Mortgages: First time buyers still forced to find large deposits

iStock_000014463093XSmallNew figures show that despite the introduction of the Funding for Lending scheme, the average deposit put down by first time buyers has hardly changed over the past year. According to new figures from the Council of Mortgage Lenders (CML), first time buyers put down an average deposit of 19% in April, almost unchanged from the figure a year ago of 20%, The CML’s research also showed little change in the amount of money mortgages lenders are prepared to loan to first ...

Repossessions 17% lower than in the first quarter of 2012

iStock_000015237111XSmallRepossessions have fallen by 17% when compared to this time last year, according to new data published by the Council of Mortgage Lenders (CML). The repossession rate remained at 0.07% for the first quarter of 2013, meaning that approximately 1 in 1,400 mortgaged properties were repossessed. Mortgage arrears The CML data also shows the numbers of mortgages in arrears has remained unchanged for almost a year. At the end of the first quarter, 159,800 mortgages were in arrears of at least 2.5% of ...

Buy-to-let mortgages soar in popularity

iStock_000011825116_ExtraSmallThe buy-to-let sector has soared in popularity. According to recent data published by the Council of Mortgage Lenders (CML) buy to let mortgages now make up a record portion of all mortgages in the UK. Last year, buy-to-let mortgages accounted for 12.9% of the market. However, at the end of March, lending had grown by 0.5%, taking buy to let mortgages to a record 13.4% of the overall market. The buy-to-let mortgage is growing in popularity, with the rise in popularity due mainly to landlords taking advantage ...

European Union agree tighter guidelines for mortgage lenders

European Union agree tighter guidelines for mortgage lendersThe European Union (EU) has agreed to a tighter set of guidelines for mortgage lenders, which after April 2014 will see borrowers having to pass a standard affordability assessment to get a mortgage. Whilst the new directive is designed to prevent a repeat of the runaway lending seen before the credit crunch, it will also contain provisions to make it easier for potential borrowers to shop around the mortgage market, to get the best deal....