Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it
Treasury urged not to regulate BTL |
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Wednesday, 17 February 2010 09:19 |
The Treasury has been urged not to regulate buy-to-let lending by the Council of Mortgage Lenders (CML). While agreeing with proposals to extend regulation to cover second-charge mortgages and to ensure borrowers are protected when mortgage books are sold on, the CML said that regulating buy-to-let loans would not result in increased consumer protection and would almost certainly capture too wide a range of commercial transactions. In addition, the Treasury proposals failed to help buy-to-let borrowers decide whether to invest in property at all, the CML said. "Fundamentally, the CML still believes that buy-to-let loans are essentially commercial transactions with an investment dimension, and should not be subject to retail mortgage regulation," it added. |
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Wednesday, 17 February 2010 09:17 |
The task of getting on the property ladder has got even harder after it was revealed house prices for first time buyers increased by 1.4% in December. According to the Department for Communities and Local Government, property prices for first time buyers rose by 6.8% during 2009. For properties bought by former owner occupiers, the annual growth was just 1.4%. In terms of the market overall, December prices were 0.8% up on November, the eighth consecutive month on month rise, and 2.9% higher for the year as a whole. England (3.0%), Scotland (3.8%) and Wales (1.0%) all recorded price rises during 2009, although Northern Ireland suffered a 6.0% drop. |
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Property asking prices soar |
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Monday, 15 February 2010 09:41 |
Asking prices jumped by more than 3% in February as new sellers took advantage of the low supply of properties for sale. According to the latest research from Rightmove, the average asking price now stands at £229,398, more than £7,000 higher than in January and the largest month on month rise seen since April 2007. Prices in the capital reached a new record high of £427,987. However, the supply of new sellers continued its recent upward trend, with the number of properties coming to market up almost 20% on a year earlier. Meanwhile, interest from prospective buyers hit a new high over the month, with the number of enquiries on the website 29% up on the same period in 2009. |
FTB enquiries drive advice |
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Thursday, 11 February 2010 09:29 |
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Enquiries from first time buyers were the main driver of mortgage advice business during 2009, according to recent research. Four in ten requests for a whole of market mortgage adviser related to getting on to the property ladder, while remortgaging, with an average of 32% of searches, was the second most popular advice category. Residential queries registered 21% of searches, followed by buy-to-let (12%) and equity release (7%). Across the year there was a spike in consumer mortgage enquiries in the first three quarters, when competitive mortgage deals were hard to come by, before a semblance of stability returned in the final quarter as the housing market showed signs of recovery. |
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