Is the era of cheap mortgages coming to an end? A fierce price war between lenders and the record low base rate have combined to create the cheapest home loans on record.
There has been a sharp rise in the number of homeowners forced to sell their homes to pay off interest only mortgages. New research from Key Partnerships has revealed that 43% or estate agents have seen a rise in ‘forced’ sales over the last two years.
More than 1.5 million interest only mortgages are still in force in the UK and both lenders and regulators are concerned that thousands of borrowers have no plan in place to pay off the capital at the end of the loan. The Financial Conduct Authority (FCA) is expecting three peaks for the bulk of the …
The average UK house price has risen by £12,000 year on year and the cost of renting is up by 1.8%. The Office for National Statistics (ONS) says a typical home in the UK is now £220,100, a rise of £3,500 on the previous month and affordability is the biggest concern for renters.