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Mortgages News

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Average Age Of Mortgage Applicants Lowest In Four Years

The average age of people looking to apply for a mortgage fell below 37 years old (36.9) for the first time in almost four years in April 2014. Younger buyers seemed to be unmoved by the effects of the Mortgage Market Review (MMR) which has been designed to tighten mortgage lending regulations.

UK Mortgage Approvals Falling

UK mortgage approvals fell in March for a second consecutive month according to the Bank of England. The figures show that mortgage approvals have fallen by as much as 11.9% over the past two months and are now the lowest since October 2013. This is despite figures from Nationwide Building Society which suggest house price inflation is at its highest for seven years.

Homeowners In North More Vulnerable To Interest Rate Rises

Homeowners in the North of England are at far more risk to interest rate increases than those in the South of England. A study has shown that homeowners in the north are at more risk because they are more than twice as likely to have a ‘variable-rate mortgage’ than a fixed rate one. This would mean that their mortgage payments will rise if the Bank of England increases interest rates.

Mortgage Market Review Rules Set To Take Effect

Mortgage applicants will have to answer more stringent questions about their lifestyle when new mortgage rules come into effect on Saturday. The new rules will mean that mortgage applicants will have to answer questions about their expenditures as well as their income �?�¢?? this will include everything from energy bills to monthly food costs and even leisure activities such as going to the cinema or eating out.

House Prices Close In On 2007 Peak

The Nationwide has today reported that house prices are now getting close to the peak of 2007, after the average property price jumped 6pc in the last month. The figure now stands at £177,846, which is 9.4pc higher than in February 2013, showing signs of aggressive growth.

Property Market Will Continue Growing, According To BBA

The British Bankersâ?? Association (BBA) has said that it expects the UK property market to continue growing strongly, as mortgage lending continues to increase. In total, mortgage lending in January was 38% higher than in the same period a year ago, while the amount of mortgages that were approved, but yet to be lent, was up 57% year-on-year.

Mortgages Top 2014 Financial Wish List

Almost 40% of people say that their main financial aim within the next year is to get a mortgage, shows data collected from our online poll. After a year in which property prices continued to steadily rise on the back of increased demand, it seems the hunger to get on the property ladder will continue into 2014

Mortgage Lending Below Boom Level, According To CML

The Council of Mortgage Lenders (CML) has said that mortgage lending was higher than expected in 2013, but is not yet at the level witnessed in the housing boom. Lending did dip slightly month-on-month in November, but was still up by a sizable 30% when compared to the same month a year ago.

2014 Could Put Many Homes Out Of Reach For Buyers

It is expected during 2014 that house prices could increase by 8%, which would push the average house price above �£250,000. According to the property website Rightmove this increase is said to be caused by a combination of growing confidence in the housing market and the lack of supply of homes coming onto the market.

October Lending To First Time Buyers Was Up By Almost 50%

An annual report recently published by the Council of Mortgage Lenders (CML) showed that first time buyers returned to the housing market substantially during the month of October, with the value of loans rising by nearly 50% on 2012 figures.

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