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New figures have revealed that the number of first time buyers securing mortgages rose by a fifth in March, hinting that the property market may be recovering. According to the Daily Telegraph, the Council of Mortgage Lenders figures ‘add to the evidence that government schemes aimed at supporting the market are beginning to have an effect.'
Here, we look at the rise in first time buyer loans and data which shows that the demand for property in the UK has hit a three year high.
If you are a homeowner with a mortgage or you're thinking of buying a property in the next few years, you could be set to see a significant drop in your disposable income. A new report has warned that inflation over the next five years could leave borrowers with as little as £56 per month after all their mortgage and bills have been paid.
The new research doesn't take into account any potential rises in interest rates which would also squeeze affordability for millions of households. Keep reading to learn more about why your disposable income is set to shrink by 2018.
Improved mortgage affordability is helping to support the property market and nudge prices higher, according to new research from one of the UK's leading lenders. The latest Halifax figures show that house prices rose by 1.1% in April, meaning that the average price of a property in the UK is now £166,094, up from £164,289 in March.
The lender believes that the falling cost of mortgages as a proportion of household expenditure is helping more people to afford to buy.
Despite some improvements in the availability of low-deposit mortgages, it's still tough for many house buyers to either get onto the property ladder or to move home. So it's perhaps no surprise that a survey of mortgage borrowers has found that almost four in five believe that lenders should be doing more to help prospective property buyers.
If you're looking to get onto the housing ladder in 2013 one major lender is planning to help by paying your stamp duty. Halifax, part of the part taxpayer-owned Lloyds Banking Group, has announced that it will pay stamp duty of up to £2,500 for first-time buyers in an attempt to attract more new homeowners.
If you're thinking of taking out a new mortgage you may well have been considering a long-term fixed-rate deal. The cost of five-year fixed rates has been gradually falling over recent months with HSBC recently launching the lowest-ever five-year fixed deal. But with interest rates set to remain low for another few years, is now the right time to be considering a long-term fixed-rate deal? And what else should you take into account when deciding?
If you have been looking to buy your first home over recent years it has been tough. Access to low-deposit mortgages has been a problem for many first-time buyers meaning that few have been able to save up the necessary deposit to buy.
However, there are signs that this situation is beginning to change. Here, we look at two initiatives which are set to increase the number of first-time buyers entering into the market in 2013.
If you're looking for a high loan-to-value (LTV) mortgage it will cost you almost a third more than a month ago. That's the conclusion of new data from financial analysts Moneyfacts which shows that lender arrangement fees on 90% LTV mortgages have risen by a staggering 32% in the last month and almost two thirds (62%) over the last year. The average fee for all mortgages hit a 25-year high in April as lenders offset falling interest rates with higher charges.
Over recent months, the government have taken steps to increase the availability of low-deposit mortgages in an aim to boost the housing market. However, new research has revealed that access to low-deposit loans may not be the magic bullet that the mortgage market needs.
For most people their mortgage is their biggest monthly financial commitment and the Halifax has revealed that April 13th was this year's UK Mortgage Freedom Day: the day by which the average Briton has earned enough money to cover their mortgage repayments for a year.
It takes the average worker 103 days to earn enough to meet their annual mortgage payments. So, how can you pay off your mortgage more quickly?