• Mortgages & home

    After years of penalising older borrowers, now banks launch mortgages you can take to the GRAVE

    Older borrowers are for the first time being offered mortgages that they can take to the grave.In a move to help retired people stay in their homes, Hodge Lifetime has launched a new interest-only loan for over 55s which lets them keep borrowing until they die.Nationwide, Britain’s biggest lender, has also revealed plans to launch an interest-only mortgage that will allow homeowners to borrow into later life - and experts say that more firms will soon follow suit. Older borrowers are for the first time being offered mortgages that they can take to the graveThe new loans are part of ...

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  • Mortgages & home

    The cost of a collapsed property sales has hit nearly £3,000, but what makes buyers pull out and can you stop it?

    Moving house is one of the most stressful and expensive things you can do in life, so when the whole process collapses and costs you thousands of pounds in wasted expenses, it can be devastating. New research shows the cost of a property sale breaking down has now reached a whopping £2,727 spent on pointless legal costs and associated fees for marketing your home.  The study, from campaigning group the HomeOwners Alliance and IMMO, a service that connects buyers and sellers online, found that more than 300,000 property transactions fall through each year.That means homeowners in England and Wales are spending an eye-watering ...

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  • Mortgages & home

    Largest number of homeowners since Brexit vote believe property prices will rise in their area over the next six months

    The vast majority of homeowners in Britain believe property values in their area will increase in the next six months, a survey from Zoopla suggests.Confidence in growing values is at its highest since the Brexit vote, with some 84 per cent expecting home values in their area to increase before the end of the year - up from 70 per cent recorded in November 2017, the property website said.The survey was released on the same day as data from HMRC showed that property transactions are down on last year. Sunnier view: The vast majority of homeowners believe house prices in ...

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  • Mortgages & home

    Is your mortgage costing you more than it needs to? Third of homeowners suffer a 'procrastination penalty' when fixed rate deals end

    A third of mortgage holders whose deals expired last year ended up paying a ‘procrastination penalty’ of hundreds of pounds which could have been avoided had they remortgaged sooner.Homeowners coming to the end of initial deal periods, which will typically be fixed rates but sometimes trackers, are failing to get their act in gear to move to a new mortgage - and slipping onto expensive default standard variable rates instead.Borrowers who left their mortgage renewal too late paid an average penalty of £371 each after ending up on their lender’s standard variable rate, according to research from mortgage adviser Dynamo ...

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  • Mortgages & home

    New mortgage offers a lifeline to pensioners stuck with interest-only debts that they can't pay off

    Pensioners stuck with interest-only mortgages have been offered a lifeline by challenger bank Aldermore.It has launched the first deal allowing retired borrowers to remortgage their interest-only loan when it comes to an end - using the sale of their property as a means of repaying the debt.The Aldermore deal is available to borrowers aged between 55 and 85 but the term must end by the time they are 99. It is the first of what is expected to be a new wave of home loans that let older borrowers take out interest-only mortgages to release equity from their property to boost their ...

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  • Mortgages & home

    How to buy a home with a small deposit: What you need to know about taking a 95% mortgage to get on the property ladder

    Should you buy a home with a small deposit rather than pay rent?With low rates meaning that mortgage payments could be similar to rent, that’s a question weighed up by many potential first-time buyers struggling to save a substantial deposit for a home.Swapping renting for buying with a 95 per cent mortgage has got easier in recent times, with banks and building societies considerably keener to lend to both first-time buyers and home movers with small deposits than they were after the financial crisis.It always pays to have a bigger deposit, because that wins homeowners better mortgage rates and a ...

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  • Mortgages & home

    'My monthly mortgage payment will be £14 higher but I like the security of a five-year fix': Should you lock in to a mortgage before the rates leap?

    Homeowners yet to lock into a fixed rate mortgage are being urged to do so ahead of a possible base rate rise next month.A slowdown in inflation – from 2.7 per cent to 2.5 per cent – may well persuade the Bank of England to delay an increase in the rate from 0.5 per cent.But as Governor Mark Carney indicated last week, a ‘few’ rate rises are coming.When the rate rises it will inevitably push up home loan costs for homeowners who have variable rate mortgages. But those with fixed-rate loans will not be impacted and their monthly payments will ...

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  • Mortgages & home

    UK house prices rise at a healthy rate in March to hit new record high but broader trends remain soft

    UK house prices hit a new record high last month as they saw the biggest monthly rise since August last year, new figures show.The average price of a UK property rose by 1.5 per cent in March compared to February to hit £227,871 - the highest figure on record, mortgage lender Halifax said.However, while monthly figures can be volatile, quarterly data offers a more reliable indication of the housing market. Softening: Halifax said that despite the monthly rise, activity was still 'very subdued'Prices in the first three months of 2018 were actually down by 0.1 per cent compared to the ...

