• Mortgages & home

    Mortgage lenders accused of duping borrowers with best buy rates that cost more than fee-free deals

    Borrowers have been warned once more to check the true cost of their new mortgage deal rates that top the best buy tables are 'misleading'.Trussle, an online mortgage broker, looked at the top ten cheapest mortgage rates and compared the overall cost of the deal including the fee.It found that while Santander topped the table for the lowest rate - a two-year fix at 1.09 per cent - it dropped to 21st place for the average mortgage amount when deals were ranked by their true cost and the deal's £1,499 fee was taken into account. Just 44 per cent of ...

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  • Mortgages & home

    House prices start the year with a surprise jump, as property inflation hits a 10-month high of 3.2%

    House prices across Britain increased by 3.2 per cent over the past year, to hit a new record high of £211,756, Nationwide's latest House Price Index revealed today.Robert Gardner, Nationwide's chief economist, described the growth as a 'little surprising' given sluggish consumer spending habits and lower mortgage approval rates.The unexpected rise in annual property inflation comes against a backdrop of the property market slowing. However, the overall picture masks a divergence between sluggish areas in London and the commuter belt and greater activity in the Midlands and North. On the up: UK house prices have risen by 3.2 per cent ...

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  • Mortgages & home

    It's a buyer's property market down south as sellers accept offers of up to 10% less than asking price

    A decrease in demand has widened the gap between asking and achieved home prices in London and other southern cities in the UK, new data shows.Listing prices across London have experienced increased levels of discounting, averaging now at 4 per cent compared to 0.5 per cent in 2014. Discounts of up to 10 per cent were registered in inner London, where property price falls are occurring.This means that the British capital is increasingly becoming a buyer's market despite its weak 1.8 per cent growth rate, according to property market analysts at Hometrack. House price forecasts for 2018 are generally subdued, with ...

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  • Mortgages & home

    The cities where rental costs eat up the most of workers' incomes revealed: Hull residents spend the least and Londoners a third on rent

    If you had to name the place in the UK where it was most expensive to rent a property and where you would earn the highest monthly salary, London would be a pretty good guess.But how about the city in the UK where you would end up with the highest monthly income after rent has been paid, would it still be London or somewhere else?New research has shown that tenants living in London spend the highest percentage of their salaries on rent - an average of 37.08 each month.This is the highest across 17 of the UK's major cities while ...

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  • Mortgages & home

    First-time buyers see biggest rise in asking prices as stamp duty exemption boosts demand for small homes

    First-time buyers have seen the biggest rise in asking prices as the resent stamp duty exemption contributed to boost demand and push values higher, new analysis suggests.Two-bedroom or smaller homes, the typical target of first-time buyers, have seen monthly asking prices rise 1.1 per cent – ahead of second-stepper properties at 0.4 per cent and top-of-the-ladder homes at 0.8 per cent, according to research by online estate agent Rightmove.The average asking price for a first-time buyer rose by over £2,098 between December and January to hit £188,024. Regional trends: Greater London was the only region to see an annual decline ...

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  • Mortgages & home

    Another Lifetime Isa launches bringing the grand total to just five: But is it worth opening? We take a look

    The Government kicked off Lifetime Isas in April last year but just five providers have since launched a deal - so is the Lifetime savings account a flop or should you open one?The Lifetime Isa allows you to save up to £4,000 a year if you're aged between 18 and 39 until you reach the age of 50. Every year, the Government will boost whatever you put in by a whopping 25 per cent, up to a maximum of £1,000 for free every 12 months.There are several catches, the biggest of which is that in order to qualify for the bonus ...

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  • Mortgages & home

    Mortgage lenders start the year with a flurry of rate cuts - and Barclays slashes its two-year fix to 1.28%

    Mortgage lenders have opened the year with a flurry of rate cuts, with borrowers now able to secure a two-year fixed rate from as low as 1.28 per cent. Barclays, Yorkshire Building Society and Leeds Building Society have all launched new mortgage ranges this week with the 1.28 per cent two-year fixed rate from Barclays hitting top spot in the best buy tables. The deal is available only to those purchasing a property and who have a 50 per cent deposit to put in. A £999 fee is also payable. On a £100,000 mortgage over a 25-year term this would see you ...

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  • Mortgages & home

    Would you raffle off your home? That’s what some desperate sellers are doing - but get it wrong and you could be fined or even go to jail

    Homeowners who try to sell their houses by handing out raffle tickets to potential buyers could face jail if they bungle the draw.Desperate sellers who are struggling to get the price they want for their properties through estate agents are turning to so-called home raffles. But Money Mail can reveal that some of these sellers are falling foul of the complex rules that govern these types of competitions.The Gambling Commission, the regulator for lotteries and other forms of betting, says it has seen a rise in the popularity of house raffles and is concerned that many homeowners do not realise ...

