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....Britain has seen a 183% increase in planning applications for basement extensions, as homeowners barred from climbing the housing ladder by high prices decide to burrow down instead. The number of loft conversions has also risen dramatically, according to mortgage lender Halifax, in a bid to circumvent a soaring property market. ... [Read full article on Guardian ]
Wednesday 23rd of August 2017 05:01:05 AM
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. House prices are still going up around the UK, and despite low mortgage rates increasing numbers of people are locked out of the property market. ... [Read full article on Guardian ]
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Latest Finance News related to Mortgage

What are your experiences of the housing market as a BME person? image
Source : Guardian [Read Article] Wednesday 23rd of August 2017 02:33:27 PM
. House prices are still going up around the UK, and despite low mortgage rates increasing numbers of people are locked out of the property market. ...
First-time buyers on the rise as tax charges deter buy-to-let investors image
Source : Daily Express [Read Article] Wednesday 23rd of August 2017 09:35:00 AM
.... . They took out 36,000 mortgages in June, a rise of more than one fifth on May and the highest level since November 2006. ...
Going underground: number of Britons digging basements soars image
Source : Guardian [Read Article] Wednesday 23rd of August 2017 05:01:05 AM
....Britain has seen a 183% increase in planning applications for basement extensions, as homeowners barred from climbing the housing ladder by high prices decide to burrow down instead. The number of loft conversions has also risen dramatically, according to mortgage lender Halifax, in a bid to circumvent a soaring property market. ...
Identity fraud reaching epidemic levels, new figures show image
Source : Guardian [Read Article] Tuesday 22nd of August 2017 11:01:34 PM
.... Some customers have lost considerable sums after being duped into sending money to the bank accounts of criminals. In many cases, victims do not even realise they have been targeted until a bill arrives for something they did not buy, or they experience problems with their credit rating when applying for a mortgage or loan. ...
House prices: Northants leads Midlands 'mini-boom', says Rightmove image
Source : Guardian [Read Article] Monday 21st of August 2017 05:01:02 AM
....Despite concerns about Brexit and the economy, house prices have continued to increase, though at a slower pace than in recent years. The market has been supported by a lack of supply and ultra-low interest rates, though the Bank of England has warned lenders about loose mortgage lending. ...
Getting to grips with a £32,220 student debt – and how you can lighten the load image
....Many graduates will look to begin saving for their first home after starting work. In principle, student loan debt shouldn’t impact on the ability to get a mortgage as these loans do not appear on credit reports, so they won’t affect the score when a lender is assessing suitability for a mortgage. ...
Travel insurance: Guide to find the best policy for older holidaymakers image
Source : Daily Express [Read Article] Sunday 20th of August 2017 12:01:00 AM
.... . Garry Nelson, director at AllClear, said: “The stark reality is that a medical emergency abroad can cost as much as a typical mortgage. ...
Here’s help to decide which of two Isas is the best to buy into image
Source : Guardian [Read Article] Saturday 19th of August 2017 06:00:06 AM
.... The money has to be used to buy a home up to the value of £250,000 outside London, or up to £450,000 in the capital. Savers can only access the bonus by instructing a solicitor or conveyancer during the house-buying process, with the bonus added to the mortgage and funds used to pay for a property transaction. ...
Pound falls against dollar as inflation comes in lower than expected image
Source : Guardian [Read Article] Tuesday 15th of August 2017 05:10:12 PM
....As a rule of thumb, times of high inflation are good for borrowers and bad for investors. Mortgages are a good example of how borrowing can be advantageous - annual inflation of 10% over seven years halves the real value of a mortgage. ...
REVEALED: House price hotspots - areas where values are BOOMING one year after Brexit vote image
.... . House prices are forecast to continue rising, amid record low supply while mortgage rates remain low. ...
Rail users face steepest fare rise in five years as inflation hits 3.6% image
Source : Guardian [Read Article] Tuesday 15th of August 2017 08:32:02 AM
....As a rule of thumb, times of high inflation are good for borrowers and bad for investors. Mortgages are a good example of how borrowing can be advantageous - annual inflation of 10% over seven years halves the real value of a mortgage. ...
World's biggest banks face £264bn bill for poor conduct image
Source : Guardian [Read Article] Monday 14th of August 2017 05:28:32 PM
....RBS set aside extra provisions for fines and legal costs largely related to a forthcoming penalty from the US Department of Justice for mis-selling toxic bonds in the run-up to the financial crisis. That residential mortgage bond securitisation mis-selling scandal is responsible for £66bn of the costs incurred during the five-year period and the single largest factor, according to the foundation. ...
