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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.
Help to Buy will boost prices more quickly than supply.
Help to Buy will boost prices more quickly than supply.
The Centre for Economics and Business Research (Cebr) predicts an average UK home will cost £227,000 in 2014, surpassing the pre-crisis peak for the first time.
Economic fundamentals push house prices to £267,000 by 2018.
New Cebr forecasts show that a typical house in the UK is expected to cost £227,000 in 2014, surpassing the 2007 pre-crisis peak for the first time.
Next year, the leading forecaster expects house prices to be 2.3% higher than in 2007.
Cebr also predicts the average home price will be £222,000 this year, 1.4% higher than in 2012, but just under the peak achieved immediately prior to the financial crisis.
In the short term, lacklustre wage growth, domestic banks’ ongoing recapitalisation efforts and Eurozone financial unrest are expected to subdue house price growth this year and next.