More than two thirds (69%) of homebuyers across the UK are likely to benefit from the new Stamp Duty regime, with 29% seeing no change and just 2% likely to pay more, according to data produced.
In the final rules for the Mortgage Credit Directive published today, the FCA stated that there was a "compatibility issue between the MCD and our existing responsible lending regime", and have changed the rules meaning that all consumers who re-mortgage with a new lender must have an affordability assessment, even if the consumer is not looking to borrow more.
The housing crisis is creating growing anger and desperation among would-be first-time buyers, with over half willing to sacrifice spaces including garages, dining rooms and utility rooms in their search for an affordable first property. The latest First Time Buyer Opinion Barometer asked first-time buyers about the requirements that they consider to be ‘vital’ in a first home. Only 49% of first-timers cited natural light as essential. Just 54% said a garden as mandatory, and 55% a car parking space.
The FCA's retirement income market study published this morning has identified a "number of concerns" around how the market works.
Around one in ten advisors say they will turn down cases which do not fit standard High Street lending criteria. The research found that 10% would simply walk away from a case which cannot be placed on the High Street, despite a wide range of other options including going direct to a specialist advisors like http://.mmb-finance.co.uk.