The process of buying a home or arranging a remortgage can feel stressful enough, but it’s being made more challenging by recent data that reveals the average shelf-life of a mortgage product has dropped from 28 days down to just 15 days1, making it more important than ever to act fast to help secure a ...
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If you have an elderly family member or someone you know who is in receipt of the state pension, it’s worth checking to see if they are eligible for the Attendance Allowance. With the current high cost of living, it makes sense to be aware of what existing benefits already exist that they may be ...
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With a shortage of properties available in certain parts of the UK, we look at whether it could be the ideal time to consider the popular self-build home route and create your own ‘Grand Design’.
Where we are now
The UK housing market is at a crossroads in 2024. With house prices predicted to fall by between ...
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A Cambridge University study once found that a person’s financial habits were established by the age of just 7, so we look at some ways that could get kids off to a flying start1.
Pocket money saving
In days past, it was likely that most children were granted pocket money each week – often cash rewarded in ...
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According to recent figures from the Office of National Statistics (ONS), the UK fell into a recession for the final three months of 2023. Here, we look further into this to find out what it can mean for the average person with a mortgage1.
What is a recession?
The Office for National Statistics (ONS) publishes figures for ...
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According to recent figures from the Office of National Statistics (ONS), the UK fell into a recession for the final three months of 2023. Here, we look further into this to find out what it can mean for the average person with a mortgage1.
What is a recession?
The Office for National Statistics (ONS) publishes figures for ...
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Recent times have seen a dramatic rise in interest rates, and we’ve all seen the impact on monthly mortgage payments as a result, but what’s less publicised is how your savings could now be working harder for you. We take a look at some tips on how to make the most of higher interest rates.
A ...
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If you and your family are thinking of needing extra space – the natural thought can be to simply search for a new property. However, with the turbulent housing market and rising cost of mortgages – one answer might be right under your feet.
Adding Value to Your Home
Not only can a home extension offer the ...
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Homeowners may finally have reason to breathe easier in 2024. Over 50 mortgage lenders slashed rates at the start of the year1, sparking optimism for those with mortgages expiring this year. Two-year fixed rates now average just 5.62%, down from 5.93% previously. But the biggest news is sub-4% rates available to homeowners with substantial equity ...
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With growing frustration surrounding NHS waiting lists and difficulties accessing care, more individuals are considering private healthcare. In this article, we explore the merits of private health insurance and whether it may be a viable option for you.
The Rising Trend of Private Healthcare
Recent data from the Private Healthcare Information Network (PHIN) shows 272,000 people in ...
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Moving home is a significant life event, and ensuring a smooth transition requires attention to detail and meticulous planning. If you’re thinking of moving, we’ve compiled an extensive checklist to assist during the moving process.
1. Career-Related Notifications
Employer: Inform them for updated payroll and contact details.
HM Revenue & Customs (HMRC): Essential for tax-related updates. Visit gov.uk for instructions.
National ...
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2024 promises to be an eventful year for hands-on landlords, with several significant developments on the horizon. The potential progression of the Renters (Reform) Bill through Parliament, a crucial budget release in March, and the likelihood of a General Election are all events that could reshape the landscape of property management significantly1.
As the Government continue ...
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Article written by Holly Mead from The Sun
RISING property prices are making it harder than ever for first-time buyers to get at foot on the ladder.
But mortgage broker Carmen Green has these tips for aspiring homeowners.
Carmen, 26, is a mortgage adviser at Surrey-based mortgage brokerage Xpress mortgages.
She started working at the brokerage at age 18, “when I ...
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Article written by Holly Mead from The Sun
THERE’S an awful lot to think about when you’re buying a home – but making a mistake could delay your mortgage application or even see it refused.
Common errors could easily knock your homeownership plans off track.
It’s easy to make mistakes when you’re rushing to secure an offer on ...
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Changes for self-employed applicants
Self-employed mortgage applicants face a tougher process in applying for a mortgage than their employed counterparts as lenders seek extra assurance of stable income, both in the past and going forward.
Not only have many faced tough and unexpected implications for having made use of self-employed government grants implemented to help them through ...
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Currently, a Leasehold Reform Bill is being debated in parliament that will abolish ground rents charged on all new build property.
