News

As we wrote in our first blog on the subject, the Mortgage Credit Directive (MCD) is a piece of European legislation which is designed to create a single market for first and second charge mortgages and to protect consumers. In response, lenders have been making changes to their criteria and these changes are beginning to have an effect on borrowers in the areas of both foreign currency loans and some buy to let mortgages.

The MCD is a piece of European legislation which is designed to create a single market for first and second charge mortgages and to protect consumers by stress-testing their ability to repay a mortgage in changing economic circumstances. It will be implemented in the UK through rules drawn up by the Bank of England’s Financial Conduct Authority (FCA) and will take formal effect from March 2016.

The Council of Mortgage Lenders (CML) has just published its monthly Regulated Mortgage Survey data for August 2015. Whilst the survey shows a slight dip in lending on the previous month, we are still confident that lending overall will continue to remain at levels not seen since 2008, well into the New Year.

What do York & Westminster have in common? Sterling gain. Sustained investment. Are you a mortgage misfit? Country living. Planning 'la domination du monde'. A series of fascinating articles about the UK property market are contained in the latest Jackson-Stops Market Review.....

Are you thinking of buying a property or remortgaging to fix your rate, release capital or reduce your monthly repayments? Our advice is not to let the forthcoming General Election, already set for 7 May 2015, delay your decision. Interest rates can go only one way, upwards, and there is a real possibility that they are likely to do so well before next May.

Today, Private Finance; the market leading mortgage brokerage, has said that a potential interest rate hike should not present a significant cause for concern for a large number of UK households.

Leading independent estate agents and property consultants, Strutt & Parker, are specialists in rural property and have published a useful guide to getting the best possible country home, covering factors such as the house itself, the local community (including schools and hospitals), transport infrastructure and local broadband speed. You can find the guide on their website......

We are not surprised at today’s decision by the MPC to hold the Bank Rate at 0.5% and it looks like lower rates are here to stay for the time being, given the uncertain economic outlook in the emerging economies, particularly China.