Abbey has found that affordability and a lack of savings are holding back home-ownership, showing that many would benefit from advice on becoming debt free to get a house. “There are people who feel that they do not want to…
Continue reading the "7m kept off property ladder by debt" »
According to the Alliance Trust, London house prices are 4.4 times the average annual income compared to 2.6 times in 1970, while the existence of student loans and easier credit means that many FTBs have large debts. Shona Dobbie, head…
Continue reading the "Debt helping to make it harder to get a home" »
According to the report in the Financial Times, the FSA is to pay “special attention” to banks and brokers lending to sub-prime borrowers. Nigel Terrington, chief executive of Paragon Mortgages, explained to the FT that “investment banks and investors are…
In Scottish Widows’ survey of graduate first-time buyers (FTBs), debt is driving many to buy a home jointly with a partner, but over two-thirds would not be able to buy them out if things go wrong. “For graduates to stand…
Continue reading the "Graduates downbeat about housing prospects" »
Average property prices in the south east are set to rise to £322,000 by 2011 according to Oxford Economic Forecasting, an increase of 40 per cent. Derek Cash, head of south region at the National Housing Federation, said: “Our projections…
Ignorance of the law is costing students dearly, housing charity Shelter claims, through payment for repairs or services that are a landlord’s responsibility, or losing money on deposits. Adam Sampson, chief executive of Shelter, said to This is Money: “By…
Continue reading the "Students urged to brush up on housing law" »
Council of Mortgage Lenders (CML) data shows that the average first-time buyer (FTB) borrowed 3.24-times their income, the highest level ever, leading to a change in how a loan is calculated. “Research by Moneyfacts found five of the top ten…
Continue reading the "House prices forcing Britons to borrow more" »
According to moneysupermarket.com, Britons are in a £35 billion “trap” already as they extend the term of their mortgage, increasing the probability of repaying this debt as a pensioner. Louise Cuming, head of mortgages at moneysupermarket.com, said: “It is clear…
Continue reading the "‘Everlasting’ mortgage debt warning" »
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