One in six homeowners take mortgage holidays as lockdown leaves almost two million unable to keep up with monthly repayments An average of £755 a month has been deferred by borrowers since March Mortgage repayment breaks have been taken by 1.9million homeowners Banks have been required to offer payment breaks since the lockdown began Here’s … Read more
Back in 1909, Louis Bleriot piloted the first flight across the Channel, making history – and winning a £1,000 prize from this newspaper. That same year, the Straits Mortgage and Trust was set up to finance the Malaysian rubber industry. Today that investment trust, now known as Scottish Mortgage, is the world’s biggest and one … Read more
Are banks triggering a mortgage credit crunch? This is Money’s podcast on the coronavirus-hit property market By This Is Money Published: 15:56 BST, 19 June 2020 | Updated: 16:01 BST, 19 June 2020 Banks and building societies have been slashing their mortgage ranges for those with smaller deposits. The number of mortgages available for those … Read more
First-time buyers forced to fall back on family as banks pull big home loans: You now need a 15% deposit to get a mortgage with the Nationwide The number of high loan-to-value mortgage deals on the market remains low First-time buyers currently see their choice of mortgage severely restricted Mortgages that link a loan to … Read more
Watchdog hits Lloyds with £64m fine after it failed to look after customers who had difficulty paying their mortgages Lloyds, Bank of Scotland and The Mortgage Business hit with £64million fine Banks failed to look after customers who had difficulty paying their mortgage Lloyds has already paid some £300million in redress to affected customers By … Read more
Banks are urging mortgage borrowers to think carefully before taking a further mortgage holiday after the Government officially extended the initiative by three months. Some 1.8million homeowners have opted to take a mortgage holiday since the lockdown began in March. Now, these same homeowners can opt to extend their break by a further three months, … Read more
Borrowers applying for a mortgage should brace themselves for delays and demands for additional paperwork. Banks and building societies have introduced a raft of new checks in response to the Covid-19 crisis to ensure homebuyers’ finances are stable. Experts say you should now expect more questions about your employment status, with some lenders insisting borrowers … Read more
We’ve exchanged contracts on a property but I’m worried about job security – can the lender withdraw its mortgage offer? By Will Kirkman For Thisismoney.co.uk Published: 07:43 BST, 28 May 2020 | Updated: 07:43 BST, 28 May 2020 We’ve exchanged contracts on a property but I’m worried about my job. I haven’t been furloughed, but … Read more
Mortgage holiday debt threat: FCA warns homeowners face paying thousands of pounds in extra interest By Money Mail Reporter For The Daily Mail Published: 22:01 BST, 26 May 2020 | Updated: 22:01 BST, 26 May 2020 Interest threat: The FCA has warned on mortgage holidays Homeowners who have deferred their mortgage payments are being warned … Read more
The Government has announced that struggling homeowners can now apply for a further three month mortgage holiday. The scheme, which was initially set up in March, has been extended so that the deadline for applying is now 31 October, with borrowers eligible for a break of up to six months. Homeowners will now also be … Read more