Mortgage News, Insights & Advice

Starting from the 2nd of December, Nationwide building society have re-evaluated and revitalised their criteria for bonuses, commission, and overtime income on pay slips. The new changes to these things mean that more income will be considered when assessing a borrower’s affordability.

This week Zoopla have released encouraging data that shows the housing market is booming again despite the COVID-19 elephant in the room. Incredibly in 2021, one in sixteen privately owned homes having changed hands for various reasons making it the busiest year in the housing market since 2007.

Is your Rightmove search page looking a bit slim? No, you haven’t accidentally put too many bedrooms in the search bar or chose the wrong property type, that is genuinely the number of homes on the market right now.

Niche lenders such as The Mortgage Lender and Foundation Home Loans are trying new affordability boundaries and products designed to help professionals, self-employed people and people with more complex income sources get a mortgage.

The lender Even has been set up as a new business venture by the founders of the online estate agency Nested with an aim to specifically help out first-time buyers by helping them raising a deposit and also by being more generous with income affordability. The new initiative will act in a similar way to the existing help to buy scheme which has been running since 2013 through the government’s homes England division.

Would you keep your car for 40 years? Most people would say no as your car ages and degrades and becomes more and more expensive to keep running. Well, what if your car dealer guaranteed that your car would cost you the same amount every month throughout its 40 years with you? This week Kensington mortgages launched its first long-term fixed rate mortgages, allowing borrowers to freeze their monthly payments for between 11 and 40 years.

Buy to let mortgages have always made up a significant portion of the mortgage market and as rental growth continues to increase, as we reported last week, more and more people are looking into their options with either creating a property portfolio or possibly just renting out their cherished former home that they can’t bear to part with.

Green mortgages are mortgages offered to buyers either as an incentive to buy a more energy-efficient property or to make energy efficiency improvements in their current home. Most green mortgages see lenders offer a more attractive interest rate, or a form of cashback to buyers that you won’t get with standard mortgage products.

Mortgage lending by building societies such as nationwide and Leeds Building Society has risen by 22% in Quarter 3 of 2021 compared to Quarter 3 in 2020. Building societies now reportedly hold a 23% share of the total mortgage market.

Metrobank have announced that they have sold a portfolio of owner-occupied residential mortgages to NatWest as of today – Friday 19th of November. The bold decision is thought to have been made so that Metrobank can invest in other more diverse areas of money lending.