Economist John Wriglesworth has called on lenders to increase the income multiples they offer customers.Many lenders offer 3x income but Wriglesworth says in a period of strong employment and economic growth, the risk of offering 6x is minimal. Wriglesworth says the time has come for lenders to relax their criteria on fixed rates. He says: “While some lenders are happy to offer higher income multiples on variable rates, many seem reluctant to transfer this to fixed rates.” “It seems bizarre that while home- owners are keen to take out fire and insurance cover, they don’t protect themselves against a far more likely evil – that of interest rates rising.”
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1,500 buy to let properties will be made available to City of Edinburgh Council through an ambitious private sector leasing scheme that goes live this week. Through the scheme the authority leases the housing neededthrough one specialist provider who sources the properties from buy to let landlords.Property services group Orchard & Shipman plc has contracted […]
Mortgage Trust says 64.7% of buy-to-let mortgage brokers believe that the changes allowing residential property to be held in self invested personal pensions will boost the buy-to-let market. Intermediaries surveyed in MT’s September Buy-to-Let Intermediary Forecast predict the changes would lead to an uplift in buy-to-let business volumes of 10.6%. Some 70% of respondents plan […]
Packager Specialist Mortgage Funding has relaunched itself as SMF, taking on a new logo and corporate identity in the process.
The Bank of England’s Monetary Policy Committee has voted to keep interest rates on hold at 4.5%. The decision comes after last month’s cut of a quarter point , the first in two years. Duncan Pownall, mortgage development manager for Bradford & Bingley, says: “This is no surprise. Given the jump in the inflation rate, […]
The housebuilding market in its current form simply isn’t working. We are completely over-reliant on the biggest players in the industry – the largest nine are responsible for more than 50 per cent of the new homes built in the UK. But there is a reluctance to do more, particularly in this uncertain post-Brexit world. And with […]
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