These are tough times for first time buyers trying to get a foot on the first rung of the property ladder. The high loan to value mortgages of the noughties are consigned to banking history and these days, a deposit of 15% – 20% will need to be raised, along with legal costs, survey costs and all of the other expenses associated with moving in to a new home. In reality this means that first time buyers are needing to raise at least £15,000 to £20,000, often much more to have a hope of buying their first home.
Mates Mortgages – the First Time Buyer Solution?
December 12th, 2011 HIP-Consultant.co.uk Posted in Mortgages, Property Market 1 Comment »
How to Choose the Right Mortgage for You
November 4th, 2011 HIP-Consultant.co.uk Posted in Financial Products, Mortgages No Comments »
Choosing the right mortgage is possibly the biggest financial obligation most people make in their lifetime, so it’s imperative that you do your research before making your decision.
With an abundance of selections of mortgage options and an endless array of financial institutions offering their own programs, you can be left feeling overwhelmed.
Stimulating the Housing Market
October 20th, 2011 HIP-Consultant.co.uk Posted in Mortgages, Property Market 4 Comments »
I was reading about Nick Clegg’s proposal at the Liberal Democrat conference to impose an additional tax on empty homes the other day with the aim of stimulating the housing market and it got me thinking about a couple things. Firstly, why oh why did I think voting Liberal was a good idea and secondly, what could be done to stimulate the housing market?
What Next for the UK Housing Market?
September 15th, 2011 HIP-Consultant.co.uk Posted in Estate Agents, Mortgages, Property Market 4 Comments »
You would need to have been living on Mars for the past ten years not to know about the rise and fall of the UK Housing Market. From the incredible price inflation of the early 2000s to the near collapse following the 2008 banking crisis, house prices regularly make for headline news. So what’s next?
Remortgaging my property – a quick guide
June 22nd, 2011 HIP-Consultant.co.uk Posted in Financial Products, Mortgages 2 Comments »
Remortgaging your property is a big decision, but make the right move and you’ll be glad you put the time and effort into it.
Why remortgage?
Well, if you’re coming to the end of your current mortgage deal, you’ll have to make a decision between finding a brand new mortgage and reverting to your lender’s SVR (Standard Variable Rate) deal.
Applying & Obtaining a Mortgage in 2011
April 26th, 2011 HIP-Consultant.co.uk Posted in Financial Products, Mortgages 1 Comment »
The decision to take on a mortgage is a big one and should not be taken lightly. It is likely that you will be repaying it for most of your working life. It’s extremely important therefore to make sure that you get the mortgage that is right for you. You should be prepared to pay a little extra for some good quality independent financial advice.
Alternative Business Structures – Business Entity
March 14th, 2011 HIP-Consultant.co.uk Posted in Estate Agents, Legal, Mortgages 1 Comment »
Currently, a solicitor who is performing “reserved legal activities” (activities which only a solicitor is permitted to perform such as the key elements of a conveyancing transaction) for the general public is only permitted to practise in a firm wholly owned by solicitors. The Legal Services Act 2007 (“the Act”) however introduces a new type of business entity, the Alternative Business Structure (ABS).
Relying on the Mortgage Lender’s Valuation Report?
February 8th, 2011 HIP-Consultant.co.uk Posted in Legal, Mortgages 3 Comments »
Before agreeing to lend money on a property a mortgage lender will instruct a valuer to carry out a basic report, called a valuation report. The report does not go into any great detail but will give a market value figure which the lender will rely upon when deciding how much it ought to lend.
Different Types of Property Surveys
January 24th, 2011 HIP-Consultant.co.uk Posted in Mortgages, Property Market 3 Comments »
Before buying any property you are highly encouraged to have a survey carried out. In fact if you are buying with a mortgage then your lender will insist. If you don’t have a survey then you are accepting the property in whatever condition it happens to be in, regardless of whether the seller is aware of any defects. There may be problems with the property that are not apparent from just looking around.
Securing a Debt Against Another’s Property
November 10th, 2010 HIP-Consultant.co.uk Posted in Legal, Mortgages, Property Conveyancing 4 Comments »
In terms of a person’s assets, land is unique in that a debt can be secured against it without the owner giving up control of the asset. Items can of course be bought on hire purchase agreements but these remain the property of the seller until the debt is paid, and an item can be pawned but the pawnbroker will retain it pending full repayment.
Is the Property Ladder Broken?
October 28th, 2010 HIP-Consultant.co.uk Posted in Mortgages, Property Market 9 Comments »
Broken Ladder: 3 years without rent, food, clothing – then you can afford a deposit.
New research out today reveals that the average first time buyer (FTB) would have to save every single penny of their earnings for more than two years to have a chance of getting a foot on the housing ladder. In London it would take three years.
