Virgin Money for Intermediaries

Remortgage or second charge mortgage?

Second charges were put on a regulatory level playing field with first-charge mortgages in March last year. Since that time, those with a stake in the sector have been underlining their benefits. What’s more, lenders and distributors have been highlighting to brokers how, when and why these deals can be preferable to a remortgage. It’s true that a second-charge mortgage …

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What’s happening in the new-build market?

Improving the UK’s supply of new housing has been a big focus of the Government in recent months, and that’s only likely to continue next year. As a result, it’s crucial that brokers keep on top of the latest developments in the new-build market. Positive building stats According to the latest Department for Communities & Local Government figures, housing starts …

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Life after the Help to Buy: mortgage guarantee

The Help to Buy: mortgage guarantee was launched by the Government in 2013, adding to its flagship affordable homeownership initiative, the Help to Buy: Equity Loan. The idea was to encourage lending at higher LTVs by limiting lenders’ potential losses on higher LTVs mortgages, boosting the number of such products on offer and reducing rates. And it worked. Boost in …

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North West focus

When the BBC relocated much of its operation to Salford Quays in 2011, it was a symbol of a long-awaited economic shift in Britain towards the North of England. Osborne’s promise of a Northern Powerhouse is filtering through into hard cash, with the announcement in January of a further £556m of government money to the project. The funds will be …

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How the letting agent fee ban could impact landlords

Many welcomed the ban on letting-agent fees to tenants that was announced in Chancellor Phillip Hammond’s Autumn Statement. After all, inflated fees for prospective renters are widely considered unfair. And since letting agents are already being paid by landlords to find tenants and manage properties, preventing them from being paid twice for the same work seems reasonable in many people’s …

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Have mortgage rates bottomed out?

Mortgage borrowers have rarely had it so good. With the Bank of England base rate moving to yet another record low last year, the cost of some home loans dropped even further. Viewed on a historical basis, fixed rates look incredibly cheap at the moment. But have they bottomed out? Some within the industry certainly think so. What’s happening to …

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Preparing for the next generation

The so-called millennial generation – those aged 18-35 years – face a property market that’s rather different from the one their parents knew. House price growth has made buying property more difficult – without necessarily dampening the enthusiasm for homeownership. So how can brokers evolve their businesses to meet the needs of this new generation of homebuyers? And how can …

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Five first-time buyer tactics intermediaries find useful

Let’s be honest. While most first-time buyers (FTBs) will be brimming with joy over the prospect of moving into their first property, they may not share your unbridled enthusiasm for the mortgage part of the process. Surprising though it may be, apart from when they actually need a mortgage, most people don’t swot up on current lending criteria or mortgage …

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Five ways to help first-time buyers onto the housing ladder

The government’s Help to Buy: Mortgage Guarantee scheme may have finished at the end of the year. But there are several alternative offerings which can help would-be homeowners to take their first step onto the homeownership ladder. Help to Buy It is of course only the mortgage guarantee element of Help to Buy that has ended. The Equity Loan aspect …

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MPPI, Income Protection, or Critical Illness?

When buying a property, it is perhaps understandable that borrowers’ financial focus will be almost entirely on their mortgage. They may not be thinking about additional products, even though these could prove to be of the utmost importance to them. David Sheppard, managing director of Perception Finance, says it can be “a real struggle to make clients understand the need …

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