Mortgage rates are rising and time is running out to fix prices, borrowers told image
. The average two-year fixed rate home loan for remortgage customers is 2. ...
Telit Communications chief fired after fraud allegations image
Source : Guardian [Read Article] Monday 14th of August 2017 11:30:14 AM
.... The shares had been changing hands at more than 250p before a profit warning and the revelation of the identity allegations last week. Cats is alleged to have fled the US in 1991 or 1992 after he was accused of being involved in a scheme of buying and quickly reselling properties (flipping) to take out mortgages with escalated value. ...
The UK debt tide is rising – how can you avoid drowning? image
Source : Guardian [Read Article] Monday 14th of August 2017 06:00:35 AM
....StepChange suggests making a budget to give a clear picture of what money is coming in and going out so that you can then understand what repayments are possible to work down debts. “It’s crucial that you make sure before putting money to repaying debts that you have allocated money in your budget for your essential living costs (food, clothing, travel and so on) and what are called priority bills – these are things like mortgage/rent, gas, electricity bills and council tax,” said a guide from the charity. ...
New pension research: Is this really a golden era for retirement? image
Source : Daily Express [Read Article] Sunday 13th of August 2017 10:29:00 AM
....” . Crucially, the ONS figures do not include housing costs, which have risen sharply, leaving those still renting or paying off a mortgage in retirement notably worse off than homeowners who have cleared their debt. ...
Boom or bust: what’s the truth about UK house prices? image
Source : Guardian [Read Article] Saturday 12th of August 2017 03:00:48 PM
....Britain’s housing market has hit the buffers as political uncertainty, stamp duty changes and squeezed household incomes all dampen buyer demand. Over the past week, Britain’s biggest mortgage lender, Halifax, said that annual house price growth had slowed to the weakest rate in four years and the official surveyors’ body said that activity was back to 2011 levels in some parts of the UK. ...
A tale of two housing markets: booming Burnley and stagnant Kensington image
Source : Guardian [Read Article] Saturday 12th of August 2017 03:00:48 PM
.... “They go from £110,000 up to £160,000. For that you would expect mortgage repayments of around £550 a month, but to rent you are looking at £700 a month for the same property. ...
Have we gone too far in vilifying landlords? | Patrick Collinson image
Source : Guardian [Read Article] Saturday 12th of August 2017 06:00:37 AM
.... This gave the green light to banks and building societies to enter the market, safe in the knowledge that they could get possession of a property if the borrower defaulted, with no pesky sitting tenants in the way. The buy-to-let mortgage was born. ...
Should homeowners warm to EDF Energy’s free solar panel system? image
Source : Guardian [Read Article] Saturday 12th of August 2017 06:00:37 AM
....Robin Melvin, head of innovation at EDF, says about 50 households have signed up for the trial and that he is looking for another 50 to join, at which point its success will be evaluated. He says users should not have a problem with their mortgage company – previously an issue with free solar installations – as the package is compliant with Council of Mortgage Lenders guidelines and big lenders are on board with the deal. ...
Nationwide sounds note of caution over lending in run-up to Brexit image
Source : Guardian [Read Article] Friday 11th of August 2017 04:06:30 PM
.... He did not foresee any major changes to its approach to lending. The society was one of the first to tighten its criteria for buy-to-let mortgages 18 months ago. ...
Living costs rising twice as fast as inflation, new figures reveal image
Source : Daily Express [Read Article] Wednesday 9th of August 2017 10:50:00 AM
....6 per cent in the year to June. Rising house prices are forcing people to take larger mortgages and pushing up costs despite low interest rates, while rents are also rising. ...
‘Draconian’ Stamp Duty will trigger HUGE house price CRASH by stopping elderly downsizing image
....2 billion more than in 2015. Andrew Mason, Lloyds Bank mortgage products director, said: "“Rising house prices have caused stamp duty payments to continue to increase despite the reforms that came into effect from December 2014. ...
