Lending Conditions 2/2

May 14, 2022

Equity release reaches a record high

A record number of older homeowners have been forced to take cash out of their properties as the cost-of-living crisis squeezes household...

May 13, 2022

Homeowners may need to use pensions to pay off mortgages into their 70s

Rising property prices mean the next generation of homeowners may be paying off their mortgages into their 70s, new analysis warns. The...

May 6, 2022

Possible mortgage rise of £1,000 predicted

Chancellor Rishi Sunak has told ministers that interest rates are expected to rise to 2.5% during the next 12 months, with homeowners...

Apr 29, 2022

Mortgage applicants may struggle to get the amount they need

House hunters planning to apply for a mortgage may find they can’t borrow as much as they could have last week as banks tighten up...

Apr 20, 2022

First-time buyer deposits up more than 50%

The average deposit for first-time buyers has jumped by more than 50% over the last 10 years – even after adjusting for inflation. Those...

Apr 13, 2022

Homeowners face hit as cheap mortgages expire

Almost 600,000 people who remortgaged in 2018 ahead of an expected interest rate rise risk paying an extra £1,700 a year on their...

Apr 7, 2022

Mortgage payments could soon outstrip rents

Monthly mortgage repayments are on course to outstrip rents for the first time in 14 years as the Bank of England's successive interest...

Apr 5, 2022

Average mortgage hits £235k

The total value of mortgages lent rocketed last month as buyers face more affordability tests. Some 70,933 mortgages were given the green...

Mar 31, 2022

More homeowners will be repaying mortgages well into retirement

The Times highlights the soaring number of young people who are taking home loans that they won’t pay off until they are 70. The paper...

Mar 23, 2022

First-time buyer numbers nearly doubled last year

First-time buyers take an average of eight years to save enough money for a deposit on their first home, new research has found....

Mar 18, 2022

Homeowners to feel the pinch after interest rate rise

Mortgage holders will take a hit after the Bank of England raised interest rates again, although benefits may not be passed on to savers,...

Mar 11, 2022

Rates and inflation could dent property plans

A poll for Market Financial Solutions (MFS) shows that homeowners and renters fear rising rates and high inflation will hurt their...

Mar 7, 2022

Mortgage approvals highest since last July

Figures from the Bank of England show mortgage approvals for house purchases lifted in January. The figures show some 73,922 mortgage...

Mar 2, 2022

BoE may end borrowers’ stress test

The Bank of England is considering ditching the stress test which requires lenders to check if a borrower can afford a mortgage if they...

Feb 24, 2022

Banks withdraw 1% mortgage deals

Analysts at Moneyfacts have found that sub-1% fixed rate mortgages have disappeared from the market since last week's rate rise. In...

Feb 18, 2022

Risk of repossession and eviction on the rise

More homeowners are facing the threat of repossession as they fail to make their mortgage payments. In total 30,010 mortgages fell into...

Feb 14, 2022

Repayments to be penalty-free for equity release plans

From the end of March, providers of equity release plans will be required to allow new borrowers to make penalty-free repayments in order...

Feb 9, 2022

Equity release hit new high in 2021

Older homeowners tapped record amounts of cash from their homes last year. They borrowed £4.8bn in equity release mortgages in 2021, an...

Feb 1, 2022

Rates rise will see mortgage repayments climb by £700

Analysis by Moneyfacts says mortgage holders' repayments will rise by nearly £700 a year if the Bank of England doubles its base rate as...

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