Tag Archives: getting a mortgage

Getting on the property ladder: how it has changed

Getting on the property ladder has changed over the last five decades, and it’s not nearly as easy to get a mortgage as it used to be.

The way we use money has changed a lot over the years. Watch the video to see how money has changed through the generations with three families we spoke with.

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Am I too old to get a mortgage?

Getting a mortgage past 65?One news story that attracted our attention in 2015 was the one in which a bank was penalised for age discrimination after withdrawing a mortgage approval for a married couple in their 40s, on the grounds that the husband would be over 65 when the deal ended.

The Financial Ombudsman Service ruled in the couple’s favour and ordered the bank to pay them £500 in compensation, saying that the bank had relied on “untested assumptions, stereotypes or generalisations in respect of age”.

Should we be given the chance to keep up mortgage payments past the age of 65? 
It’s arguable that being 65 today  – in terms of health, lifestyle, fitness and expectations – is not the same as being 65 twenty, certainly forty years ago. And 65 being the default retirement age has been phased out, and people can work as long as they choose to – employers are no longer allowed to discriminate against workers choosing to work beyond 65. Continue reading

Could the Help to Buy ISA help with property dreams?

what is help to buy ISA

The home ownership dream can seem just that for many of us – a dream. New mortgage affordability rules – where mortgage lenders require more current financial information as well as examining your ability to pay in the future – have made the home-buying process more complicated. Add to this, booming house prices and it means that many hopeful homeowners have to find larger deposits than before. 

According to the Nationwide House Price Index, the average UK property price in October 2015 was £196,807 – up from £173,678 in October 2013 (a rise of 13.3 per cent). On a mortgage that offers 90 per cent loan-to-value (LTV), this means finding a deposit of nearly £20,000, with estate agent and legal fees on top of that too.

On 1 December 2015, as trailed in the Chancellor’s March 2015 budget, the Help to Buy ISA will be launched, in which the government will make a contribution towards the deposit on a house purchase.

The scheme allows first-time or existing buyers to get onto, or move up, the housing ladder with as little as a 5 per cent deposit. Depending on your circumstances and the property you are trying to buy, such as a new build, the Help to Buy scheme can help you with an equity loan or mortgage guarantee.

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First Time Buyers: 5 tips to check your credit history

Could your credit history prevent you from getting a mortgage? Experian research has found that more than a quarter of people in the UK looking to buy their first home before 2016 –  around 1.81 million people  – have missed credit repayments, defaulted accounts and CCJs currently listed on their credit report*. And all of these could prevent them from securing a mortgage.

Managing credit accounts such as credit cards, mobile phone contracts and even some utility services can be important in order to build and maintain a good credit rating.

So if you’re looking to get on the housing ladder, how can understanding your credit history prepare you for a mortgage application?  Here are our 5 top tips.    Continue reading

First time buyers: How you can get on the property ladder

Guest blog post from Stephen Dwelley, Director, sharetobuy.com

Visit the London Home Show - 26 September, Queen Elizabeth II Conference Centre, Westminster, 10am-5pm

Visit the London Home Show – 26 September, Queen Elizabeth II Conference Centre, Westminster, 10am-5pm

There are many challenges faced by first time buyers trying to get on the housing ladder, particularly for those without the help of the Bank of Mum and Dad.

First time buyers should not lose hope, however, as there are now a wide range of affordable housing schemes to help people get onto the housing ladder and progress to a larger property. These include:

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9 tips for buying a home with a partner

Buying a home with your partner or friends can be a much needed boost to get on the property ladder – helping to raise a bigger deposit and making your dream that extra bit more affordable.

Checking your Experian Credit Report can also help you see if and how you are financially linked. It can also help you understand if you need a little work to tidy up your credit history before a joint mortgage application is made. Here are some key tips we’ve put together to help you, if that’s what you’re about to do.

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Mortgages: do we feel less confident since the MMR?

Applying for a mortgage is rarely a straightforward process. In April 2014, the process was made even tougher with the introduction of the Mortgage Market Review (MMR), new rules on mortgage affordability. 

In fact, almost half (45%) of those who planned to buy a property since the introduction of the MMR last year have failed to do so, accorRising House Priceding to new research commissioned by Experian.

A quarter claim that the MMR has impacted their ability to buy a property, while a further third (37%) report that the changes have made them feel less in control of securing a mortgage. Continue reading

What credit score do you need for a mortgage?

Generally speaking, the higher your credit score, the better your chances are of getting your mortgage, lower interest rates, and better deals. When you make your application, the lender will use the data & information held on your credit report, as well as other information within your application, to give you a credit score. This will tell them whether to accept you as a customer or not.

Find out about CreditExpert

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Are over-40s ‘too old’ to get a mortgage?

This week has seen news that a bank has been penalised for age discrimination after withdrawing a mortgage approval for a married couple in their 40s, on the grounds that the husband would be over 65 when the deal ended.

The Financial Ombudsman Service ruled in the couple’s favour and ordered the bank to pay them £500 in compensation, saying that the bank had relied on “untested assumptions, stereotypes or generalisations in respect of age”.

So should we be given the chance to keep up mortgage payments past the age of 65?   Continue reading

First-time buyers: check your credit history

Could your credit history prevent you from getting a mortgage?

Experian research suggests that more than a quarter of people in the UK looking to buy their first home before 2016 –  around 1.81 million people  – have missed credit repayments, defaulted accounts and CCJs currently listed on their credit report. And all of these could prevent them from securing a mortgage.

Continue reading