Will my completed IVA affect my chances of getting a mortgage?

An IVA is an effective debt solution, there to assist those struggling to make the minimum monthly repayments on ‘problem debt’ that they may have and looking for a way to cut out negotiations with lenders. If you are considering an IVA, or attempting to discern if you qualify for one, then it’s also a good idea to look into how this debt solution could affect you when obtaining a mortgage.  So, will a completed IVA affect your chances of getting a mortgage? The short answer is yes.   Your credit score is affected   An IVA significantly affects your credit score, and while completing your repayments you will notice your credit score drop. This drop in number will continue to impact you until you start rebuilding your credit again. You will also be unable to take out credit of more than £500 without the permission of your insolvency practitioner,...
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Londoner’s annual rent to increase by over £5,000 in next five years

  As the new buy-to-let stamp duty surcharge takes hold, and landlords look for ways to offset the additional expenditure they are incurring on new purchases and take the sting off the proposed reduction in tax relief that will come into effect from 2017. Londoners renting in the capital could be facing an average increase in annual rental charges of £5,3281 by 2021, equating to an average monthly rent of £1,965 – up from today’s current average of £1,521.2 Claire Hodges, who lets a studio flat in Greenwich, has found her rent has increased already this year.  She said: “I was originally paying £725 per month when I signed my contract last year however in February I was notified this would be increased by another £25 per month to £750 from April.  It may not sound like a lot, but it certainly makes a difference to me. “Unfortunately it’s difficult...
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Mark Carney: Interest rates to stay low

Amid slowing UK growth and a weak world economy. Bank of England governor Mark Carney has said policymakers are in no rush to raise interest rates. He said "now is not yet the time" to hike rates from their historic low of 0.5% following turmoil in financial markets as oil prices have plunged and China's economic slowdown has spooked investors. Mr Carney delivered a speech at Queen Mary University of London, He said a rise in UK rates will "depend on economic prospects, not the calendar". “The year has turned and, in my view, the decision proved straightforward: now is not yet the time to raise interest rates,” he said. “The world is weaker and UK growth has slowed.” "That means we'll do the right thing at the right time on rates," he said. Mike Coady, Managing Director of deVere Mortgages, observes: “The collapse of oil prices, weak economic performance in...
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Government are going to debate the petition!

Good news -  I recently have heard from Matthew Moody, that the Government are going to debate the petition that many of you have signed. Bad news - it's NOT to reverse tax relief on mortgages its to Scrap plans forcing self employed & small business to do 4 tax returns yearly! The issue we have is that they've got to this figure in about 6 weeks - we are still lagging on 53000 signatures. Although more organisations are coming on board with this. Everyone needs to sign this petition to stop small landlords being targeted at the expense of big business and help spread the word. https://petition.parliament.uk/petitions/104880 Reverse the planned tax relief restriction on ‘individual’ landlords  
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Mortgage lending in the UK is back at pre-crash levels. What's next?

Mortgage lending has climbed to a seven year high due to rising house prices and increasing consumer confidence within the UK. Reports show that banks approved more loans and overdrafts in October than they have ever done over the last decade.  This has led to a new dilemma for policymakers. Bank of England governor Mark Carney only recently warned about the rising level of household debt. Andy Haldane, his chief economist agreed that they may have to intervene to reduce demand across board. Their concerns and position will be further strengthened by the fact that gross mortgage lending climbed to £12.9bn in October.  This is a 26% increase from October 2014 and is the highest level since the crash in 2008. There was also a rise of 21% for house purchase loans as the number rose from 44,825 in September to 45,437 in October. There are a number of factors...
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The CML report that gross mortgage lending continued to rise in October

The CML estimates that gross mortgage lending reached £21.8 billion in October – which is 8% higher than September’s lending total of £20.1 billion. Lending also rose 19% year-on-year from £18.4 billion in October 2014, in addition to the month-on-month rise. This is the highest monthly figure since gross lending reached £23.6 billion in July 2008. Bob Pannell, CML chief economist, comments: "As lending in the regulated mortgage space picked up over the summer months, the pace of recovery has improved. This looks set to continue over the closing months of the year with the factors helping support this recovery continuing to be low inflation, strong wage growth, an improving labour market and competitive mortgage deals. As a result lending this year is likely to exceed our forecast of £209 billion, though affordability pressures will limit business volumes for first-time buyers and movers meaning that we think the market has only...
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3 Ways to Reduce the Stress of Selling Your House

Selling your house is one of the most fraught, stress-inducing experiences that you’ll ever have to endure. There is so much riding on your transaction going to plan, from your financial situation to the next property you’ll buy, your ability to expand your family, and the job opportunities available to you. For lots of people, this simply becomes too much. Their stress levels rise, their anxiety levels peak, and they swear that they’ll never go through it again. Luckily for you, you don’t have to be one of them. There are lots of ways to ensure that your sale goes as easily and smoothly as possible, and here are three of them to inspire you… 1: Price Your Property Realistically A common ploy by homeowners is to price their property for more than they actually want. The idea behind this is that it will leave some wriggle room for negotiation,...
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Sales growth picks up speed as solid demand begins to filter through