Buy-to-let landlords: Five top tips that could save you THOUSANDS image
Source : Daily Express [Read Article] Wednesday 9th of August 2017 08:30:00 AM
Alistair Darling: 'RBS said it would run out of money in early afternoon' image
Source : Guardian [Read Article] Wednesday 9th of August 2017 07:59:03 AM
....“In a few years’ time, when institutional memories start to fade and the people around have all gone and retired, then that’s where the risk occurs,” he said. Wednesday marks the 10th anniversary of the decision by BNP Paribas to suspend three of its funds with major exposure to bonds backed by US sub-prime mortgages. ...
We let the 2007 financial crisis go to waste | Torsten Bell image
Source : Guardian [Read Article] Wednesday 9th of August 2017 05:00:01 AM
Mortgage rates will rise – so 
are you ready 
to take a hit? image
Source : Guardian [Read Article] Tuesday 8th of August 2017 04:52:17 PM
.... Mark Carney, the governor of the Bank of England said they were likely to rise by more than the markets are expecting. In the latest forecast from the National Institute of Economic and Social Research (NIESR), the thinktank revised its predictions for a hike to the first three months of next year, instead of in 2019 – accelerating the likelihood that mortgage holders will soon be facing higher bills. ...
Total UK wealth tops £10tn thanks to City and property boom image
Source : Guardian [Read Article] Monday 7th of August 2017 11:01:22 PM
....“This squeeze on spending power, together with the impact on property transactions of the stamp duty changes in 2016 now being realised, along with affordability concerns, appear to have contributed to weaker housing demand. “However, a continued low mortgage rate environment, combined with an ongoing shortage of properties for sale, should help continue to support house prices over the coming months. ...
Breakthrough in leasehold scandal as Countryside buys back freeholds image
Source : Guardian [Read Article] Monday 7th of August 2017 03:58:18 PM
.... We were at no point told by our original solicitor that this clause existed or would be a problem. Neither did they inform our lender (who almost certainly would have refused our mortgage application had they known). ...
House prices fall for FOURTH quarter in a row but here’s why homeowners shouldn't panic  image
....". Buyer affordability remains stretched despite low mortgage rates, and the summer months are also a typically quieter period. ...
Is it a bad idea to buy a property in London if it's not home for life? image
.... I was considering buying a flat in London, with the idea that it would be my first home, and I would sell it off by the time I was 32. I’d like to have a place to call my own, and I am currently paying £800 a month in rent, which I could pay towards a mortgage. ...
UK house price rises slow to four-year low, says Halifax image
Source : Guardian [Read Article] Monday 7th of August 2017 09:54:34 AM
. Annual house price growth has slowed to the lowest rate in four years, according to Britain’s biggest mortgage lender. ...
Interest rates: Winners and losers revealed following a year of record low interest rates image
....60 per cent is more than 18 times base rate. Rachel Springall, finance expert at MoneyFacts, says borrowers must fight back by switching to cheaper rates: “Somebody with a £150,000 capital repayment mortgage who switched from the average SVR to a five-year fix at 2. ...
Downsizing: The disadvantages of moving to a smaller home image
Source : Daily Express [Read Article] Sunday 6th of August 2017 10:41:00 AM
....". One in four Britons retiring this year has a mortgage or other debts to pay off, typically owing £24,000, according to research from insurer Prudential. ...
A decade after the financial meltdown, its underlying problems haven’t been fixed image
....Ten years ago this week, the global financial crisis started with a small rumble in France. Local bank BNP Paribas announced it was freezing the assets of three hedge funds with heavy exposures to the US sub-prime mortgage market. ...
Student debt: What is going on with the Student Loans Company? image
Source : Guardian [Read Article] Saturday 5th of August 2017 06:00:04 AM
....Put bluntly, it is the prospect of having to pay 6% interest on student loans when the Bank of England base rate is 0. 25% and when mortgages, even for first-time buyers, are 2-3% interest. ...
Goodbye to buy-to-let: why I’m moving on after 13 years as a landlady image
Source : Guardian [Read Article] Saturday 5th of August 2017 05:59:04 AM
.... The tenant fees will probably be shifted to landlords. And, from this year, the government is reducing the amount of tax relief on buy-to-let finance costs such as mortgages, loans and overdrafts. ...
RBS plans move to Amsterdam for post-Brexit EU hub image
Source : Guardian [Read Article] Friday 4th of August 2017 06:44:41 AM
....”. He added: “It does feel this business is seeing the light at the tunnel,” but said the one major outstanding issue was settlement with the US Department of Justice over the sale of toxic mortgage bonds a decade ago. ...
