Mortgages from the supermarket with Tesco
July 21, 2009
Tesco is reportedly investigating expanding its current personal finance options to offer current accounts and mortgages, which would be an interesting expansion for the general public, mortgage advisors and those taking CeMAP training with a view to entering the financial industry.
Tesco Personal Finance currently offers items such as loans, savings accounts and insurance to around 5 million customers. This year, it is offering a trial in-store bank at 30 of its stores nationwide and is reportedly now investigating launching a separate bank to raise funds to offer mortgages.
Andrew Higginson is the chief executive Read more
Mortgage lending highest in six months
July 20, 2009
Gross mortgage lending is at its highest level in six months according to the CML (Council of Mortgage Lenders), although the latest quarter figures are still one of the lowest quarterly figures over the last eight years.
It seems experts are still cautious as these figures show the difficulty in determining how far the mortgage market has actually come.
From £9.9 billion of gross lending in February this year, to £10.5 billion in May and now £12.3 billion in June, the figures are rising only slightly. From the £23.8 billion in June last year though, it is easy to see the volume is still much lower than 2008. Read more
Increase in self build mortgage enquiries
July 19, 2009
According to recent figures released from BuildStore, a self build mortgage specialist company, the number of enquiries for self build mortgages in the last three months has increase by 39 percent in a year on year comparison.
The company reported that the first six months of this year show a 33 percent increase compared to the same period in 2008 and in the first quarter that rise was 27 percent.
BuildStore claims self builders are taking advantage of the rise in land availability. The evidence quoted was a 43 percent increase in June this Read more
First time buyers take loans for deposit
July 18, 2009
According to recent research, many young first time buyers wanting to take advantage of the lower property prices at the moment are taking loans to fund their deposit.
The study was completed by moneysupermarket.com and shows that 13 per cent of 18-34 year olds are looking at buying their first property over the next twelve months but 16 per cent of them are looking at loans to fund their down payment.
Only 25 per cent of the prospective first time buyers already have savings for their deposit.
Other figures from the CML (Council of Mortgage Lenders) have shown the average deposit from first time buyers is £32,000 at the moment.
Those that do not yet have enough for a down payment are split into 29 per cent intend to rent whilst they save, 14 per cent are hoping Read more
New four year fixed mortgage from Abbey
July 17, 2009
Today, the Abbey has released a new mortgage on a four year fixed rate deal. The deal has launched with an interest rate of 5.99 per cent for those wishing to borrow up to a maximum of 85 per cent loan to value.
As with many fixed rate mortgage, the deal comes with a fee. The Abbey’s fee on this mortgage is £995 and there are additional benefits, which contribute to the deal.
These include a free valuation and £250 cashback if Read more
Rise in mortgage fraud reported by CML
July 16, 2009
The CML (Council of Mortgage Lenders) revealed earlier this month that CML members are reporting a large rise in mortgage application fraud, presumably caused by the difficulties of obtaining credit and the disappearance of most of the high loan-to-value mortgage deals on the market.
Mortgage lenders are stating that a growing number of borrowers are providing falsely increased salary details or neglecting to mention credit card balance that might have affected their ability to obtain a mortgage.
Major banks and building societies continue to remain cautious of lending to those with poor credit scores and as a result many borrowers have Read more
Housing market in Wales improving
July 15, 2009
WalesOnline this week reported that house sellers in the south of Wales are being ‘less flexible’ in their home prices as they believe the housing market is improving, according to estate agents in the area.
The Royal Institution of Chartered Surveyors (RICS) appears to back this information up as their new buyer figures show enquiries have reached record levels in the country since the records started in April 1999. Although RICS does advise the data suggests the region’s housing market may be improving, it did confirm that mortgage lenders now averse to risk following Read more
FSA may regulate buy-to-let mortgages
July 14, 2009
As those undertaking CeMAP training will learn, the Financial Services Authority (FSA) regulates the bulk of mortgages in the UK but does not cover buy-to-let mortgages – yet.
The FSA has now threatened to extend its regulatory duties to include buy-to-let, which would mean new regulations that landlords must meet.
There are still a few problems that landlords might have to face, despite Read more
Training in the recession: CeFA training
July 13, 2009
If being a mortgage advisor is a future-proof career then a career as a financial advisor is twice as future-proof.
People will always want to own their own homes in Britain as it’s part Read more
Training in the recession: CeRER training
July 12, 2009
The CeRER qualification is one that can only be taken if you already have your CeMAP qualification although you don’t have to be a practicing mortgage advisor.
When you get your CeMAP qualification, you are qualified as a trainee mortgage advisor although you still have to undergo your Competent Advisor Status (CAS) to be fully qualified. However, you are not able to advise on equity release mortgages and products; these are deemed a specialist product and the people Read more
