• Mortgages & home

    Scrap stamp duty for first time buyers and bring back the 100% mortgage - or we risk a big city brain drain, says boss of estate agent Haart

    Scrap stamp duty for first time buyers and bring back 100 per cent mortgages. Those are the radical proposals from one of Britain's leading estate agents for solving the housing crisis.Paul Smith, owner and chief executive of Haart, the UK's biggest independent estate agent, warns that London will see a brain drain of young workers without drastic action. Politicians are too concerned about the amount of tax they can collect, he argues, and he takes a very dim view of the stamp duty increases introduced by George Osborne in April 2016. Paul Smith, owner and chief executive of Haart, the ...

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  • Mortgages & home

    Have we reached property market peak? House price growth stalls with many owners offering reductions to sell, say surveyors

    The majority of homes valued beyond 500,000 are having their asking price shaved before being sold as the property market stalls, latest Royal Institution of Chartered Surveyors data shows.A net balance of just one per cent of surveyors reported prices increasing rather than decreasing in July, down from seven per cent in June - the weakest reading since March 2013.The two areas with the largest number of surveyors registering price falls are London and the South East, followed by a smaller number in East Anglia and the North. Stalled market: Next month could mark the first time the Rics survey ...

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  • Mortgages & home

    Why it could be last chance to grab a cheap mortgage: Race to lock into a bargain deal as Bank warns era of low rates is ending

    Homeowners face a race to lock into a cheap mortgage after the Bank of England warned the era of low rates is ending.Mortgage rates have been at a record low since official interest rates were slashed to 0.25 per cent last summer.But last week Mark Carney, Governor of the Bank, signalled that the base rate could rise to 0.5 per cent by next summer before reaching 1 per cent or higher by mid-2020.A hike could mean a sudden increase in monthly repayments for millions of homeowners on variable rate mortgages. Mortgage rates have been at a record low since official ...

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  • Mortgages & home

    House prices up almost 5,000 in the year since the Brexit vote, but property market slows as buyers struggle

    House prices are up almost 5,000 in the year since the Brexit vote, figures revealed today.A combination of record low mortgage rates and a lack of homes for sale has bolstered the property market, but the pace of house price rises has slowed considerably, according to the Halifax house price index.House prices rose by another 0.4 per cent in July, to take the average home s cost up a further 789 to 219,266 2.1 per cent higher than a year ago. House prices have continued to rise in the year since the Brexit vote at the end of June 2016, ...

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  • Mortgages & home

    Mortgage threat as Bank ends 115bn loan scheme: Householders to face higher costs even without official rate rise

    Homeowners are facing a rise in mortgage costs even without an increase in the official interest rate after the Bank of England pulled the plug on a scheme that has pumped tens of billions of pounds into banks to help fuel lending.The Bank said last week its Term Funding Scheme would end in February. About 78 billion has already been lent and the figure is poised to soar to 115 billion by the time the TFS is terminated.The scheme slashed the cost of funding for banks, meaning interest rates for a 75 per cent loan-to-value fixed rate mortgage have dropped ...

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  • Mortgages & home

    Best chance to save on your mortgage in FIVE YEARS: Homeowners could save thousands switching to cheaper deals as 35bn of loans mature

    More than 35billion worth of mortgages are due to mature in the next two months, the biggest period of home loan maturities in five years according to specialist data firm CACI.Approximately 17billion worth of mortgages are due to mature in September and 18billion in October and borrowers are being warned not to slip onto the standard variable rate through inertia.Homeowners could save hundreds of pounds a month by remortgaging thanks to reduced rates and increased house prices pumping up their mortgage loan-to-value, analysis by Yorkshire Building Society shows. Remortgaging: Research suggests that a bumper number of mortgages are set to ...

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  • Mortgages & home

    Hundred residents in Edinburgh block of flats face shock 600k bill for crumbling wall

    Owners of new-build homes face being charged thousands of pounds if walls or roads near their properties need repairing, an alarming case has revealed.More than 100 residents in a block of flats in Edinburgh have been hit with a 600,000 bill to replace a crumbling wall they were never told was their responsibility. The Blandfield development in the Scottish capital is home to many elderly and disabled people, who are now being chased for around 6,000 each.Last month, residents were given 28 days to find the cash or face debt recovery action even though some can t afford to pay. ...

