Buying a house is just about every young person’s dream, but getting a mortgage, or managing to raise the deposit if you are able to get one, is forcing most people in their 20’s, 30’s, even 40’s into renting a home if they want to move away from mum and dad.
Soap operas or continuing dramas to give them their correct title affect many things in peoples’ lives and this includes properties close to where those TV dramas are being filmed. For example even though the crime rate may be high, residents of Albert Square have enjoyed a 437% rise in house prices over the past 20 years; the average for the rest of London has been 344%.
With reports of lending by the UK’s biggest building society down for the first half of its financial year, the new Mortgage Market Review (MMR) regulations imposed in April seem to be having an effect by curbing borrowing.
He may have won a million pounds on Euro Millions, but because of his poor credit rating, winner Matt Myles is unable to get a mortgage for a property he wanted to buy.
Apparently he went on a round the world binge with a group of friends and when he got back, after spending £72,000 on alcohol, plus a £45,000 Porsche he came down to earth with a bump. Myles soon found out that you have to have a regular income to be able to get a mortgage, something he did not have because he quit his job as an electrician after he won the money. (more…)
Many people looking to buy a new house do so by searching online, but due to a war that has broken out between some of the UK’s biggest estate agents. A new portal for web users is trying to persuade its members to hold back housing stock from its rivals.
One of the top UK online bathroom retailers has found that 25% of Britons would prefer to have a walk-in shower than a traditional bath in their bathrooms. In an ergonomic shift in the way that our bathroom habits have changed in recent years, UK Bathrooms has seen a 340% increase in walk-in shower sales over the past two years as consumers look to streamline their bathroom activities and become more economical.
Research by Halifax bank has found that house prices in country areas are up to a quarter more than those in urban areas, further squeezing out first time buyers. On average, houses in the countryside cost 25% more than urban properties affecting first time buyers in some areas the mortgage lender has found.
Newly released figures have shown that more than 30,000 tenants were evicted from their homes by the end of September, with social landlords stating that the bedroom tax was to blame.
The number of people evicted from households in England and Wales has bit record levels in Q3 of this year, with social security cuts among the excuses leading to over 100 evictions a day. The figures, compiled by the Ministry of Justice show that over 11,000 rented properties were repossessed by bailiffs in the three months from July to September, the highest quarterly figures since the year 2000 when records began. Meanwhile, just 2,805 mortgage borrowers were evicted during the same period. (more…)
Those heading towards retirement now face the prospect of still paying off their mortgage well into their retirement. A report by Saga found that almost a million homeowners in the UK are still paying off their mortgages. Many of these people are facing repayments in what should be their twilight years due to shortfalls in their endowment policies. (more…)
Although mortgage rates are at an all-time low, you still have to watch very carefully just how much extra banks are charging in an array of fees that can be disguised in many ways. In the last five years it has been found that fees charged by banks have doubled to around £1,600 using various levies described by one researcher as sneaky.
Under a new scheme that is designed to help thousands of young people get onto the housing ladder, announced by Eric Pickles at the weekend, housing associations will have access to £400million worth of cheap loans to build new homes.