FCA chief Martin Wheatley is angry with Britain’s banks for their ‘disappointing’ interpretation of the new MMR rules. The Mortgage Market Review was designed by the Financial Conduct Authority to curb risky lending and force banks to make more stringent affordability checks before offering a loan.
UK consumers will be able to switch energy suppliers within three days by the end of the year. Next day switching could also be in place by the end of 2018.
MPs looking at the government’s flagship Help To Buy scheme have warned it is creating risks for the taxpayer and may not even be value for money. The Public Accounts Committee claims the portfolio of loans created by the scheme will create ‘a heavy administrative burden.’
Up to half of young home owners fear losing their homes when interest rates start to rise says the Home Owners Alliance (HOA). Desperate to get on the housing ladder, many young property owners have stretched themselves to the absolute limit and are now growing increasingly concerned at what might happen when interest rates start …
The booming housing market is accelerating at the fastest rate for four years, new figures show. Prices across the board rose by 9.9% in April and in London they were up by 18.7% – a rise of 1.7% in a single month.
Britain’s mortgage lenders believe the new mortgage cap introduced by Chancellor George Osborne will not be deployed right away to cool an overheating housing market. The Council for Mortgage Lenders (CML) say there is a big difference between the Chancellor giving the Bank Of England the power to cap mortgages and the bank actually using …
Home owners across the UK are bracing themselves after Bank Of England governor Mark Carney announced interest rates are likely to rise sooner rather than later. The rise will spark the first hike in monthly mortgage payments in seven years and will be linked to the introduction of a cap on mortgage lending.
Action must be taken to ‘stop this housing boom’ says Business Secretary Vince Cable. But his outspoken comments risk angering Chancellor George Osborne who has spent much time recently playing down the threat of a boom.
The spectre of a new housing bubble has never been far from the news since the housing market started to take off as we came out of recession – especially in London with its 17% rise in house values year on year. So far there is no sign of soaraway prices outside the capital and …
New figures from Nationwide show house prices continuing to rise, but is the rate of increase starting to moderate? Prices rose by 0.7% in May compared with a 1.2% rise in April, but the annual rise is still edging higher – up to 11.1% from 10.9%.