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Over the last 2-3 years there has been some fierce competition between lenders for the ‘good cases’, i.e. the cases presenting a reduced risk. Continue reading
The Royal Institution of Chartered Surveyors (RISC) just predicted a fall by 3% for 2012 in the average house prices, and said there were unlikely to fall by more on the basis of lack of properties. Indeed, the number of transactions is thought to be the same as it was for the last couple of years, i.e. twice as much as 5 years ago.
Simon Rubinsohn, chief economist at RICS, said: “The general economic climate is likely to be the biggest influence on the residential property market next year.”
I am talking here about deals available on the market when you are looking at taking out a new mortgage, not the BBR (Base Rate of the Bank of England)!
The National Association of Estate Agents (NAEA) has just reported that the number of people regsistered with estate agents to find properties has now reach a 4 years peak. Continue reading
Time flies! Already three years since the collapse of Lehman Brothers, which marks for most of thus the symbolic onset of the Credit Crunch. Continue reading
The British Buy-To-Let (BTL) market is not doing too badly at the moment. Continue reading
I will be off to France from the beginning of August, but will still be checking emails on a regular basis. Not much time left to submit new cases before I go, but it is still doable as I showed earlier this week: I submitted a case on Monday and it went to offer on Tuesday!
What had been feared by many foreign property owners in France is set to be nipped in the bud, filling British expats with joy!
After reflection, Mr Sarkozy yielded to the evidence presented to him by the real estate comminity, and a new tax on second homes will not go ahead.
Lastly, not all is positive at the moment and we can brace ourselves for rising interest rates on (French) mortgages as most commentators widely anticipate an upward decision from the European Central Bank…
The FSA reviewed several price comparison websites (19!) at the end of 2010 and just issued a letter to them to remind them of the various trade and compliance rules they have to respect in the contaxt of their relationship to consumers. Continue reading
In a very recent interview with the Financial Times, the Bank of England’s chief Economist Dale Spencer said that he was in favour for an increase in the base rate of the Bank of England (BBR) in order to control an ever increasing inflation rate. Continue reading
I have first used the services of JAM Mortgages in order to re-mortgage my home. I also needed a second mortgage for a Buy-to-Let. For both I received very good advice as Xavier was communicating very clearly about the different options and found un-beatable rates.
Last week the BBC asked a panel of experts of the financial industry their opinion about future fluctuations of the BBR (Bank of England base rate), in order to get a feel about when it is thought the BBR will increase from the low 0.5% it has been at for now over two years, but also a feel for then how quickly further increases might happen. Continue reading
According to a recent poll shown on unbiased.co.uk/shows, a worryingly high 22% of home owners do not know what would happen to their mortgage payments if the base rate of the Bank of England was to increase. Continue reading
Interest only mortgages are mortgages where the capital is not repaid, each monthly payment only consists of paying interest on the loan amount without ever reducing the outstanding debt. They are the hot topic of the moment as the FSA have been putting pressure on lenders to take on more responsibility when borrowers choose interest only as their repayment method. Over the last few months, we gradually moved form a situation where quite a few lenders would allow interest only mortgages up to a LTV (loan-to-value) ratio of 85% to a new reduced limit of 75%.
This also comes with more effort by the lender to ascertain the actual repayment strategy (ISA, pension, sale of property or other properties etc.) and depending on the case evidence can be requested by the lender before a mortgage offer can be issued.
Last week, Nationwide who was one of the last few lenders entertaining interest only mortgages up to 85% LTV, changed their policy to follow the crowd and brought down their ceiling to 75%, leaving a couple of lenders dealing with above 75% interest only enquiries.
There are very valid points in this approach, but at the same time it is also a potentially dangerous case of applying a blanket approach which refuses to see that with the right profile, the right reasons and the right advice an interest only mortgage can still be a good viable solution.
This may raise a few questions, especially with borrowers already on an interest only deal who wish to remortgage… Watch that space…
Last month, the communities and Local Government’s English Housing Report made compelling reading Continue reading
Le taux directeur géré par la Banque Centrale Européenne (ECB) tient toujours à 1% mais un taux d’inflation qu’on s’attend à voir atteindre 2,40% (bien au-dessus des 1,8% qui avaient été prévus pour 2011 l’année dernière) en France risque de changer tout cela. Cela fait bientôt deux ans que se taux de 1% prévaut et de la même façon qu’au Royaume-Uni la pression s’accroît sur les épaules de la Banque. Continue reading
Moneyfacts.co.uk recently published figures showing that the market’s average two year tracker mortgage is 3.40% against 4.59% for the average two year fixed rate mortgage. This is respectively the lowest average tracker deal in more than 20 years against the highest average fixed rate for 10 months! Continue reading
Now that claims have been counted and analyzed, the Association of British Insurers has recently reported that the cost paid for the bad weather (very cold temperatures and heavy snowfalls) came to c. £900m! Between home, vehicles and businesses, 467,000 claims where made in December alone.
Xavier took the time to understand my personal situation and then went about locating the best mortgage for me, that in turn I was most likely to be approved for (having investment properties complicates matters). At the last minute he located an even better deal with HSBC, who only deal direct and do not use brokers. I therefore got the very best deal on the market at the time even though it resulted in him receiving no commission. I thought such integrity was rare in business these days, but Xavier now has a customer for life! Joe Bourne, 2nd March 2011.
Le nombre de ventes de propriétés dans le neuf a constamment augmenté depuis fin 2008, passant de 1514 transactions à près de 30000 pour l’avant-dernier trimestre de 2010.
De nouvelles règles viennent d’être introduites, telles par exemple le nouveau certificat d’assainissement pour toute propriété possédant une fosse sceptique. Ce certificat vient donc s’ajouter à ceux déjà rendus obligatoires comme ceux relatifs à l’amiante, aux termites, ou encore aux circuits gaz / electricité.
