An offset mortgage delivers a tax-free savings return by setting your savings and current account against your mortgage debt. As you only pay interest on the balance, the savings pot that you put in effectively earns a return equivalent to the mortgage rate. When it comes to hunting down a good savings rate, it may […]
What is an offset mortgage and what are the benefits? Read More »
Your credit report is like a CV of your borrowing history that gets updated on your behalf. It exists to show potential lenders, employers, landlords and occasionally insurance providers, an accurate representation of how you’ve dealt with borrowing/repaying money in the past and managing your credit agreements. Information is recorded depending on your actions and
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1. Late payments Late payments will be flagged up to potential lenders. Whilst a single late payment should not have significant impact a build up of consistent late payments could result in future credit applications being declined. 2. Payment arrears If you have a growing number of outstanding payments this could significantly affect your credit
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Retirement mortgages are starting to appear on the market as the Treasury is set to give its backing after saying there is “considerable merit” in helping the elderly keep their homes. Standard repayment mortgages require homeowners to build up equity but these new retirement mortgages will only require the interest on the loan to be
New ‘Pensioner Mortgages’ to receive Treasury backing Read More »
Building up a credit history is not always easy. And, whilst the conventional method would have been to take out a credit card many of the younger generation don’t have or don’t want a credit card. There are however other forms of finance available. Whilst it might be harder to gain access to good loans
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New figures show that £3bn of cash was taken out of British properties in a year for the very first time. Data from the Equity Release Council shows around 37,000 people used equity release plans for the first time. Equity release was once seen as a last resort but with booming house prices and the
Babyboomers release cash from homes in record numbers Read More »
Older homeowners now have an extra home finance product to consider – retirement interest-only (ROI) mortgages. These products allow homeowners to pay monthly interest on their loan until they die, sell their house or go into long-term care. At this point the loan is repaid by selling the house. Lifetime mortgages are very similar. These
Lifetime mortgage or retirement interest-only – which is right for me? Read More »
Ombudsman Services is a multi-sector organisation that provides dispute resolution services for sectors including communications, energy and copyright licensing sectors. The organisation says it will work with charities, consumer groups, property professionals and the public on a report that looks at the creation of a single housing ombudsman. Ombudsman Services chief ombudsman Lewis Shand Smith
Despite the fact that house prices are expected to fall in 2018 there has been a steady increase in mortgage applications. In 2016, 312,500 new mortgages were issued to first-time buyers – an incredible 69% above the level seen in 2008. Many buy for security. Owning a house is more than an investment, it’s a
House prices might be falling but we’re still happy to buy Read More »
Higher-rate taxpayers can no longer offset all their mortgage interest against rental income before calculating the tax due. This will lead to higher tax bills even if investors have not seen their income increase. While the move mainly affects those who already pay higher-rate income tax, it will push some basic-rate taxpayers into the higher-rate