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  • Mortgages & home

    Britain's biggest independent broker L&C joins the robo-ranks with new online mortgage finder, but would you get a home loan online?

    Getting a mortgage can be a huge hassle but there are a few mortgage brokers out there trying to make the process easier and more convenient by taking it online. The latest to launch a new tech offering is This is Money's own mortgage partner London & Country - the UK's biggest independent broker.Its online mortgage finder allows you to plug in your income and expenditure details, employment, and information about any savings or other assets you have by directing you through a series of questions and answers. If there are any quirks in your application the system transfers you to chat ...

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  • Mortgages & home

    Should you hang on for cheaper mortgage rates? Experts predict a best buy bonanza before Christmas

    Homeowners have been rushing to switching their mortgage to a cheaper deal after the Bank of England raised interest rates last month - but better deals could be imminent.Mortgage rates have been rising steadily since September but now experts claim lenders will slash them again briefly before the year ends.According to Moneyfacts data, the average two-year fixed rate hit a low of 2.17 per cent on 25 September this year and has now risen back up to 2.35 per cent.But Rachel Springall, finance expert at Moneyfacts, said December usually sees lenders launch a flurry of best buy rates to whip ...

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  • Mortgages & home

    House prices up £11k in a year official data shows – and values are rising fastest in the North West as it becomes the new hotspot for growth

    The average property price increased 5.4 per cent in the year to September 2017, official figures reveal this morning.It means the typical home in Britain is now worth £226,000, some £11,000 higher than a year earlier, defying some expert predictions of prices reversing after years of runaway growth.Annual house price inflation is up from the 4.8 per cent recorded a month earlier by the Office for National Statistics in its monthly index. North West: House prices in the region grew 7.3% in the year to September 2017. Pictured, ManchesterThe annual growth rate has slowed since mid-2016 but has remained broadly ...

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  • Mortgages & home

    How to fix our broken housing market? SARAH DAVIDSON suggests a new national housing bond backed by government ...

    According to those in the know, our Prime Minister and Chancellor are not on the best of terms at the moment. One of the reasons postured is a fundamental deadlock on what to do about housing. In a nutshell, apparently, Theresa May wants to borrow more to build more - £50billion to be precise. Philip Hammond wants to deregulate and let builders put houses on green belt land.  Remember pensioner bonds? What about a new national housing bond?The compromise they'll inevitably come up with on 22 November - Budget day - will no doubt be simply, and disappointingly, more of the same. ...

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  • Mortgages & home

    Five-year mortgage rates predicted to jump 0.5% as lenders pull their best deals and experts warn house prices could fall

    Five-year mortgage rates are set to rise by half a percentage point over the next six months as mortgage lenders withdraw their best rates and experts warn house prices could now start to fall.It comes as the Bank of England raised the base rate to 0.5 per cent today - the first time in more than 10 years interest rates have gone up.Off the back of it, mortgage lenders are expected to hike rates and pull their cheapest deals, resulting in experts warning there could be a knock-on effect on house prices.  Bank of England governor Mark Carney announced base rate will ...

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  • Mortgages & home

    I retired last year and need to get a new mortgage but my lender is being very difficult, what should I do?

    I’m 68 and retired from my full-time job last year. I have just taken advantage of the pension freedoms, drawing down the tax-free lump sum of my pension in cash, which I have reinvested into the stock market and funds to give me a bit more flexibility.Now I’m due to remortgage and my lender is being difficult about my income – it won’t accept all of the income I earn from my investments and says only half counts towards my mortgage payments.  Remortgage woes: a specialist mortgage broker can help borrowers with complicated affairs  I really don't want to have to ...

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  • Mortgages & home

    New Zealand bans foreigners from buying existing homes in bid to cool soaring house prices

    New Zealand will ban overseas buyers from buying existing homes in the country in a bid to stop house prices from soaring.Labour prime minister-elect Jacinda Ardern said the ban, only applicable to non-residents, will be introduced by Christmas.It comes as increasingly unaffordable house prices have priced many locals out of the domestic property market. Property boom: Auckland, the largest city in the country, hasForeign ownership, as well as a limited supply of homes and low interest rates have driven house prices higher in New Zealand – a similar scenario to the UK’s.That and curbs to immigration, the renegotiation of trade ...

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