'It's hard to remember how fraught it was': Mark Carney on the credit crunch image
.... But it took longer for central banks and regulators to appreciate the scale of the crisis at the heart of the global financial system. The acknowledgment by the French bank BNP Paribas on 9 August 2007 that it could no longer price some of its funds because of a “complete evaporation of liquidity” in the US sub-prime mortgage market is now regarded as the start of the credit crunch. ...
Brexit is putting firms off giving pay rises, says Bank of England image
Source : Guardian [Read Article] Thursday 3rd of August 2017 11:13:47 AM
....As a rule of thumb, times of high inflation are good for borrowers and bad for investors. Mortgages are a good example of how borrowing can be advantageous - annual inflation of 10% over seven years halves the real value of a mortgage. ...
The day the credit crunch began, 10 years on: 'the world changed' image
Source : Guardian [Read Article] Wednesday 2nd of August 2017 04:15:56 PM
.... The governor of the Bank of England spent it at Lord’s cricket ground where he was interviewed by the former England cricket captain Michael Atherton. While Lord King was watching the cricket, the French bank BNP Paribas announced it was freezing the assets of hedge funds that were heavily exposed to the US sub-prime mortgage market. ...
House prices stabilise as number of homes on the market falls image
Source : Guardian [Read Article] Tuesday 1st of August 2017 12:13:12 PM
....9%. The resilience of house prices has surprised economists as they contrast with falling transactions – at their lowest level for eight months – and the number of mortgages approved, which have also fallen to a nine-month low. ...
Unsecured consumer credit tops £200bn for first time since 2008 image
Source : Guardian [Read Article] Monday 31st of July 2017 08:55:04 AM
.... “With the current prudential regulatory focus on rising consumer credit, it is understandable that the FCA will also want to look closely at firms’ assessment of how customers can repay if economic circumstances change,” said Eric Leenders, head of personal lending. In its update on the UK credit market on Monday, Moody’s downgraded the outlook on bonds backed by credit card customers, buy-to-let mortgages and car loans. ...
Should I renegotiate my offer price after survey points to problems? image
Source : Guardian [Read Article] Monday 31st of July 2017 08:51:02 AM
....Do we ask the vendor to rectify the problems before we move in to the flat or do we try to renegotiate the offer? We estimate the cost of the works will be £4,000 to £5,000. Or is it possible to get an allowance from the mortgage company? It might be worth mentioning that the flat is currently vacant so any works would be done in an empty property. ...
Owners of ex-local authority homes face horror of bills running into thousands image
....Lambeth council initially told leaseholders that repairs to the estate would cost £7m, and that the Whitehouse’s share would be £6,000. This soon more than doubled to £13,000 – a fee they scraped together by adding to their mortgage and plundering their savings. ...
Why is Google spending record sums on lobbying Washington? image
Source : Guardian [Read Article] Sunday 30th of July 2017 11:00:18 AM
.... Though its executives may signal liberal stances on gay rights and immigration, it is at heart a libertarian firm which believes above all that corporations should not be regulated by the government. Just as extreme lobbying by the bank industry led to a loosening of regulations, which then resulted in the great mortgage scam of 2008, Google’s efforts to keep the government out of its business may have deep implications for the next 10 years. ...
Victory! New-build leaseholds banned … but what of those already trapped? image
. Many leasehold homeowners face being charged hundreds of pounds just to obtain permission to switch to a new mortgage, Guardian Money can reveal. ...
Goodbye 25-year mortgages, but are we walking into a borrowing trap? image
Source : Guardian [Read Article] Saturday 29th of July 2017 06:00:43 AM
. One in six borrowers is taking out a mortgage lasting 35 years or more, official figures show – meaning many will still be paying off their loans well into their 70s. ...
Santander cuts back lending amid Bank of England concern over personal debt image
. Santander has reduced its mortgage lending and its loans for car purchase amid Bank of England warnings about reckless lending and a “spiral of complacency” over mounting consumer debt. ...
Barclays sets aside extra £700m for PPI claims image
Source : Guardian [Read Article] Friday 28th of July 2017 07:25:34 AM
.... Running to more than 10 pages, the bank repeats legal claims it faces for a range of issues including a competition investigation in Portugal to terrorist financing investigations in the US. The bank is fighting accusations by the US Department of Justice – made in December – over a decade-old mortgage bond mis-selling scandal. ...
