Housing Minister Pushes New Builds   The start of the year has been awash with conflicting stories of house price boom and stories of another impending bust. One headline suggests there are no mortgage deals worth mentioning and another showing excitement at all the new exciting deals available.   One thing is for sure that 2010 and on will be difficult. Most of the headlines can be attributed to spin by the intersted parties, but the truth of the matter is the first time buyer market is stagnant and is vital for the overall health of the housing market.   It’s not just the responsibility   read more

Are mortgages for first time buyers still out there?   Compared to the mortgage market in 2007 figures in March 2010 show that there are relatively no mortgages for first time buyers.  Gone are the days of 100% or even 125% mortgage deals and since the credit crunch first time buyers have had to take a different approach if they want to get on the property ladder.   Sue Anderson, of the Council of Mortgage Lenders, said: “Mortgage availability has tightened markedly since the credit crunch, largely as a result of the rationing effect arising from the limited availability of funds to lenders   read more

First Direct Tracker Mortgage at 3.99% First Direct have an attractive tracker mortgage for first-time buyers who can come up with a 15% deposit. This lifetime tracker mortgage tracks the Bank of England Base Rate plus 3.49%, which is currently 3.99%.  There is a £499 arrangement fee and the overall cost for comparison is 4.1%.  If it is possible to get the deposit required this is one of the best rates for this loan ratio. For those moving home or can get a higher deposit there two even better deals available. 75% Life Tracker tracks the Bank of England Base Rate plus 2.39%, currently 2.89   read more

Nationwide Say House Prices Fall by 1% House prices have fallen in February by 1% according to Nationwide.  This is seen to be the first time prices have fallen since last April.  The average price has dropped from £163,481 in January to £161,320. Nationwide have conceded that it is too early to say if this drop is the start of a trend.  Two major factors which could have an influence on the figure are the end to stamp duty holiday on homes up to £175,000 and the extraordinary weather conditions across the UK. Nationwide’s chief economist, Martin Gahbauer, said: “There is evidence from   read more

Banking and mortgage complaints figures released   The Financial Ombudsman Service has released data on complaints received from individual financial businesses for the second half of 2009.  These are complaints made to the ombudsman between 1 July and 31 December 2009 which include mortgage complaints.   Within this six month period the ombudsman received 82,136 new complaints. This shows an increase of 18% compared to the first half of 2009 where 69,841 complaints were made. 88% of the new complaints are related to just 155 financial businesses, which is a worrying statistic when you consider   read more

Guarantor Mortgage Becoming Obsolete? It has emerged that the Halifax intends to withdraw its guarantor mortgage from the market in March, currently being offered by brokers.  A guarantor mortgage is a deal where a person (usually a close relative) guarantees to repay the mortgage if the borrower is not in the position to, or refuses to. A guarantor mortgage is usually entered into when the borrower is unable to borrow enough to buy the home, but a guarantor will step in once assessed and able to support the new mortgage on top of their financial commitments.  These deals usually taken out for   read more

Santander 90% Mortgage Give First-time Buyers a Lift   Santander has become the latest bank to offer first-time buyers a glimmer of hope by raising its LTV to offer 90% mortgages to these potential buyers.   The Santander group who aquired Abbey and Bradford & Bingley hold an approximate 20% market share of new residential mortgages. With this kind of market share a small relaxation in the LTV can only be good news. This movement is seen as an indication that an appetite has increased to start competing at the lower end of the market.   First-time buyers looking to buy a brand new appartment   read more

90% Mortgages From Newcastle   The Newcastle Building Society has become the latest lender to offer 90% mortgages to its customers. They are offering two types of product, a fixed rate deal and a tracker deal, aimed at the first-time buyer.   The fixed rate is at 5.95% for 2 years and then moves back to the lenders SVR which is currently 5.99%.  The product carries a £499 completion fee and a £195 reservation fee.   The tracker rate is a 2 year deal set at 4.10% above the Bank of England base rate which is currently 0.5%. The rate is currently 4.6% and converts back to the lenders SVR after 2 years   read more

Discount Mortgages From N&P   Norwich & Peterborough Building Society has launched a package of 2 three-year discounted mortgages.   Both deals are based on a maximum loan-to-value of 75% with a minimum £50,000 loan.  It is possible to take payment holidays as long as the required overpayments have been made.   3yrs With Help Upfront   3.15% for 3yrs - based on a discount off the standard variable rate of 2.20% Product fee - £795 Early redemption charge for 3 years or for overpayments of more than 10% of loan (or £10,000) per year £200 cashback after completion   3yr Discount   2.95% for   read more

90% Mortgage - The Growth of the 90% Mortgage in 2010   Moving into 2010 and mortgage rates are starting to fall which could excellent news for first-time buyers.  In January lenders began to relax their lending criteria with more than 300 new products on the market since the beginning of 2010.  The number of 90% mortgages available today has risen by 26%.   The Bank of England has revealed that the average rate for a tracker mortgage with a 25% deposit was 3.63% in January compared to 3.92% recorded in December 2009.     In June 2008 the interest rate for a two year fixed rate mortgage was 6.35   read more