View more on these topics

Baby boomers beat first-time buyers to cheap property

Baby boomers are beating first-time buyers to cheaper property as they use their home to form part of their pension and downsize, says property developer MDA.

Battles between first-time buyers and retirees for the same properties could further fuel the market.

Mark Evans, director of MDA, says: “Around four million homeowners are relying on property to boost their retirement income but could face stiff competition from first-time buyers.”

Evans adds: “People aged between 50 and 60 hold around £560bn in home equity. When they sell up to downsize, they&#39ll be pitched against first-time buyers struggling to get on the property ladder. There is every chance that first-time buyers could be left even further behind as they lose out to cash-rich retirees.

“I predict a rise in demand for smaller two-bedroom houses and apartments and a drop in demand for larger three or four-bedroom ones.”


Abbey for Intermediaries introduces lending policy based on affordability

Abbey for Intermediaries has introduced a lending policy focussing on affordability which will apply to all mortgage applications across the Choices range. The policy centres around flexibility and transparency, with the intermediary able to clearly see how much Abbey will lend, focusing on affordability and the customer&#39s ability to meet repayments. Lending multiples are set […]

Best Advice to launch specialist sub-prime division

Surrey-based advisory firm Best Advice Financial Planning is to launch a specialist sub-prime division to cater for increasing demand in the sector. The firm, which has traditionally dealt in the prime market, says that with rising levels of consumer debt, this is a good time to enter the sub-prime market. It is developing closer links […]

We have sharpened up in response to MS letter

From Ambrose McGinn I was disappointed to read of Jonathan Buchanan&#39s experience with us when processing an Abbey mortgage application (Mortgage Strategy May 31). The delay was unacceptable and in response to Jonathan&#39s call to arms we aim to get our act together. Over the past few months we have been working on a number […]

County appoints Kensington to lending panel

Branded lender and packager County Mortgage Services has appointed Kensington Mortgages to its lending panel, taking its total to 17. David Wylie, managing director of County Mortgages, says: “It will enhance our ability to provide solutions to our introducers enquiries as we believe Kensington Mortgages offer niche areas of criteria in the sub-prime market that were previously […]


News and expert analysis straight to your inbox

Sign up