Not to be confused with standard monthly rent paid to the owner of the property, ground rent is a rental charge attached to the ground on which the property sits. It is paid annually or ...
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For some time, the rules on planning have been difficult to interpret, particularly for homeowners planning one-off building extensions for extra accommodation or new kitchens. It has led to confusion and, in some cases, added cost for homeowners as many home improvements, such as kitchen extensions and loft conversions, do not need full planning permission. ...
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We tend to think of threats to our property such as beetle infestation, rising damp or flooding. However, it is becoming clear that one of the most potent threats is an innocuous-looking plant called Japanese Knotweed.
Japanese knotweed is an aggressive and invasive species of plant that costs landowners, local authorities, and building developers thousands of ...
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Moving house is a stressful time for anyone.
With so much to do, it is easy to overlook some of the admin that comes with moving home!
We have created this ‘Moving In Checklist’ for anybody who moving home or has recently moved home.
Please feel free to share this with anybody you feel may benefit from ...
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Credit cards are a staple part of most people’s financial lives and, used properly, can provide valuable liquidity at particular times as well as enabling individuals to purchase high value items and services, or just simply for paying expenses. Knowing that there is at least a 30 day period to repay balances without incurring charges ...
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As the lockdown begins to ease, we can all begin to breathe a sigh of relief as restrictions are gradually lifted and movement, not only across the UK but also to selected countries around the world, is again within our grasp.
Naturally, there has been a growing trend, particularly among city dwellers with restricted access to ...
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Exciting though it is that most of us are going to be taking the opportunity to get away on holiday, it is important that we don’t walk out of the door with the buckets and spades and forget to make sure that our homes are as secure as they can be.
Going on holiday?
Don’t become a ...
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Are you aware of the differences between owning the freehold of your home and being a leaseholder?
Someone who owns a property outright, including the land it is built on, is a freeholder.
With a leasehold, the person owns a lease, which gives them the right to use the property for a set period via an agreement ...
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Protection in the UK –
Life insurance has become a big talking point over the last year with the Covid-19 Pandemic causing many to think more about the fact that the unthinkable can happen and very unexpectedly at that.
The UK appears to now be past the ‘second wave’ that came over the country but many ...
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According to data collected by the Bank of England, gross mortgage lending in February was higher than any month in the last 5 years.
The gross mortgage lending for February reached £27.7 billion which is 19% higher than this time last year and 13% higher than the £24.5 billion figure for January.
Buyers sought not to miss ...
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Rachel Lummis is the Business Owner and Lead Adviser at Xpress Mortgages. She is is CeCM, CeRGI and CeMAP qualified and is very well known in the industry and respected for her work. She is a regular contributor to industry publications Mortgage Solutions, Mortgage Strategy & FT Advisor and has been recognised in her ...
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Last week, the government confirmed plans to cover the risk of 95% mortgages by introducing a guarantee for lenders.
The news was announced by Chancellor Rishi Sunak when delivering the much-anticipated yearly budget that included further coronavirus support in the form of extended furlough and access to grants for the self-employed, sharp rises in corporation tax, ...
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Emily joined Xpress Mortgages at the start of 2020 with a wealth of experience having progressed from mortgage advice and protection to wealth management and financial planning whilst at HSBC. After a career break, Emily returned to the financial services industry as a Mortgage Paraplanner, joining Xpress for a better work-life balance.
What role do you ...
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At Xpress Mortgages, we are pleased to say we have helped many homeowners step onto the property ladder. One of the most common questions prospective property buyers ask us is “will I be accepted for a mortgage?”
It is a reasonable question, as lenders vet applicants closely, and many people find they are unable to arrange ...
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If you are determined 2021 will be the year you buy your first home, the sooner you start the process, the better.
There is a lot of work to consider when looking to buy property, especially for the first time, but it is helpful to break it down into steps. It will not surprise you to ...
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If you are looking for actionable signs from the property market, it is always useful to look at what the Bank of England says. In recently released figures, they show that the number of mortgage approvals made to property buyers reached a 13 year high in November 2020.
Around 105,000 property loans for a home purchase ...
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Xpress Mortgages celebrated their 15th Birthday last week, as well as passing 150 5-Star Google Reviews!
In order to mark the occasion, we will be reintroducing our team one by one so that we can help our clients put a face behind the name during these unprecedented times in which very few come to ...