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  • Mortgages & home

    Sluggish house prices 'will deliver a buyers' market' as Nationwide tips growth of just 2% this year

    House prices will rise by just 2 per cent this year to fall behind inflation and deliver a buyers' market, building society Nationwide forecast today.In a further sign of the sluggish property market, Nationwide said that while house prices had continued to grow throughout 2017, it had been at a slower pace than in previous years, with prices up just 2.9 per cent on a year ago in July. Robert Gardner, chief economist at Nationwide suggested that a buyers market could be around the corner though a lack of homes for sale is helping prop up current house price growth. ...

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  • Mortgages & home

    Mortgages for home buyers sink to nine-month low, with the market down 9% on Bank of England property forecast earlier this the year

    The number of mortgages approved for property purchase fell to the lowest level since September 2016 in June and are way below Bank of England predictions made earlier in the year.According to latest figures, there were 64,684 home loans dished out in June, down from 65,109 in May and some nine per cent under predictions of 71,000 made by the Bank earlier in the year.The previous six-month average for mortgages being taken out to fund a house purchase was 66,656. Supply problems? Latest Bank of England data shows mortgages for house purchases have fallen - but the value has risenBut ...

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  • Mortgages & home

    Can't find your dream home at a price you can afford? Custom build could let you find a plot, design a home AND save money

    Building your own home isn't everyone's cup of tea, but it can be easier than you imagine if you opt to work in partnership with a developer from an early stage. This approach is known as custom build, and is much the same as buying a new-build home, but instead of getting one the off the shelf, you get to pick exactly how it is built.Plots are usually sold to custom builders in smaller groups than you'd find on large-scale new homes developments, and if everyone is doing custom build, the development that results is likely to have a lot ...

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  • Mortgages & home

    Are you being stung by a mortgage laziness penalty? Borrowers who fail to remortgage pay 400 a year too much

    Mortgage borrowers who are loyal to their lender are paying hundreds of pounds more than they would if they remortgage at the end of their deal.Consumer watchdog Citizens Advice has slammed banks and building societies for not being upfront with homeowners about how much money they could save if they switched to a new deal instead of rolling onto their lender's standard variable rate. According to the body customers are paying around 400 extra a year if they fail to remortgage - though the actual amount varies depending on the deal you were on and the SVR charged by your ...

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  • Mortgages & home

    Mortgage costs leap for first-time buyers while borrowers with larger deposits enjoy record lows

    Mortgage rates for first-time buyers are creeping up over fears that house prices may fall.Over the past six months lenders have slashed rates to record lows for borrowers with larger deposits.But the average rate for someone with a 5 per cent deal rose from 3.89 per cent in January to 4.24 per cent, according to Moneyfacts. Over the past six months the average rate for someone with a 5 per cent deal rose from 3.89 per cent in January to 4.24 per centFor a borrower with a 10 per cent deposit it has risen from 2.72 per cent to 2.77 ...

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  • Mortgages & home

    Could I sue the council if it moves our primary school's catchment area and makes our home lose value?

    We live a ten minute walk to a very sought after primary school. Our little boy currently attends the school and we hoped our one-year old will also attend when she is old enough.However, our local council has started a consultation process proposing the current catchment areas are moved.If the proposals go through we would be in the catchment area of a school further away and next to a council estate - and it is not a sought after school. Catchment 22: The council may move the primary school catchment area which will result in our property falling in price ...

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  • Mortgages & home

    Boom in risky home loans with interest rates of 53%: Even the middle classes are taking out 'last resort' second mortgages

    Tens of thousands of borrowers are taking out second mortgages on their homes at rates as high as 53 per cent.These deals are normally a last resort for borrowers who can't extend their existing home loan or qualify for a personal loan or credit card. But as families struggle to pay off huge debts, the amount borrowed has trebled in five years to nearly 1 billion a year.Lenders say a growing number of middle-class professionals are turning to so-called second charge mortgages. Crisis: As families struggle to pay off huge debts, the amount borrowed in second mortgages has trebled in ...

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  • Mortgages & home

    House price growth slows to 4.7% in May as the Midlands and Eastern England outpace the South

    UK house inflation eased in May, but average prices still rose by 10,000 in the year and by 1,000 in one month, official figures have showed.The average UK house price rose by 4.7 per cent to 221,000 in May, falling back from a downwardly revised 5.3 per cent growth in April and well below last year's 8 per cent, the Office for National Statistics and Land Registry said.Monthly growth also slowed to 0.5 per cent after a spike of 1.7 per cent in April and a drop of 0.2 per cent in March. Kensington homes: The London borough remained the ...

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quotes

Everyone went outside to smoke cloves and bitch about having to stay after for the State.

Jon Stewart on events following Charles — January 19, 1999