Mortgage lending up 7% says Building Societies Association

During 2018, UK Building Societies lent £68.9bn in mortgage finance – a rise of 7% against 2017’s figures according to new data from the Building Societies Association. The figures show that net lending for the year was £17.9bn, a 12% rise against 2017 and equating to 39% of market growth. 476,803 new mortgages were approved in 2018, up 8% on 2017, representing 31% of all mortgages approved last year. Around one in three mortgages were to a first time buyer. Robin Fieth,…

Join forces with Agents Giving and help local foodbanks support new mothers

Property industry charity Agents Giving is continuing its support of The Trussell Trust, to encourage agents and suppliers to support and help combat poverty. Every day across the UK foodbank managers are supporting Mums and Dads in crisis with food parcels and baby essentials. It’s natural that most people think of food items when collecting for their local foodbank but it is also toiletries and hygiene products which are also extremely important. Other important items are baby supplies such as nappies, baby wipes, toiletries…

Saffron announce launch of new downsizing product

Saffron Building Society has announced that it has launched a new ‘Lending into Retirement Downsizing’ mortgage aiming to give brokers the opportunity to help an increasing number of older households. Saffron’s newest product is an interest only mortgage, available to customers looking to borrow into their retirement. The product will allow customers to use downsizing as their repayment vehicle with the ability to repay the loan after they have retired. This repayment method and a wide variety of retirement incomes will be considered. All…

How could a change of employment status affect your BTL application?

Andrew Turner, chief executive at specialist buy to let broker Commercial Trust Limited, looks at how a change in circumstances can impact on a buy to let mortgage application. Whether you are employed, self-employed, a contractor, receiving benefits or retired, many lenders will want to see some proof of your personal income, aside from prospective rental income from a buy to let investment. In most scenarios, you will need to provide proof with pay slips, P60s, SA302s or other accounting documentation that the…

Will tenants be left more vulnerable after the letting fees ban?

Daniel Zane, chair of the AIIC is warning that the upcoming letting fees ban may appear a more positive move for tenants than it will be in reality. On the 1st June 2019 the letting fees ban is due to become law. Agents and landlords will be banned from charging tenants for a variety of services involved in tenancies, including un-biased inventory reports. While this may seem like a positive move with regards to protecting tenants and their finances, Zane warns that the tenants…

Smaller deposit buyers out in force during January

The latest data and analysis released today by e.surv has shown that buyers with smaller deposits were particularly active during a mostly positive January. Residential chartered surveyor, e.surv, announced that there were 66,350 mortgages approved in January 2019. The number of mortgages approved in January is often lower than in a typical month, as December is traditionally a slow month for house hunting. However, there was strong growth compared to the previous month, with approvals rising 4% between December and January. When compared…

Mansfield announce launch of new BTL product for Expats

Mansfield Building Society has announced that it has launched a new buy-to-let mortgage product with no completion fee, exclusively for expat borrowers. The two-year discounted rate product is offered to 70% LTV at a current rate of 3.69% (2.06% below SVR). The new product is in addition to The Mansfield’s other two-year discounted Expat buy-to-let product, which is a currently at 2.95% with a 1.25% completion fee. Both Expat buy-to-let mortgage products come with a £199 application fee on loans between £100k and…