Mortgage Rules Nightmare!

We are investigating adding to our current residential mortgage to possibly fund a house move. This image from the Telegraph is exactly what I looked like last week after a conversation with our bank. When I booked the phone appointment with one of their mortgage advisors they said they would provide me with a list of documentation they would require before the call. They duly provided a list via email. As we are both self employed this was an ardous task. I had to scan into their online system 3 years of accounts, tax returns - business and personal, information from the HMRC, 3 months of bank statements and much more.   This probably took 2 to 3 hours to obtain all the information and to upload it all. We were told the call may take 2 hours!!  The advisor then proceeded to ask us very detailed questions about income, profits...
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2.39% Tracker available

Heres a mortgage update from Mitchell Mann “Things remain good for the buy-to-let mortgage market, with rates still available up to 85% with no early repayment charge, many lenders having no minimum income requirement and others with no maximum background portfolio limits. There are also some extremely attractive deals with no early repayment charge for borrowers with a larger deposit, at 75% LTV you can get a tracker currently at 2.79% and if you can manage 60% LTV the rate drops to 2.39% - We find our clients using these products on deals where a bridge would be too risky, for instance we recently had a client wanting to buy a property that had a large side garden that he wanted to obtain planning permission on to build another property. The risk was: Depending a) how quickly the planning application was processed, b) what changes the local authority might request...
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Wales house purchase lending up 9% in 2014

New CML data on the characteristics of lending in Wales in the fourth quarter of 2014 show it remains largely consistent with the previous two quarters of lending.
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6% more first-time buyers in London than a year ago says CML

The Council of Mortgage Lenders (CML) released today its various regional releases for the Regulated Mortgage Survey that reflect the different areas of the UK.
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Gross mortgage lending up 5% month-on-month

The Council of Mortgage Lenders estimates that gross mortgage lending reached £19 billion in October. This is 5% higher than September (£18 billion), and 8% higher than October last year (£17.5 billion). This is the highest lending total for an October since 2007 (£33 billion).
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Gross mortgage lending steady in September says CML

There is growing evidence that mortgage lending activity, and the housing market, are sitting on a plateau.
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Nationwide HPI shows continued stable increase

The Nationwide August HPI has seen continued stable rises in house prices with the 16th successive monthly increase. Monthly increase of 0.8% since July 2014, which saw a small 0.2% increase.
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House purchase lending steady despite MMR

The Council of Mortgage Lenders has reports steady growth in lending during the second quarter of 2014, despite the introduction of the Mortgage Market Review changes. Key Highlights: Buy to let lending was up 5% to £2.2 billion although the number of loans remained the same at 15,600. The yearly figures were strong though with a 38% increase in value and 23% in number 28,600 First time buyer loans in June - 7% higher than in May and 19% up over the year. By value this was up 11% in the month to £4.2 billion. Lending to home movers grew, though less than for first time buyers, with a 4% rise. Remortgaging remained muted. Quarterly the buy to let lending was up 3% compared to the first quarter of 2014 Paul Smee, director general of the CML, commented: “For the second month running since new FCA rules took effect, lending characteristics...
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CML see the pace of lending slowing

The Council of Mortgage Lenders saw lending growth slow in June. The total value of lending estimated by the CML was £17.5 billion in June 2014. It is 4% higher than the £16.8billion seen in May and 17% higher than a year ago, as well as being the highest monthly figure since October last year. It is also puts the quarterly gross mortgage lending at £50.8billion - a 10% increased from the first quarter of the year and 21% up on the same quarter last year. However with all this positive news the underlying pace of lending was seen as slowing, potentially a seasonal blip or possible a repercussion to the recent Mortgage Market Review. Commenting on market conditions in this month’s Market Commentary, CML chief economist Bob Pannell observes: "The macro-prudential interventions announced by the Financial Policy Committee in late June are finely calibrated and precautionary, but could nevertheless reinforce...
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Growth continues in mortgage lending in April

The Council of Mortgage Lending (CML) saw gross lending continuing to grow in April with Gross mortgage lending at appriximately £16.6 billion.
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Will the MMR make the residential mortgage market a safer place?

