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London Mortgage Brokers at Risk as Small Building Societies Reject Business

A number of building societies are reverting back to dealing with local customers only, according to a study by Moneyfacts.

Mortgage Payments Take Priority in 2013 Household Spending

Mortgage repayments will take an increasing priority in a third of households’ spending in 2013, according to a survey by Legal & General Mortgage Club (L&GMC). 

Deposits For London Houses Three Times National Average

The average deposit required to purchase a property in England and Wales is £26,500, according to the finding of the Castle Trust. Looking at the 30 biggest cities and regions, the research found the average house price and what would be required for a 20% deposit. While borrowers can get a mortgage with a deposit of as little as 5% of the purchase price, the Council of Mortgage Lenders (CML) reported that the majority of mortgages are secured with a 20% deposit. 

Landlords Remortgage Buy-To Let Properties to Expand Their Portfolios

The total value of Buy-To-Let Mortgages reached £4.2m as the number of landlords remortgaging complex buy-to-let properties increased by 2% last year, according to research by Mortgages for Business. Similarly, the number of landlords refinancing houses in multiple occupation rose by 25% in 2012.

New Flat-Rate State Pension Plans Unveiled

A new flat rate universal pension was announced by the Government on the 14th January, to take effect from April 2017.

Under the new simplified system, the rate will be universal and, therefore, everyone will receive the same state pension of £144 per week; provided they have reached the state retirement age, and have made 35 years’ worth of National Insurance (NI) payments. However, those who retire before April 2017 will stay on the current system, which provides £107 per week, but through various top up means can be up to £142.70 per week.

Deposits For London Houses Three Times National Average

The average deposit required to purchase a property in England and Wales is £26,500, according to the finding of the Castle Trust. Looking at the 30 biggest cities and regions, the research found the average house price and what would be required for a 20% deposit. While borrowers can get a mortgage with a deposit of as little as 5% of the purchase price, the Council of Mortgage Lenders (CML) reported that the majority of mortgages are secured with a 20% deposit. 

Mortgage Lenders Truly Go to War

Mortgage rates are continuing to fall with another lender launching a 1.99% two-year fixed rate deal for customers with a 40% deposit.

Stagnant Second Stepper Market Scuppers First Time Buyers

Home owners looking to move up the housing market are feeling the brunt of the relatively flat market in 2012, according to the findings of the Home Movers Review by Lloyds TSB.

New Build Plans to Ease Market Pressure

Local communities are expected to develop robust plans to build new affordable housing for the next five years, as part of the Planning Minister’s desire to ease the pressure on the housing market.

Retirement Income Continues to Fall

Those entering retirement in 2013 are likely to have seen their annual income be 18% lower than those who retired in 2008, based upon thefindings by Prudential’s Class of 2013.

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