Despite the fact that sales growth has gained significant momentum over the month, lack of new sales instructions and limited stock are seen as substantial restraints. The September 2015 Residential Market Survey results indicate that this may dampen transaction growth in the future. Although they report that demand is strengthening.
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Annual house price growth rises to 9.0%

  The Halifax recently released their House Price Index for August 2015. House prices in the latest three months (June-August) were 3.0% higher than in the preceding three months Prices in the three months to August were 9.0% higher than in the same three months a year earlier The average monthly costs associated with buying a three bedroom house in the UK for a first-time buyer are £56 lower than the typical monthly rent paid Commenting, Martin Ellis, Halifax housing economist, said: "House prices in the three months to August were 3.0% higher than in the previous quarter. This measure of the underlying rate of house price increased from last month’s 2.5% but remained below June’s 3.3%. “The underlying pace of house price growth is strong. The shortage of secondhand properties for sale on the market is resulting in upward pressure on house prices. At the same time, economic recovery,...
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How to Make the Most of the Market

Establishing a good buy-to-let portfolio can be arduous and time-consuming. Even when you think you’ve got things right, it can still feel like there isn’t enough time in the day. Unreliable tenants, empty homes, and all sorts of other problems can lead to a real headache. Here are a couple of things you can do to make life easier. Don’t Be Afraid to Ask Questions One of the biggest worries for any landlord is attracting reliable, long-term tenants who will pay their rent on time. While some people may feel uneasy, you should never be afraid of asking too many questions. After all, it’s in your interests to be aware of the potential tenant’s history before handing over the keys. Start by running a credit check to see if they have a history of paying their bills on time and check with their current employer to see if the information...
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80% LTV with no minimum income

“We have 4 lenders on our panel that will lend up to 80% LTV with no minimum income requirement.
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Why Student Property Investment should not be impacted by rising interest rates

For the first time since 2007, interest rates are set to rise in the United Kingdom. This is something which an investor has not had to worry about in a while. However, they are going to have to start. A rise in interest rates is going to have an impact on your mortgage and the amount of yield you get from the properties you own.
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CML report that Gross lending is up 29% in June!

Gross mortgage lending in June showed a significant rise compared to the previous month, according to the Council of Mortgage Lenders. It rose by 29% compared to May to an estimated £20.5 billion. In addition to the month-on-month rise, there was also a year-on-year increase of 15% on the £17.8 billion of lending undertaken in June 2014. Gross lending in the second quarter of 2015 came to £52.2 billion which was up 17% from the previous quarters £44.5 billion, and was a modest increase of 1% on the second quarter in 2014 when it totalled £51.7 billion. Forward indicators of lending suggest an upturn will be felt in coming months CML economist Mohammad Jamei said: Activity is picking up after a slow start to the year. Our lending figure for June may be flattered by the end of political uncertainties related to May’s general election, and the underlying picture is likely to be one of only modest...
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New analysis from Rightmove shows the biggest gap between demand and supply is in the first-time buyer sector

Key points New analysis from Rightmove shows the biggest gap between demand and supply is in the first-time buyer sector:  Number of enquiries per property for two bedrooms or fewer is 24% higher than for larger properties of three bedrooms or more  Challenge for government, planners and developers is how best to address this specific demand  Price of property coming to market sees marginal increase for the second consecutive month to a new record high, up 0.1% (+£191) to £294,542 Sharp drop in new seller numbers emphasises supply crisis and shortage of people trading up: Number of new sellers down 10.6% on same period in 2014  High June demand with Rightmove visits and enquiries to agents both up 22% on last year The price of property coming to market has hit a new record high for the second consecutive month, albeit only a small 0.1% (+£191) increase on the month...
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100% Buy to Let Finance

It’s now possible for experienced landlords to obtain 100% buy-to-let finance.
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Virgin announce reductions of BTL products

  “Virgin have today announced reductions to many of their BTL and residential mortgage ranges. Virgin are still one of the very few lenders that allow a day 1 remortgage which can be useful for taking out a bridge on renovation projects. Virgin also have a minimum property value of just £40k which can be useful for properties in the north.” To discuss contact our Mortgage Broker, Mitchell Mann. Click here to request a free consultation.   
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Arrears and repossessions continue to fall, says CML

Latest figures from the Council of Mortgage Lenders show a fall in the first quarter of this year in the number and the proportion of mortgages in arrears or ending in repossession. A decline was experienced in all arrears bands, and across both owner-occupier and buy-to-let lending.
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TSB Intermediary Enters Buy-to-Let Market

Landlords will now have the opportunity for a TSB buy-to-let mortgage through an intermediary as the bank now offers these through brokers. TSB intermediary is initially offering five-year deals up for 75% LTV and a maximum loan size of £500,000.
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Should UK House Buyers Take Advantage of Historically Low Interest Rates, Or Wait?

Whether you are thinking about buying your first home in the UK or you are planning to expand or downsize, it is to your advantage that you take a closer look at the current market conditions. Interest rates on home mortgages in the UK are at historically low levels and normally you may be wondering how long the interest rates will stay this low or if they will go even lower in the near future.
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Buy to Let Investing is still surging!

Buy-to-let investment is still surging, fuelled by impressive returns. A study conducted by a former economist last week claims that buy-to-let investments have outperformed all major asset classes over the past 18 years.
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