Mortgages: Lending to first time buyers jumps sharply

iStock_000004085541_ExtraSmallThe latest figures from the Council of Mortgage Lenders (CML), have shown a 42% rise in the number of first time buyers, compared to 12 months ago. Lending to home movers and people remortgaging their property also rose, but the increase in number of first time buyers, who are so vital to the housing market, is particularly significant. Spurred on by government incentives such as Help to Buy and the Funding for Lending scheme, which has pushed down interest rates, 25,100 first time buyers ...

Business: Funding for Lending scheme launched

A new government initiative to push banks into lending more money to businesses and consumers has started. Under the ‘Funding for Lending’ scheme (FLS) the Bank of England will make it easier for banks to borrow money at below market rates, with the intention that this will in turn, be lent on to businesses and individuals. The banks who receive the funds will be monitored to ensure that their lending increases. Lending to businesses The Bank says that the FLS is "designed to incentivise banks and building societies to boost their lending to UK households and non-financial companies"....

Housing round up: Two surveys show house prices fall whilst Standard Variable Rates rise

Housing & mortgage round upA packed housing round up this week. Firstly, two surveys indicate house prices have fallen over the past couple of months and continue to do so year on year. Secondly, the mortgage market looks as though it will continue to get harder for borrowers who want an Interest Only mortgage after the announcement by the Co-operative Bank that they are pulling out of this type of lending. Finally, over one million borrowers have seen their mortgage payments ...