First-time buyers looking to get on the property ladder following the coronavirus crisis may face a £12,000 gap in their finances as banks offer only high-deposit mortgages. The Government reopened the housing market last week after it was effectively shut down in March in response to the COVID-19 pandemic. But because of fears of a … Read more
Average mortgage rates dropped to the lowest level on record as the property market officially reopened for business this week, but banks have not cut costs by as much as the Bank of England rate cut. Finance experts at Moneyfacts say the average two-year fixed rate is now at a record low of just 2.09 … Read more
Tony Hetherington is Financial Mail on Sunday’s ace investigator, fighting readers corners, revealing the truth that lies behind closed doors and winning victories for those who have been left out-of-pocket. Find out how to contact him below. Ms J.F. writes: In 2013, the Royal Bank of Scotland said we had to reduce our Virgin One … Read more
Homebuyers could have their mortgage deal pulled even after exchanging contracts on a new house as banks calculate whether loans are still affordable for those whose circumstances have changed during lockdown. An estimated 450,000 property sales stalled when the Government shut the housing market in Britain on March 26, with most of those expected to … Read more
Double blow for borrowers as furlough scheme and mortgage holidays come to an end By Daily Mail City & Finance Reporter Published: 21:51 BST, 6 May 2020 | Updated: 21:51 BST, 6 May 2020 Thousands of homeowners who have taken a mortgage repayment ‘holiday’ because their finances were squeezed by the coronavirus could receive a … Read more
Home sellers will be able to use smartphones, cameras or laptops to capture and share high-resolution photographs and video footage of their property with a chartered surveyor, under plans seen exclusively by This is Money. One company has come up with a system that allows homeowners to give chartered surveyors a virtual tour of their … Read more
Would there be any benefit in taking a mortgage holiday even though I don’t need one? Both me and my partner are still working full-time and able to meet our mortgage payments, but we were discussing about whether we should ask for a mortgage holiday anyway and save the money instead. How do the holidays … Read more
Santander reveals 240,000 of its customers are on mortgage and credit card holidays – with savings rates and 123 account due to be cut 206,000 mortgage borrowers had been given holidays Meanwhile 15,000 credit card and 18,600 loan borrowers had paused payments The £32.4bn of mortgages having payments paused was 19% of its lending The … Read more
Mortgage lenders axe almost HALF of buy-to-let mortgage options amid ongoing coronavirus lockdown Mortgage lenders have slashed buy-to-let deals in the wake of the coronavirus More than 1,300 buy-to-let mortgage deals have been axed since March This accounts for nearly half of all available deals, with 1,593 now left Learn more about how to help … Read more
Banks are set to make more than £600 million in extra interest paid by cash-strapped homeowners taking mortgage holidays, Money Mail can reveal. Campaigners say the vast profit lenders will make from the crisis is ‘disgraceful’ and are demanding they scrap additional interest charges. The breaks are seen as a lifeline for borrowers facing financial … Read more