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We are absolutely thrilled to share with you, that we won The Best Small Broker Award at the 2020 Mortgage Strategy Awards. This is one of the leading events in the mortgage sector, and it isn’t an exaggeration to say this is the Oscars of Mortgages!
In explaining our victory, we were described as: “The winner ...
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Bank of England figures indicate that lenders in Britain approved more mortgages in October 2020 than they had in 13 years. This is further positive news that the UK mortgage and housing market is set to end on a high.
Mortgage approvals for property purchases reached 97,532, which was higher than the 92,091 which was reached ...
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News that a vaccine for the COVID-19 pandemic will hopefully be ready for use is positive news for people looking ahead to 2021. Of course, there are many challenges in the months which lie ahead, and it is impossible to overlook Brexit.
The housing market, as well as the mortgage sector, will be affected like every ...
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As we head towards the end of 2020, it appears as though mortgage products are returning to what many people would regard as normal. This has been an extremely challenging year for the mortgage sector, so the return of more mortgage products to the market is very welcome.
YBS is offering a greater range of options
The ...
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Anyone looking for assistance in arranging a mortgage will be pleased to learn the Nationwide Building Society is looking to increase access to their range of higher loan-to-value mortgage lending.
The company will implement these changes from the second week of December. The Nationwide is set to provide the same range of 90% LTV loans to ...
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The stamp duty holiday has encouraged many people to be active in the property market, and this means many people are applying for a mortgage right now. The significant increase in mortgage applications, and the pressure the mortgage sector is under right now due to Covid-19 related issues, means there is likely to be a ...
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With the Chancellor stating there will be no extension to the stamp duty holiday, which will end on 31st March 2021, many prospective buyers are now weighing up their options.
While it would be nice to receive the financial saving associated with the stamp duty holiday, many buyers are facing up to the fear of not ...
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While the end of November and start of December has seen a welcome increase in the number of 90% mortgage deals on offer in the market, it is fair to say that this is an area of the market that has been badly underserved since March.
95% mortgages are virtually non-existent, and in the middle of ...
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As more than 20 million people in the United Kingdom hold a mortgage, you would be forgiven for thinking that these people understand their mortgage. Your mortgage is likely to be the most important agreement you have in life, but a recent study by firstmortgage.co.uk suggests many people are unaware of many key issues in ...
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The number of mortgage approvals in September 2020 rose to a 13-year high. The stamp duty holiday and pent-up demand in the housing market are combining to create significant demand in the property market.
Even though there is considerable uncertainty in the economy right now, it appears many people are keen to move home. With the ...
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With concerns up to 325,000 buyers might miss out on the stamp duty holiday due to backlogs in the market, there is a growing demand for an extension or further support to be issued to buyers.
Dominik Lipnicki, of advisers Your Mortgage Decisions, said: “Lenders appear to be worried about just how fragile the property market ...
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Given the cost of buying a home, and how important it is in your daily life, you would think people would seek help from experts in the field. There is a lot to be said for guidance and advice from trusted professionals, and if you are looking for assistance in arranging a mortgage, you would ...
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There is considerable activity and interest in the housing market right now. The stamp duty holiday is motivating people to move home, as there is a chance to save up to £15,000 on fees in many areas.
With this in mind, many people will be interested to learn the cost of the average UK home has ...
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The Financial Conduct Authority (the FCA) is set to offer support for mortgage borrowers who have been affected, or who might be impacted, by the second lockdown.
The regulator has announced it is set to extend payment deferrals by up to six months. For homeowners who currently have a mortgage holiday in place, a further three ...
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The stamp duty holiday has created significant activity in the housing market. Many people are looking to move home soon so they can save on the stamp duty holiday, and this is leading to a backlog in the process.
Lenders are under significant pressure, and this is one of the reasons many people are calling for ...
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There is no denying the stamp duty holiday has breathed fresh life into the housing market. When the property market re-opened in May, there was considerable activity. However, industry experts questioned how long this would last before demand for homes dried up.
The introduction of the stamp duty holiday in July means that demand hasn’t dried ...
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In an announcement that will have many people re-evaluating their chances of stepping onto the property ladder, the Prime Minister Boris Johnson has proposed a scheme that will assist first-time buyers in arranging a mortgage.
