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First-time buyers paying over the odds

First-time buyers are so determined to buy sooner rather than later they are prepared to offer above the asking price straight away on the house they want, reveals the Yorkshire’s Housebuyers report.

More than one in four first-time buyers would put in the asking price straight away in order to secure their ideal home, while only 20% would shy away from a mortgage that took longer than 25 years to pay off.

Just two in five first-time buyers would rule out a home loan that was five x their income.

The report also found that 15% of parents have even started a home fund to try and help their children buy when they are older.

Gary Lumby, head of retail at Yorkshire, says: “With the average house price nearing £200,000, this year may feel like the last chance saloon for first-time buyers already finding it hard to buy.

“With house prices continuing to rise and very few affordable properties on the market for first-time buyers, it does seem as if many are willing to offer above the asking price straight away to fight off other buyers.

“However, buyers need to be wary of offering above the asking price straight away as a bit of bargaining could save them thousands of pounds.”


Under pressure

Rising interest rates are putting the squeeze on borrowers, making this a good time for brokers to review their clients’ deals, says Stephanie SpicerRising interest rates are putting the squeeze on borrowers, making this a good timefor brokers to review their clients’ deals, says Stephanie Spicer

Repossessions continue to rise, reports CML

The number of mortgage repossessions rose from 8,140 in the first half of 2006 to 8,860 in the second half, according to figures by the Council of Mortgage Lenders. This brings the total for 2006 to 17,000 – 65% higher than in 2005, but broadly similar to 2001 levels and roughly one in 690 mortgages.In […]

Coventry eases B2L criteria

Coventry has reduced the rental income requirement on its buy-to-let deals to 120% for LTVs over 65%. It has also doubled it maximum loan per property to £1m and increased the maximum number of properties to 10.

Inspector Morse effect boosts prices in Oxford

House prices in Oxford have outstripped the regional and national average since the television series Inspector Morse first aired 20 years ago, research reveals.

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Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them


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