April 26th saw the biggest changes to mortgage regulation since the FSA (now the FCA) started regulating residential mortgages back on 1st November 2004 or ‘M-Day’. Aptly named the Mortgage Market Review (MMR) the changes were prompted in response to the financial crisis of 2008/2009 and are aimed at making the residential mortgage market a safer place in the future by placing greater emphasis on advice, affordability and tightening up rules on riskier types of lending. A brief summary of the changes are:- Advice must be given where there is any interaction between advisor and customer (there are some exceptions) whereas previously consumers could opt for a non-advised or ‘information only’ process, in fact prior to MMR some brokers/advisors only offered a non-advised process. Greater emphasis on responsible lending:- o   Greater focus on income and expenditure (affordability) o   Lending into or near to retirement will be scrutinised to ensure customers...
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Mortgage lending increased by 37% year on year

The Council of Mortgage Lenders gross lending monthly figures for April show a 37% year-on-tear increase.
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Is time running out to secure a mortgage?

For those on the fringes of affordability time could be running out to secure a mortgage. There are two reasons for this. The first is something the mortgage industry has been aware of and preparing for for the last couple of years; it’s called the Mortgage Market Review or MMR for short. These are a series of reforms that were set in motion in the wake of the financial crisis of 2008/09 and April 26th is the deadline for compliance with these new rules. However many lenders are implementing the changes throughout the month of April so they can be sure they’re ready in time for the deadline
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Asking price high broken as new record set

Rightmove March House Price Index sees asking prices break through the previous highs to set a new record across England and Wales. Key Figures Average asking prices through rightmove.co.uk up 1.6% over the month and 6.8% over the year. Average asking price for England and Wales is now £255,962 Broken the previous all-time high of £253,658 set back in July 2013 by an increase of 0.9% Slowdown seen in London with primer boroughs seeing price falls - yet a new record for the capital set, up 1.5% to £552,530 Rightmove.co.uk see an increase in supply to offset the buyer demand. 3.4% increase in properties advertised against last months figures Miles Shipside, Rightmove director and housing market analyst comments: “Spring is in the air and the country is finally on the move. With prices on the up and set to increase more, there is a greater sense of urgency among buyers, and...
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First time Buyer loans up 28% according to CML

The Council of Mortgage Lenders (CML) Monthly Lending Trends data released yesterday shows: 16% fall in home-owner loans for house purchase in January 2014 compared with Dec 2013, however it is up 30% since January 2013 Seasonal dip in First Time Buyer and home movers compared to Dec 2013, yet substantial increase compared to the previous year. 10% increase in volume of remortgage lending Buy to Let lending 1. Gross BTL advances totalled 15,700 loans up by 8% against December 2013 and 17% against January 2013. 2. Total value of the loans was £2.1bn, and increase o 11% over the month and 40% compared to January 2013. Lending for home-owner house purchase 1. 16% fall in number of loans advanced over the month in January 2014, but up 30% against the previous year 2. 48,600 loans advanced in January with a value of £8bn, a decrease of 14% in value Paul...
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First Time Buyers driving December 2013 increases

The Council of Mortgage Lenders new data for UK lending in December 2013 reports on the profile of lending across first-time buyers, home movers, remortgaging and buy-to-let. Total home owner loans for house purchases was up by 27% compared to December 2012 and first time buyer loans where also up strongly with 37% increase.
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October 13 lending bounces back from September Fall

The Council of Mortgage Lenders October 2013 data released today shows that the seasonal fall in lending seen in September has not stuck and October has rebounded as expected.
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Substantial increase in mortgage lending seen by CML over the year

The Council of Mortgage Lenders has reported a steady situation in gross mortgage lending in September, albeit slightly down from £16.4 billion to 16.2 billion. However this does represent a 41% increase on the lending of September last year.
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CAPITAL CITIES - THE NEXT BIG THING IN OVERSEAS PROPERTY

“Capital cities are the rising stars of luxury residential real estate, offering promising investment prospects for those investing in overseas property in 2014”, predicts Laura Henderson, editor of essential guide to luxury resort property, Abode2.com.
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Property Expert, Paul Shamplina, helps mop up the mess of generation rent

    On 18th July, founder of tenant eviction specialists Landlord Action and leading property expert, Paul Shamplina, will be featuring in a one hour documentary, ‘Meet the Landlords’ on BBC 1, looking at the possibilities and pitfalls of being a ‘generation rent’ landlord.    Landlord Action, an organisation which has acted on more than 20,000 problem tenant cases, says the buy-to-let boom, which has lead to over 8.5 million people in the UK now living in a rented property, is the result of a cocktail of factors. These include; a lack of house building, less affordable housing, restricted funding in the mortgage market forcing more people to rent, tougher austerity measures leading to cuts on housing benefits, stagnant wages, increased cost of living and rising unemployment.   The documentary will meet the new army of private landlords who are riding the rental boom, both making and losing money as they...
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