It is hoped that FTBs will be able to get a mortgage with only a 5% deposit. The soundbite around this ...
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With people living longer, there is a need for businesses and industries to re-examine the products and services they offer. This is particularly true in the mortgage sector, which has previously shied away from offering a wide range of mortgages to people in their 50s or older.
This is no longer the case, and it is ...
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The stamp duty holiday is encouraging many people to consider buying property or moving home. If you are self-employed, there is no barrier to buying a home right now, and you might find the chance to significantly reduce the stamp duty you’d pay a great incentive.
While many mortgage lenders have reduced the options available to ...
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With an increasing level of discussion about negative interest rates, it is important mortgage holders and prospective buyers understand what this would mean for them.
The base rate set by the Bank of England is currently held at 0.1%. This figure represents a historic low, but with many economic challenges in the UK, industry experts believe ...
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If you want to enhance your chances of arranging an affordable mortgage, you need to improve your finances. There is a lot to be said for making sizable changes which help you apply for a mortgage, but you should also consider the smaller steps which make a massive difference when applying for a mortgage.
John Ellmore ...
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With the UK in a recession, it is vital people review their finances. If you own a mortgage, and you are concerned about the costs of this mortgage, you might want to consider remortgaging the property.
Paul Stringer is a Director of the Norton Finance Group, and he is a noted name when it comes to ...
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The stamp duty holiday has encouraged many people to make a move in the housing market, but not everyone has been able to capitalise on this measure.
It is fair to say the stamp duty holiday isn’t a fantastic option for first-time buyers. Many experts will state there are other ways for first-time buyers to find ...
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Anyone who is looking to buy a home or arrange a mortgage should get as much help as they can. There is a lot of experts and specialists on hand to offer guidance. This is useful in finding out the best tips to follow, but you should also look to learn the most common mistakes ...
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With the stamp duty holiday likely to lead to more mortgage applications, it is important prospective buyers are aware of the risks involved with applying for a mortgage. Buying a home is a major commitment, and a mortgage represents a significant outlay.
Lenders are keen to feel as confident as possible about offering a mortgage, and ...
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The recent stamp duty holiday has already affected buyer behaviour, and many housing specialists believe there will be a greater level of activity in the market. One industry source believes there will be an additional 100,000 houses sold because of the savings on offer to buyers.
It stands to reason that if more people are looking ...
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It is always helpful to hear the opinions of business leaders of companies involved with the mortgage market, and the Chief Executive of Yorkshire Building Society has spoken with the I newspaper and website. Mike Regnier has said the company has experienced a “strong resurgence” in mortgage applications from first-time buyers since the housing market ...
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Even though Government support in the initial stages of lockdown was very welcome, many people were concerned about potential problems or penalties associated with the assistance. This is why many landlords will be dismayed to learn that some professionals in this field who took out a Government Bounce Back Loan have reported problems in securing ...
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In a challenging year for people looking to arrange a mortgage, some people have a more laborious task than others. While remote working is likely to become a more common feature of everyday life for many people, for an existing part of the working demographic, this has been the backbone of their working day for ...
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Dealing with the COVID-19 pandemic is challenging for us all, but as is usually the case, some people in society will be more harshly affected than others. As the pandemic is likely to have a significant impact on finances and the economy, there are concerns about the longer-term impact on homebuyers.
The group most likely to ...
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It is believed, according to a report made by the BBC, that one-sixth of homeowners have taken out a mortgage payment holiday. This would equate to two million people in the United Kingdom, and it is important people realise the impact of doing so.
It has always been stated that the mortgage payment holiday wasn’t free ...
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There is no denying the COVID-19 pandemic has had a significant impact on the mortgage market. Therefore, anyone considering a property move soon is advised to speak with experts and receive tailored advice for their needs and requirements.
Arranging a mortgage is often a challenging task at the best of times for some people, but when ...
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When the housing market re-opened in the middle of May 2020, property portals such as Rightmove and Zoopla listed a considerable increase in buyer demand on their sites. However, these platforms aren’t the only ones which experienced a considerable increase in demand, with MoneySuperMarket indicating a spike in mortgage searches.
The well-known price comparison website announced ...
