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Viewing entries posted in May 2018

Interest-only mortgage numbers halve since 2012

Posted by MMB Finance Swindon and Gloucester on 18 May 2018

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The number of interest-only mortgages has almost halved in the past six years, down 46% since 2012 to 1.7 million outstanding mortgages, according to figures. The total value of the interest-only mortgage book is £250 billion, down 37% in the same period. There were 1,293,000 pure interest-only mortgages outstanding at the end of 2017, a 14.9% fall over the last year, alongside 429,000 partial mortgages outstanding, a 2.1% rise.

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Bank of England warns of increased risk-taking from mortgage lenders

Posted by MMB Finance Swindon and Gloucester on 16 May 2018

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The Bank of England's Alex Brazier says that in the current economic environment, "more regular check-ups are needed" surrounding mortgage lenders' appetite for risk. In a recent speech Brazier, executive director for financial stability strategy and risk, noted that a sharp slowing in demand from buy-to-let investors after the recent tax changes, as well as subdued credit demand from new buyers as incomes have been squeezed, has masked the effect of looser credit supply to owner occupiers.

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Could joint mortgages be the answer to millennial housing crisis?

Posted by MMB Finance Swindon and Gloucester on 16 May 2018

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New research has found that the majority of millennials would take out a mortgage with two or more people to get a foot on the property ladder. Due to the difficulties involved with getting on the property ladder, buying with multiple friends or siblings is becoming an increasingly popular option for young, aspiring homeowners. According to research, 60% of those aged 18-35 said they would consider taking out a mortgage as a group to make home ownership a reality (compared to 26%of people aged over 36).

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The Bank of England hinted about where interest rates were heading and changed his mind

Posted by MMB Finance Swindon and Gloucester on 14 May 2018

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The Bank of England boss hinted about where interest rates were heading and changed his mind, creating a gentle form of disarray. After all, Mark Carney has gone and done it all over again. Having gained the nickname for his attempts to hint about where interest rates are heading and then later changing his mind, he did precisely that in the run-up to today's decision.

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Mortgage borrowers need more help to find the best deal, says FCA

Posted by MMB Finance Swindon and Gloucester on 13 May 2018

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Plans to make it easier for mortgage borrowers to shop around have been proposed by the City regulator after it found nearly a third of people fail to find the cheapest deal for them. The Financial Conduct Authority (FCA) said these people could have saved £550 per year with a cheaper deal.

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