News

June 12, 2017
riviera-mortgages-interest-only-repay

Best way to pay off interest-only mortgage: follow these six solutions

More than 100,000 interest-only mortgages will mature this year – but that still leaves over 1.5 million interest-only home loans outstanding. The Telegraph looks at several solutions to repay. Mortgage watchdogs fear many people in this position “do not have an appropriate strategy” to repay loans. The Financial Conduct Authority (FCA) has said it will investigate how lenders are treating borrowers as their mortgages approach maturity. Billed as an easy way into the property market, interest-only mortgages were incredibly popular in the […]
June 12, 2017
news-bank-mum-dad-borrowing

The pros and cons of borrowing from the ‘Bank of Mum and Dad’

The Telegraph look at how borrowing from parents can be a huge benefit to getting on the property ladder but also raises some common issues that occur. The “Bank of Mum and Dad” is estimated to lend more than £6.5bn to help children on to the property ladder, making it the ninth-biggest lender in the country and a bigger player than Clydesdale Bank. Parents helped provide deposits for more than 298,000 mortgages last year, representing 26pc of transactions. In most cases children are simply given […]
June 12, 2017
riviera-mortgages-deposit-queries

Is a 10% deposit enough to get a mortgage on a new-build house?

The Guardian helps someone who’s been advised to look into the help-to-buy scheme to boost our deposit but we’re not sure if that’s our best option. Q My partner and I have put our names down for a new-build property in north-west England, with the completion date in November or December. We expect to get a valuation of the property in July, which should be about £152,000 for a small two-bedroom house. By the time we are due to apply for a mortgage […]
June 12, 2017
riviera-mortgages-low

Mortgage approvals at seven-month low

Fixed mortgage rates have fallen to new lows, but home loan approvals have also fallen to their lowest level since September. There were 64,645 mortgage approvals for house purchases in April, the Bank of England said, a 2% fall on the previous month. Mortgage lenders have told of a fall in demand, despite the low rates on offer. One theory is that landlords might have brought forward purchases, to avoid the latest in a series of tax changes. From 1 […]