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While there is no denying mortgage holidays have provided confidence and peace of mind to many homeowners, it is crucial to know that mortgage holidays do not represent free money. There is a cost associated with mortgage holidays, and as people start to consider the longer-term impact of COVID-19, the real cost of a mortgage ...
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One of the key indicators that the mortgage market is beginning to stabilise can be seen in the range of products being launched to the market. One example of this comes from the Clydesdale/Yorkshire Bank re-introducing its 90% LTV mortgage for first-time buyers.
This is a three-year fixed-rate mortgage that comes with an initial rate of ...
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It is fair to say many people have been evaluating their finances in relating to how we deal with COVID-19. Some people have experienced challenges or changes in their job or personal circumstances. For many people, the thought of moving home or buying a house is far from their minds.
However, there will be many people ...
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If you are reviewing your finances in light of the coronavirus, you will be considering your mortgage payments and your credit score. Please review the following information which will help you make an informed decision.
How does a mortgage holiday work?
If you decide to take a mortgage holiday, you must know how this will impact your ...
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It is understandable many people and households have a lot of questions about their finances right now. Your circumstances might need you to review both the short and long-term impact of dealing with COVID-19. Housing and mortgage matters are amongst the most frequently asked questions right now, and the impact of being furloughed is a ...
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With so much uncertainty right now, it is easy to see why people are choosing to adopt a cautious approach to most things in life. This is the case with the housing market. Even though the UK Government has re-opened the market, there is a wide range of opinions on whether this is the right ...
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While news that the Government has re-opened the housing market has received mixed opinions, there is no denying that it is a positive sign for the long-term future of the market. While people must follow social distancing guidelines, and stay safe, the sooner firms and people move forward, the better for many reasons.
There has been ...
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In dealing with the Coronavirus crisis, it is imperative to follow guidelines and rules from specialists and experts. This applies to health matters, social distancing recommendations, and on how individual sectors are responding to the Coronavirus crisis.
Understandably, many people are looking for assurance regarding finance and mortgage payments during the Coronavirus crisis. This is why ...
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For homeowners, mortgage payments are usually their biggest outgoing. Given the importance of having a roof over our heads, it is also the most significant outgoing people have. In challenging financial times, mortgage holders should prioritise their mortgage payment.
Therefore, it is natural that during the current Coronavirus crisis, many people are concerned about managing mortgage ...
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Understandably, many people are not focusing on matters as they usually would, but equally, there is a need for people to maintain as “normal” a life as possible. A lot of industries are trying to operate as best as they can, adhering to social distancing recommendations while making themselves available for their clients.
The Government has ...
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With self-employment figures in the UK reaching 4.8 million people in 2017, this is an important part of the workforce. By those figures, people in self-employment accounted for 15.1% of the labour force, and it wouldn’t be unreasonable to assume that this number has grown since. Therefore, self-employment is an integral part of the economy, ...
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The start of 2020 has provided us all with a reminder of how quickly things can change in a short period of time. It is understandable that many people will put home buying on the back burner for now, but at the start of 2020, there was a spike of house hunters looking for a ...
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Buying a home is an expensive time, but it is also a challenging prospect. Many first-time buyers struggle to step on to the property ladder. Saving as much money as you can for a deposit is sensible, and you should be looking for assistance in this activity.
A Lifetime ISA is a smart option to boost ...
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With an increased level of optimism regarding the UK housing market, it is inevitable many people will look into buying a home this year. With estate agents and online property portals saying they witnessed an increase in house-hunter registrations¹ after the General Election of December 2019, this year may be the ideal time to step ...
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Given the challenges many people face in arranging a mortgage and buying a home, it is natural people are looking for assistance.One solution for many potential homeowners is a lifetime mortgage. Therefore, a growing number of prospective buyers are asking would lifetime mortgages help people buy a home.
What is a lifetime mortgage?
With a conventional mortgage, ...
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As buying a home is the most substantial commitment you will make in your life, it is no surprise that many people face challenges in arranging a mortgage and then buying the property. Saving for a deposit is a challenge, and you must also ensure you have a credit score which appeals to mortgage lenders. ...
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With people living longer in the United Kingdom, it is no surprise there is a rising demand for mortgages which suit people’s lives. In data provide by Money facts, it appears homeowners who are looking to borrow money into their 80s want greater choice, and the market is responding.
In 2015, there wasn’t a mortgage which ...
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