News Tag: deposit
March 16, 2010
Affordability for first-time buyers has continued to improve, according to FindaProperty.com.
The website's latest index suggests it is now easier for first-time buyers to get onto the property ladder than it has been at any time since the start of the credit crisis, in 2007.
Stable prices and more borrower-friendly lending criteria are responsible for the shift, which has occurred despite ...
Friendlier lending eases the way for first-time buyers
by Gill Montia
March 4, 2010
Reporting on its recent "Future Housing" conference the Council of Mortgage Lenders (CML) says it expects the UK to see a smaller proportion of homeowners and a higher proportion of tenants, mostly in the private sector, in the years ahead.
Changing consumer preferences and affordability pressures will drive the trend.
Examining the plight of first-time buyers, the CML’s head of research, Bob ...
Homeowners to be replaced by tenants
by Gill Montia
January 3, 2010
Potential first-time buyers on average earnings can now afford to buy a home in nearly four out of 10 regions of the UK, the Halifax has reported.
According to the lender's research, 39% of the UK's local authority districts are accessible to those wanting to buy their first property, compared to 6% when the housing market peaked in 2007.
Halifax housing economist, ...
First-time buyer affordability best in 25 years
by Gill Montia
December 4, 2009
First-time buyers are finding it easier to get a foot on the property ladder, according to independent mortgage adviser, Mortgageforce.co.uk.
Better deals for high loan to value (LTV) borrowers meant that in November, 14% of all transactions arranged by the online broker were for those buying their first home, compared to the usual 10%. The majority borrowed 85% of the ...
Better deals for high loan to value borrowers
by Gill Montia
December 1, 2009
New research from Moneyfacts shows that the UK's mortgage lenders are becoming less scared of offering high loan-to-value (LTV) ratios.
According to the price comparison website, the number of mortgages available to borrowers with a 10% deposit rose from 56 in August, to 114 in November.
However, availability remains severely contracted when compared to the 509 home loans at 90% LTV being ...
Lenders return to 90% LTV market
by Gill Montia
October 12, 2009
Abbey Mortgages is advising potential first-time buyers who are currently renting to take their first step onto the property ladder.
The bank’s research shows that first-time buyers could collectively save up to a massive £1 billion if they acted now and bought their own home.
According to Abbey, 1.61 million Britons said they were looking to buy in areas of ...
Abbey advises first-time buyers to take the plunge now
by Kay Murchie
September 17, 2009
The UK mortgage market is showing signs of recovery with the number of products increasing slowly.
However, only borrowers with a minimum deposit of 25% are likely to feel any real benefit, according to Moneyfacts.co.uk.
Research from the financial website shows that since the beginning of April, the number of deals on the market has increased from 1,209 to 1,329.
While evidence of improvement, ...
Mortgage market stages gradual recovery
by Gill Montia
July 9, 2009
The Council of Mortgage Lenders (CML) has reported that the number of loans approved for house purchases rose 4% in May compared to April, to 37,400.
However, volumes were 28% down on a year earlier and well below the 96,000 May average of the past seven years.
May remortgaging volumes tumbled 9% on a month earlier to 29,000 and were down 63% on ...
House purchase mortgage approvals rise 4%
by Gill Montia
June 23, 2009
Taylor Wimpey claims to have the "perfect solution" for would-be homemovers who are excluded from the best mortgage deals because of they have too small a deposit.
According to the developer, 49% of homeowners are in need of more space and many are being forced to put their next move on hold.
Taylor Wimpey has therefore launched its "Deposit Match" scheme, currently available ...
Taylor Wimpey launches Deposit Matcher
by Gill Montia
April 20, 2009
A member of the Bank of England's Monetary Policy Committee has taken up the cause of would-be homeowners who need to borrow 100% of the value of a home.
Kate Barker, who is also a Government adviser on the UK housing market, has publicly opposed Prime Minister Gordon Brown in his suggestion that such loans may be banned.