Libor interest rate to be phased out after string of scandals image
Source : Guardian [Read Article] Thursday 27th of July 2017 04:47:23 PM
.... However, the benchmark is so widely used to price financial products that it would take five years for an alternative to be found. Libor is used to price loans to companies and also – in some countries – to price mortgages. ...
AstraZeneca boss Pascal Soriot's 'pivotal' year is turning out horribly | Nils Pratley image
.... Banks’ ability to confess to fresh “conduct” issues seems limitless. Lloyds’ out-of-leftfield announcement was a £340m bill for giving redress to customers who were mistakenly hit with fees when they were in arrears on mortgage payments. ...
Lloyds to pay £300MILLION compensation to customers: Are YOU owed money? image
Source : Daily Express [Read Article] Thursday 27th of July 2017 11:28:00 AM
. About 600,000 customers were hit with fees between 2009 and 2016 when they fell behind on mortgage payments. ...
Lloyds takes fresh £1bn hit from PPI compensation claims image
Source : Guardian [Read Article] Thursday 27th of July 2017 08:29:53 AM
....Lloyds Banking Group has taken a fresh £1. 6bn hit in the first six months of the year to cope with a new wave of claims from consumers missold payment protection insurance and to rectify treatment of mistreated mortgage customers. ...
I’m trapped in my leasehold property by ever-doubling ground rent image
Source : Guardian [Read Article] Thursday 27th of July 2017 06:00:42 AM
....In the old days they tended to be a peppercorn sum paid to the owner of the land on which the property is built, but nowadays can amount to four-figure sums. Since leases can run for hundreds of years, a mechanism is needed to increase the rent throughout the term – but some builders are taking advantage of this and mortgage lenders are becoming wary of leases containing unreasonable terms. ...
Housing market still reeling a decade after financial crisis, Savills says image
.... A total of £312bn was spent on house purchases in the year to the end of March 2017 – £30bn less than the figure for 2007. Meanwhile, the amount of mortgage lending where the borrower is putting down a deposit of under 10% has reduced to less than one-fifth of the £52bn in 2007. ...
Britons sit on ‘ticking time bomb’ as interest rates HIKE risks financial security image
.... . British households owe more than half a trillion pounds on variable rate mortgages and consumer debt, with interest repayments totalling £39. ...
'You feel ripped off': homeowners' frustration over ground rent trap image
Source : Guardian [Read Article] Tuesday 25th of July 2017 06:04:57 PM
....“We have also introduced a scheme to help Taylor Wimpey customers who bought homes from us with a 10-year doubling ground rent clause. We are working hard with the freeholders to convert our customers’ doubling leases to ones which resolve concerns around how easy it is to sell or get a mortgage on these properties. ...
Victims of ground rent scandal demand action on existing abuses image
Source : Guardian [Read Article] Tuesday 25th of July 2017 05:13:28 PM
....The company has also stopped selling new-build houses as leaseholds, except where it does not own the freehold. “We are working hard with the freeholders to convert our customers’ doubling leases to ones which resolve concerns around how easy it is to sell or get a mortgage on these properties,” a Taylor Wimpey spokeswoman said. ...
Leasehold houses and the ground rent scandal: all you need to know image
Source : Guardian [Read Article] Tuesday 25th of July 2017 03:05:21 PM
....Many can’t. They find their homes almost unsaleable, because lenders, particularly Nationwide, won’t grant mortgages against homes with onerous ground rent clauses, while conveyancing solicitors will warn prospective buyers off. ...
Quarter of personal loan applicants 'seeking half their annual salary' image
....An analysis by the TUC in May warned that borrowing to top up wages was poised to breach the record levels hit just before the financial crisis of a decade ago. The trades union group found the average unsecured debt per household – which excludes mortgages – stood at £13,200 last year, only £100 below the record reached in 2007. ...
Debt-ridden families a ticking time bomb for EVERYONE in Britain, Bank of England warns image
....High levels of debt can create a vicious circle for the economy, according to Mr Brazier. Borrowers with large mortgages deepen recessions by cutting back on spending. ...
Bank of England warns of complacency over big rise in personal debt image
Source : Guardian [Read Article] Monday 24th of July 2017 05:40:59 PM
.... Companies risk losing money if used car prices fall and Brazier said banks involved and the shareholders of car companies would “want to think very carefully about the risks”. He added that developments in mortgage debt had been much less striking than those in consumer debt and car finance, with lending for home loans up by just 3% over the past year. ...
