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House prices rise £6,700 as London brings the average up £5k
House prices rise £6,700 as London brings the average up £5k
House prices in England and Wales have risen £6,700 in the last year according to the LSL/Acadametrics house price index released today.
This leaves the average house price at £230,078 – but, without London, house prices would be just £1,117 higher. This follows a steady increase in house prices, with prices only haven fallen once in the 16 months.
Santander launches new higher LTV 5-year fix and new rates
Santander launches new higher LTV 5-year fix and new rates
Santander continues to support first time buyers, other homebuyers and the housing market by continually reviewing its mortgage range and introducing competitive products across all LTVs to suit customers’ needs.
The latest offering includes even better rates for 2- and 3-year fixes and 2-year trackers, for homebuyers and re-mortgage customers and a new deal for those looking to purchase or re-mortgage on a 5-year fix up to 80% LTV.
Halifax reduces affordable housing rates
Halifax reduces affordable housing rates
Halifax has reduced the rates across its NewBuy, Shared Equity and Shared Ownership mortgages in a move to further strengthen its support of the affordable housing sector.
The changes, which came into effect today include:
New Buy and MI NewHome
90% LTV 2 year fixed rate mortgage reduced by 0.30% to 4.69% with a £995 fee
90% LTV 2 year fixed rate mortgage reduced by 0.30% to 5.09% with no fee
90% LTV 7 year fixed rate mortgage reduced by 0.30% to 4.69 with no fee
Shared equity and Shared Ownership
Up to 60% LTV 2 year fixed rate mortgage is being reduced by 30bps to 2.74% with a £999 fee
60% LTV 2 year fixed rate mortgage is being reduced by 30bps to 3.19% with a £999 fee
Up to 75% LTV 2 year fixed rate mortgage is being reduced by 30bps to 3.59% with no fee
Hinckley & Rugby boosts maximum loan sizes across mortgage range.
Hinckley & Rugby boosts maximum loan sizes across mortgage range.
Hinckley & Rugby Building Society has increased its maximum mortgage advance across a range of LTVs, including at up to 90 per cent.
The mutual lender has boosted the advance limit on 90 per cent LTV mortgages for residential house purchase and remortgages by £75,000 and will now lend up to £275,000.
At up to 85 per cent LTV the limit is now £300,000, a rise of £100,000. At 80 per cent LTV the new limit is £350,000 (up from £240,000). £100,000 has also been added to the limits at 75 per cent LTV, which is now £400,000, and 70 per cent LTV, now £450,000.
Available via mortgage introducers, the new limits are designed to broaden the appeal of the Society’s competitive mortgages by welcoming in a wider price range of properties.
Although available for remortgages, the new thresholds will only apply where it is a straight £ for £ replacement or for documented home improvements, but not debt consolidation.
Saffron BS launches Next Step mortgage to help second-steppers
Saffron BS launches Next Step mortgage to help second-steppers
Saffron Building Society has announced the launch of a new mortgage designed to help second and subsequent time buyers struggling to raise a deposit, take their next step on the housing ladder.
The Next Step Mortgage, which is available via mortgages brokers, has the following features:
– Available up to 95% LTV
– 5.99% rate fixed to 31/8/16
– No early repayment charges
– For house purchases up to £500,000
– £495 arrangement fee
– also available to third, fourth and subsequent time movers
Buy-to-let remortgaging up 26% on last quarter
Buy-to-let remortgaging up 26% on last quarter
The first quarter of 2013 saw a new high in remortgaging activity, with more landlords trying to raise enough capital to expand their portfolios and take advantage of high gross yields, according to research by Mortgages for Business.
Remortgaging accounted for 69% of all residential buy to let transactions in Q1 – up from just 43% in the last quarter of 2012 – and was the highest on record for a single quarter since the start of the broker’s Complex Buy to Let Index in Q1 2011. Refinancing also accounted for over two-thirds of transactions on Houses in Multiple Occupation (HMO) and Multi-unit Freehold Blocks.
High gross yields are encouraging more landlords to refinance. Average gross yields have increased over the past year on all property types other than HMO, which has encouraged more landlords to refinance to free up enough capital to make further purchases
Nationwide Building Society reduce rates
Nationwide Building Society have announced that all rates up to 70% LTV reduced from Wednesday 10 April 2013.
All fixed and tracker rates up to 70% LTV reduced by 0.10%, now starting from 2.24%
Rates for existing customers moving home or taking further borrowing will continue to be priced 0.10% below new customer rates.
RICS:Best quarter for house sales in 3 years
RICS:Best quarter for house sales in 3 years
The UK housing market experienced its best quarter since 2010 with house sales at their highest level in three years, the latest RICS UK Housing Market Survey revealed.
The survey found that an average 17.4 homes were sold in each of the first three months of the year whilst prices remained broadly stable.
RICS said that its seasonally adjusted house price balance for March rose to -1 from -7 in February implying that roughly equal numbers of its members reported price falls and price rises over the preceding three months.
Halifax launch new fixed rate deals
Halifax has today launched a new 5 year fixed rate mortgage at a rate of 2.69%, further strengthening its support to the UK housing market.
Available from today, the 60% LTV, 5 year fixed rate mortgage will be available to homemovers at a rate of 2.69% with a £1,995 fee.
Mortgage fees highest in 25 years
Mortgage fees highest in 25 years
The average mortgage arrangement fee has risen to £1,522, the highest figure ever recorded by Moneyfacts.co.uk.
Despite a large number of mortgage lenders driving their rates down to record lows over recent months, arrangement and booking fees have been steadily rising. During the first three months of this year, fees have risen by £112, with average fees in the high loan-to-value market increasing the most.
A typical five-year fixed rate mortgage with a 90% loan-to-value today has an average fee of £1,433 compared with £929 in January this year. The average fee for a deal over the same term with a 75% LTV has a typical fee of £1,258 compared with £964 at the start of this year.
Whilst many mortgage deals offer competitively low rates, it is always wise to be aware of the hefty fees involved. We can put you in touch with an independent mortgage adviser who will be aware of all lenders fees, and can offer advice for the most suitable mortgage for any particular situation.