Housing round up: Sales rise whilst more property millions are created

Housing & mortgage round upIn this week’s housing round up we review the latest house sales figures, look at property millionaires and a recent FSA report which says some mortgage holders are putting their homes at risk. November house sales highest this year HM Revenue and Customs (HMRC) have released figures which show November saw the highest level of property transactions so far this year....

FSA propose new mortgage lending rules

FSA propose new mortgage lending rulesThe FSA (Financial Services Authority) have proposed tighter lending guidelines in an effort to avoid borrowers taking on mortgages which they cannot afford. The FSA set out the new proposals in their ‘Mortgage Market Review’ saying they were “common sense”. The proposals are mainly aimed at stopping ‘self cert’ mortgages, where applicants do not need to prove their income, and a move away from interest only mortgages where no specific repayment vehicle in place. The FSA has told lenders that they must ...