Mortgage time bomb? Interest-only borrowers with NO plans to repay debts image
Source : Daily Express [Read Article] Monday 24th of July 2017 04:40:00 PM
.... Some households will be left with little choice but to sell their home. Adrian Anderson, a mortgage broker with Anderson Harris, said: "We have definitely got an interest-only mortgage ticking time bomb scenario. ...
Secure your worldly wealth: Tips to make sure you pass your wealth to the right person image
....” Say your child puts down a 15 per cent deposit of £30,000 on a £200,000 home, but their partner does not contribute. The couple then divides the monthly mortgage repayments equally. ...
The real cost of regeneration image
Source : Guardian [Read Article] Friday 21st of July 2017 05:00:09 AM
.... Safety and complaints procedures have been lamentable, helplines unresponsive, emergency helplines not always working. Some of the estate’s right-to-buy owners – theoretically the big winners in Margaret Thatcher’s great vision for social housing – have spent years trying to rearrange their mortgages for flats in the new development. ...
Should I cash in my endowment early to pay off my mortgage? image
Source : Guardian [Read Article] Thursday 20th of July 2017 06:00:13 AM
. Q The current fixed-rate deal on my interest-only mortgage of £47,000 will finish at the end of next March, and the entire mortgage term is due to end in July 2023. ...
Deutsche Bank expects subpoenas over Trump-Russia investigation image
Source : Guardian [Read Article] Wednesday 19th of July 2017 11:26:20 PM
....According to an analysis by Bloomberg, Trump now owes Deutsche, his biggest creditor, about $300m. He has four large mortgages, all issued by Deutsche’s private bank. ...
UK house prices rise nearly 5% despite political turmoil image
Source : Guardian [Read Article] Tuesday 18th of July 2017 01:05:46 PM
....James Allen, head of alternative investments at financial services firm Walker Crips, said: “It is clear that prime London may as well be a different country. ” He added that buyers in Kensington and Chelsea would need a deposit of £450,000, based on a mortgage at 70% loan to value. ...
Let buyers borrow more on greener homes, urges report image
Source : Guardian [Read Article] Tuesday 18th of July 2017 05:01:11 AM
. Homebuyers could take out bigger mortgages if the energy ratings of properties were factored into the lending criteria of banks and building societies, government-funded research has found. ...
If home ownership continues to shrink, the retirement system is in trouble | Greg Jericho image
. One of the more quirky aspects of economic debate in this country is how much attention is focused on interest rates given around two-thirds of the population don’t pay mortgages. ...
How credit score agencies have the power to make or break lives image
Source : Guardian [Read Article] Monday 17th of July 2017 06:00:43 AM
. Omar Nasser came close to losing his home when his interest-only mortgage expired earlier this year and his application for a new loan was turned down because he failed a credit check. ...
Gig economy: Financial advice for the self-employed  image
Source : Daily Express [Read Article] Sunday 16th of July 2017 12:01:00 AM
....Many simply do not have enough regular income to start saving into a pension. Others can struggle to get a mortgage to buy a property as lenders see their income as insecure. ...
British Airways cabin crew strikers prepared for long haul image
Source : Guardian [Read Article] Saturday 15th of July 2017 03:00:09 PM
.... “They said my payslips don’t show the figures BA tells people we earn. ” Allowances, incentives and bonuses over basic pay count for little when applying for a mortgage, crew say. ...
Top 1% of households in UK fully recovered from financial crisis image
Source : Guardian [Read Article] Friday 14th of July 2017 11:01:36 PM
....Britain has had ultra-low interest rates since 2009, but the report said the benefits had gone to those who owned property, not renters. Incomes of those with a mortgage grew by an above-average 1. ...
Rise in credit card default rate adds to concerns over household finances image
....The survey also revealed that banks were planning to reduce credit availability this summer as lenders adopt a more cautious approach about approving new loans, reflecting caution over Britain’s economic prospects. Lenders reported they would offer less “secured credit”, such as mortgages, over the next quarter. ...
Is paying off the mortgage a better bet than saving? image
Source : Guardian [Read Article] Thursday 13th of July 2017 06:00:00 AM
....Q We are a family with some savings – around £70,000 – but are worried they might be worth less once Brexit is decided: ie, the pound will go downhill. So if we want to put the savings into something, is it best to pay off a big lump sum on a mortgage of £135,000 with 12 years to run, or use the money to buy another property to let out? Or do both? The mortgage on our home is a two-year interest-only deal that expires in June. ...

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