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Home Mortgage Loan Decisions may depend on your name – Good news Helen and Brian?

Written by Sam Jones on Thursday, 11 October 2012 17:56.

Many home mortgage loan lenders have developed automated processes for lending decisions and these include both assessment of credit scoring and now consumer profiling. It may be that a solicitor living in London, fairs better than one living in Swansea, but advanced consumer metrics now allow certain lenders to look at the creditworthiness of a solicitor aged 30, with 2 dependants, twins aged 5, working for 7 years, against other people’s creditworthiness of the same factors. You may be okay, but generally other applicants in the legal profession, in your area with kids, aged 30 - may not!

Mortgages with NT tax code – Sub Postmasters, the biggest challenge for mortgage brokers?

Written by Sam Jones on Wednesday, 10 October 2012 20:41.

Sub postmasters operate 97% of the national post office network and whilst the Post Office themselves offer mortgages via rebranding some products through Bank of Ireland, it can be very difficult for sub postmasters themselves, to obtain mortgage finance.

Equity Release – is it a solution for everyone?

Written by Sam Jones on Tuesday, 09 October 2012 13:53.

It is widely believed that as the lack of pension provision and other economic factors begin to bite over coming years the market for pensioners mortgage and Equity Release advice will grow significantly. A recent study estimated that some 800,000 of today’s over-65s would be interested in using equity release to raise money in retirement. Yet only 17,000 plans were completed last year.

Tory Conference says “No To Tax The Rich”

Written by Sam Jones on Monday, 08 October 2012 08:36.

The Conservative Party Conference opened yesterday amid calls from the Lib Dems for the Tories not to drop the “Mansion Tax” Both the Chancellor George Osborne and the Prime Minister have made clear they have no appetite to introduce the tax although do state they have plans to tax the more well off.

Only 7% of First Time Home Buyers Can Afford To Buy In Next 12 Months

Written by Sam Jones on Sunday, 07 October 2012 11:19.

Recent research by LSL Property Services PLC the owner of Capital Fortune’s mortgage network, Home Loan Partnership, suggest that 94% of UK tenants aspire to become a first time home buyer but more than half (54%) stating they would not be in a position to do so immediately. They would hope to be homeowners however, within the next five years. The Company found that only 7% of prospective buyers believed they could afford to purchase a new home in the next 12 months.

New Government Funding for Lending – Are Banks Using the Money Correctly?

Written by Sam Jones on Saturday, 06 October 2012 12:41.

Following our announcement on the new Government Funding Scheme for Lending, we indicated our concern that it may be interpreted by Banks as simply New Funds for Lenders and that any funds obtained through the scheme need to be targeted at the market the Government sought to help – first time buyers.

British Expats in Australia Look to Reduce Mortgage Costs

Written by Sam Jones on Friday, 05 October 2012 15:29.

In the last week, the Pound Sterling has risen against the Australian Dollar by 6.5%, prompting a number of British Expats down-under to look at reducing the cost of their UK expat mortgage by switching their mortgage lender to obtain a much better expat mortgage deal.

Default retirement age comes to a welcome end

Written by Sam Jones on Thursday, 04 October 2012 18:10.

This Friday will see the latest possible date that someone will be forced to retire at the age of 65, after the current regulations associated with retirement will subside and could herald a new era for mortgages for over 65s.

Interest Only Mortgages – the next PPI ?

Written by Sam Jones on Wednesday, 03 October 2012 12:57.

An investigation is currently underway by the Financial Services Consumer Panel (FSCP) and is looking into whether interest only mortgages have been mis-sold. Following guidance from the FCA, many lenders have tightened criteria around interest only and mortgage holders now require some form of vehicle at the end of the mortgage term in order to repay the original loan.

New Build NewBuy Scheme Proving Big Success

Written by Sam Jones on Tuesday, 02 October 2012 13:24.

The Government’s NewBuy scheme has just celebrated 6 months in existence having been introduced in April this year. The Scheme looks to support a difficult housing market. Since its launch the scheme has proved a huge success, with a number of lenders now offering 95% mortgages requiring modest deposits from as low as 5%. The new homes mortgages are potentially available up to a maximum purchase price £500,000.