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  • Mortgages & home

    The 50 rural areas of the UK with the best quality of life revealed: Idyllic spots in south and east dominate, but Orkney Islands top the chart again

    The Orkney Islands in Scotland are rated as the rural district of the UK with the highest quality of life for the second year in a row.The wild and remote archipelago off the north coast of Scotland won the accolade for the best countryside living after scoring well on employment rate, education, crime rate and overall life satisfaction and happiness.Rutland in the East Midlands shot up the chart to second place from 19th position last year, pushing Wychavon in the West Midlands to third place, according to Halifax’s annual survey. Best rural districts: Orkney Islands top rankings for second year runningThe ...

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  • Mortgages & home

    House prices dipped at the start of 2018 but are up 4.9% on last year as property surges in remote corners of the UK

    House prices dipped 0.3 per cent in January compared to the previous month, official figures revealed today.The typical property price across Britain was £225,620 at the start of the year, which means the annual rate of property inflation stood at 4.9 per cent, according to the data the Office for National Statistics and Land Registry.The index – which lags a month behind others – shows this is down slightly from the five per cent recorded in December. Isolated: Pockets of relative island isolation have seen property prices surge in the last 12 months. Pictured, homes in Argyll and ButeFurthermore, the ...

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  • Mortgages & home

    Want a home for under £100k? Only one spot in Britain now has properties averaging below a six-figure sum...

    Only one local authority area in the whole of England and Wales is yet to see average property prices pass the £100,000 mark, analysis claims.Blaenau Gwent in South Wales now stands alone out of the 348 local authorities, with Burnley having finally seen the average price of flat and house sales tip over the £100,000 line last year, according to property group Savills.The average property sale price in Blaenau Gwent in 2017 was £97,147, Savills said. Bargain prices: Properties in Blaenau Gwent still average below £100k. Pictured, homes in London, where all local authorities saw homes pass this mark in ...

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  • Mortgages & home

    House prices in London see their biggest decline since 2009 - but prices in Blackburn rise by 16.4%

    The cost of homes in the North West, South West and Wales have swelled by over three per cent in the last year.Honing down the locations of the biggest house price climbers, Blackburn has seen prices rise over 16 per cent in the last 12 months.At the other end of the spectrum, the London housing market, known for its high prices, saw prices fall by 2.6 per cent in the last year.The annual decline of prices in London is the biggest since August 2009. Average house prices by region in January 2018 with monthly and annual percentage growthTaking all regions ...

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  • Mortgages & home

    House prices caught a chill in February as they fell £1,350 in the first monthly drop for six months

    House prices fell by £1,354 in February, dipping for the first time since August last year, Nationwide's latest figures show.The average price of a UK home fell by 0.3 per cent to £210,402 last month, reversing the unexpected 0.8 per cent monthly rise registered in January and December’s 0.5 per cent increase.Nationwide, Britain's biggest building society, said that although monthly figures can be volatile, the slowdown was consistent with signs of a softening property market and falling consumer confidence in recent months.The report also highlighted how years of steep house price rises mean that property has come to make up ...

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  • Mortgages & home

    New property hotspots revealed: Birmingham, Edinburgh and Manchester predicted to see prices rises up to 30% within four years

    Property prices in some of Britain's biggest cities - excluding London - will increase by up to 30 per cent in the next four years, a new report predicts.Birmingham, Edinburgh and Manchester are likely to see the biggest value leaps to close the gap slightly on London, which has begun to see prices soften.Since 2009, average property values in the capital have accelerated 86 per cent in nominal terms, according to the latest Hometrack UK Cities index. Booming: Property prices in Edinburgh are predicted to rise by up to 30% in the next four yearsCambridge and Oxford have performed like ...

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  • Mortgages & home

    Optimistic sellers raise asking prices by more than £2,400 in a month - but it's taking longer to sell homes

    The average asking price for a property in the UK kept creeping up this month and more sellers have put their properties on the market, figures from a leading property website suggest.However, Rightmove added that it’s taking longer to sell homes.February’s monthly rise of 0.8 per cent means the average house asking price across the UK rose by £2,414 in just a month to just over £300,000. Compared to last year, prices rose by 1.5 per cent, up from a 1.1 per cent increase seen in January.Rightmove said the figures suggested the market remained resilient, although this rate of growth ...

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