whole affordability picture. For example, Woolwich still use a 5x salary multiple as a guide but they also insist a borrower has a minimum amount of disposable income

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Date:13 April 2010 I Comments: 2 I Views:15,181

Typically, self employed people wishing to obtain a mortgage require at least 2 years worth of accounts or, very solid business projections with an accountant’s letter or certificate. Small business owners who are the only director of their limited company are also considered self employed for mortgage purposes. Historically, to calculate how much an applicant can afford, mortgage lenders will use an average of the last 2 years figures and depending on the lender the figures will consist of: Salary + Dividends or Net Profit + Salary However if the net profit of the business has declined in the last

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Date:22 January 2010 I Comments: 5 I Views:7,547

I wasn’t going to write this as its after 8pm on a Friday and I really should pack up for the day but as I went to shut down I went to close the website I was researching and thought, what the hell. Over the last few months, fixed mortgage rates have been gradually creeping down and now deals are available from around 3% with plenty of other offers between 3% and 4%. Sounds good but all of the best rates on the market are for 2 year offers. If you, like many others fear interest rates will rise in

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Date:7 January 2010 I Comments: 2 I Views:7,067

In what has been described as a “landmark” ruling by newspaper The Mail, a judge has awarded damages of over £130,000 to a property developer after an unnamed buy-to-let investor pulled out of a deal to buy two flats in a Plymouth city centre new-build. The 122-unit development has been plagued with troubles since the onset of the property crash, with just 18 flats sold so far and the remaining having to be let out by the developer, Prestige Homes South West. However, the group’s victory in court has no doubt helped their plight. Since Prestige Homes won the case

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