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Average earnings rise by 1.4% to £26,500, says ONS

The average annual earnings of full-time workers in the UK rose by 1.4% to £26,500 in the year to April 2012. The figures have been published by the Office for National Statistics (ONS) in its annual survey of hours and earnings. There was a cut in the real value of pay, however, as inflation was higher during the same period, at 3.5%.

Bank of England Claims UK Banks May Need Even More Capital

The major UK banks may need to raise more capital as protection against possible future losses, the Bank of England's Financial Policy Committee has recently warned.

Future Pensioners May Struggle With Mortgages

According to a recent report by the Institute for Fiscal Studies (IFS), many in their 50s and early 60s do not have adequate planning for their future pensions. This will mean that those planning on getting a retirement mortgage might struggle if their personal pension income or savings are not sufficient. This may because of little financial planning, which based upon this report, would suggest a significant number have done.

Landlords and Tenants in it Together

According to the trade magazine Mortgage Solutions, lenders are increasingly unlikely to offer a mortgage to landlords whose tenants are on benefits. With the economic climate as it is this may not be surprising, as tenants on benefits run the risk of not being able to keep up with rent payments on buy to let mortgages UK wide.

Second Mortgages- Checks and Challenges

When talking about a second home mortgage, this can mean anything from a holiday home, to a second property for later life plan; to housing for one’s children, or as a property investment to be rented out to tenants. Moreover the applicant might not have a mortgage on their primary address, or this might well be a second mortgage. All these elements, and more, will be taken into account by the lender. 

Gardens Are The Number One Priority For First Time Buyers

New research from Yorkshire Building Society reveals that the number-one priority for first time buyers is neither local transport links or closeness to an array of restaurants but having their own garden. The findings however, reveal that the importance of some other features lessens once people actually settle in to their new home, suggesting that a compromise may pay off in the long-term for potential first time buyers. For example, while 36% of potential first time buyers looking for home mortgage finance see living near good public transport as key, it is far less of a factor for those who recently bought their first home at 26%, suggesting this is a compromise they actually made and didn't regret.

Money Plus Group warn of 'Perfect storm of debt issues' approaching

UK Debt management company MoneyPlus Group warns of a 'perfect storm of debt issues' that would be generated by any increase in mortgage costs and current mortgage rates. The Company has claimed that UK homeowners are putting off dealing with their debt problems as mortgage costs have remained relatively low in recent years, leading to fewer individual voluntary arrangements being taken out.

Mortgage Brokers Numbers on the Rise

The number of UK mortgage brokers appears on the increase with the new figures from the FCA indicating that the number of firms advising on mortgages has increased. At the peak of the market in January 2006 3,533 primary mortgage firms were registered with the Regulator and this declined to 1,394 in March 2012.

Lending and Self-employment- what are the chances?

  A survey by the ONS found that self-employed individuals made up fourteen per cent of the work force, with temporary/free-lance workers making up an additional six per cent. Despite some of these self-employed and temp workers being professionals, some may be finding it more difficult to get offered a mortgage than those employed by a company.

Positive Future for First Time Buyers?

Nationwide has doubled its lending to first time buyers in the first 6months of the financial year. In this time frame it lent £2.5 billion to 20,000 first time buyers, thereby not only doubling its lending to new buyers; but also nearly matching the 24,000 first time buyers it lent too all of last year.

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