High loan-to-value mortgages have played ...
Government housing adviser defends 100% mortgages
by Gill Montia
April 19, 2009
UK house prices are becoming increasingly affordable, especially for those who can stump up a substantial deposit.
Research from Halifax shows an improving trend over the past 18 months, in terms of the proportion of earnings spent on mortgage payments.
For new borrowers with 30% to put down, the proportion has fallen from a peak of 48% of earnings in late ...
Affordability blossoms for those with a 30% deposit
by Gill Montia
March 23, 2009
Birmingham Midshires has reported a rise in the number of people saving for a deposit for their first home.
The lender, now part of Lloyds Banking Group, also reported a drop in the number of Britons saving for no particular purpose.
According to a recent survey, 25% of 25 to 34-year-olds savers are piling up the cash to buy a home, compared with 19% ...
Potential homeowners turn to saving
by Gill Montia
January 16, 2009
The Council of Mortgage Lenders (CML) has reported that in November, new mortgage lending continued to fall.
The number of new home loans approved fell 17% on October to 33,000 and was 59% below the level recorded in November 2007.
The outlook for the next few months is bleak, with the CML predicting that lending will fall further.
The organisation's director general, ...
New mortgage lending down 59%
by Gill Montia
January 6, 2009
Financial data provider, Moneyfacts.co.uk, has published new figures showing that 25% of mortgages available in the UK to new borrowers require a deposit of at least 40%.
Those who can only manage a deposit of 5% or less have a mere 21 home loans to choose from, compared with over 1,200 in February of last year.
Borrowers who can put ...
Shift to larger deposits hampers housing market recovery
by Gill Montia
November 6, 2008
The Council of Mortgage Lenders (CML) has reported that almost 50% first-time buyers under the age of 30 look for family help to secure their first mortgage.
Financial help from relatives has always played a part in a fortunate minority getting a foot on the property ladder but the need has been increasing; in 2006, only 38% of first-time ...
First-time buyers increasingly rely on family financial support
by Gill Montia
November 4, 2008
Abbey has launched a new type of account aimed at helping those saving for a deposit for their first home.
The First Home Saver account is available to potential first-time buyers aged between 16 and 35.
It pays a variable rate of 8% in return for the commitment to save for a deposit but does not allow partial withdrawals.
Applicants will need ...
Abbey welcomes first-time buyers with 8% savings account
by Gill Montia
October 28, 2008
Persimmon has reported that its cancellation rates have risen to 35%.
In an interim statement, the housing developer said that the number of potential buyers who put down deposits of up to £700 on new homes and later withdraw, is now around 20% higher than its pre credit crisis average.
Describing trading conditions as having deteriorated since August, the firm referred to the uncertainty created ...
Persimmon’s cancellation rates soar
by Gill Montia
September 24, 2008
The Co-operative Bank and Places for People, the property management and development group, have been researching potential first-time buyers and have discovered that on average, those hoping to get a foot on the property ladder think they need to save £19,100 before they can buy their first home.
The research involved 1,500 potential first-time buyers, 54% of whom said they felt as ...
Property fledglings want to save £19,100 deposit
by Gill Montia
September 12, 2008
Abbey's latest cut in mortgage rates offers a glimmer of hope to potential first-time buyers because the lender is reducing interest on some deals that require only a 15% deposit.
In recent weeks leading lenders have been trimming rates regularly, with Co-operative Bank, HSBC and Nationwide all taking action this week.
However, the best rates have been reserved for those with plenty ...
Abbey cuts rates for 15% deposit holders
by Gill Montia
August 6, 2008
Persimmon has joined forces with Halifax to help first-time buyers enter the property market.
The housebuilder's "double your deposit" scheme does exactly what it says as long the funds are used to buy a new Persimmon home.
To participate in the offer, a would-be homeowner needs to make regular deposits of up to £5,000 into a savings account with Halifax or Bank ...
Persimmon and Halifax promise to double deposits
by Gill Montia
