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During the months of July to September 2017, almost 38,000 new build homes were registered by builders according to NHBC. NHBC hold 80% of New Build warranty market across the UK so their statistics provide a good indicator of new house building nationwide.
NHBC chief executive Steve Wood commented on this statistics that “We have seen encouraging growth in terms of the number of new homes being registered over the last three months, across many parts of the country.
“With demand for high quality new homes as strong as ever, this is positive news for the industry and prospective homebuyers, particularly in light of the current political and economic uncertainties.”
Source: http://www.nhbc.co.uk/media-centre/articles/statistics/Q3-Stats-2017/

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Mortgage concept small houses on stacks of coins

On 7th November, Halifax reported that house prices across the country have risen by an average of 4.5% in October compared to October 2016, up from a 4% rise from September 2016 to September 2017 – this fast rise since February. This means that the average UK house price in October stood at £225,826.
Russell Galley, Managing Director, Halifax Community Bank, said:
“The annual rate of growth has continued to rise for the third month in succession, rising from 4.0% in September to 4.5% in October. The average house price is now £225,826 – exceeding last month’s previous high. House prices in the three months to October were 2.3% higher than in the previous quarter, the fastest quarterly increase since January.
“The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, continues to support house prices and is likely to do so over the coming months. Increasing pressure on household finances and continuing affordability concerns are some of the factors likely to dampen buyer demand. That said we do not anticipate the Base Rate rise will be a barrier to buying a house.”
Source: http://www.bbc.co.uk/news/business-41898943
http://static.halifax.co.uk/assets/pdf/mortgages/pdf/October-2017-House-Price-Index.pdf

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Mortgage concept small houses on stacks of coins

The news broke at midday today that the Bank of England have decided to increase the Base Rate from 0.25% to 0.5%. Although this is the first rise for 10 years, this base rate rise is only slight and in terms of mortgages, it will only affect mortgagees who have their mortgage on rate that tracks the Base Rate.

If a mortgage is on a fixed rate, the Base Rate rise will not affect the applicant during the fixed period.

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Mortgage concept small houses on stacks of coins

The number of people remortgaging in August rose dramatically by 11% compared to July and 16% compared to August 2016. This information was reported by conveyancing firm LMS. Borrowers took advantage of low interest rates and longer product terms available during the month.
Surprisingly just 16% remortgaged with new lower overall monthly mortgage payments, instead more applicants want to secure a low rate for longer period.
Source: http://www.yourmoney.com/mortgages/remortgaging-soars-august-borrowers-prepare-rate-rises/?utm_source=Adestra&utm_medium=email&utm_term=&utm_content=&utm_campaign=Editorial%20Newsletter%20-%20NON%20SPONSORED&utm_campaignid=534&utm_cmdid=74918

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Life insurance should be considered part of a person’s financial plans if a couple are married or co-habiting. Life insurance is taken out for a specific term with monthly payments either for a level or decreasing sum assured and is designed to pay out to loved ones if the insured person passes away during the term of the policy (exceptions apply). The level of life cover varies from applicant to applicant depending on their mortgage balance or how much cover an applicant would like to cover themselves for in the event of unforeseen death.
For Decreasing Term Life Insurance – where the starting sum assured decreases in line with a repayment mortgage as the term progresses – the statistics show that 70% of couples who take out life insurance choose a joint policy and 30% are single policies. For Level Term Life Insurance – where the life sum assured remains the same throughout the term of the policy – the statistics show that 60% of couples take out single policies whilst 40% take out joint policies.
Usually a joint policy has a lower monthly premium cost rather two single policies. Joint policies can be taken out on a “first death” basis – a lump sum is paid out when the first applicant on a joint policy passes away (the more popular option) or on a “second death” basis – where a lump sum is paid out when the second applicant on a joint policy passes away. Usually a “second death” policy is considered a ‘Whole of Life Policy’ which pay out “when” you die not “if” you die and is more popular for applicants of high net worth for inheritance tax planning purposes.
An advantage to having two separate single life policies is that if the first applicant dies during the term of the policy and it is on “first death” basis, the second applicant may need to take out a new life insurance policy rather along the term which could mean that as the applicant has aged or many have suffered from medical conditions since the start of the previous policy, the premiums could be much higher than before. In addition, if a couple take out a joint “first death” life insurance policy and they separate or divorce during the term of the policy, new policies may need to be taken out in the future with similar issues in achieving competitive premiums or finding an insurer offer to an applicant cover.
Tax implications need to be considered when choosing either two single or one joint life insurance policy. If an applicant passes away during the term of a “first death” joint policy, the applicant’s surviving spouse or partner on the policy receives the lump sum of cover. For inheritance tax planning, the situation is different and therefore it is recommended that the policy is put in trust.
For a joint or two single life insurance quotes, contact one of qualified and experience Advisers today to discuss your requirements today!
Source: http://www.yourmoney.com/insurance/single-joint-life-insurance-policy-couples-choose/?utm_source=Adestra&utm_medium=email&utm_term=&utm_content=&utm_campaign=Editorial%20Newsletter%20-%20NON%20SPONSORED&utm_campaignid=534&utm_cmdid=74918

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Help to Buy logo

According to data from the government’s Department for Communities and Local Government (DCLG), there were 13,700 completed Help to Buy loans between April and June 2017 totaling £860m, the highest since the programme began in spring 2013.
In excess of 130,000 completions have now taken place through the Help to Buy Equity Loan scheme, with 83,686 using the Help to Buy ISA bonus since its launch in December 2015.
To speak to us about how the Help to Buy scheme could help you to purchase your first property or a Help to Buy scheme compatible mortgage, speak to one of our qualified Mortgage Advisors today!
Source: https://www.gov.uk/government/statistics/help-to-buy-equity-loan-scheme-and-help-to-buy-newbuy-statistics-april-2013-to-30-june-2017

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Mortgage concept small houses on stacks of coins

Nationwide Building Society reported on Friday 29th September that although house prices in London fell by 0.6% in the year to September (the first fall in 8 years), house prices across East Anglia rose by an average of 3.9%. The region with the highest rise in the year to September 2017 is the East Midlands seeing a rise of 5.1%. Nationwide confirmed that on 29th September the average house price across the UK is £210,116.
Source: http://www.nationwide.co.uk/~/media/MainSite/documents/about/house-price-index/2017/Sep_Q3_2017.pdf

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Mortgage concept small houses on stacks of coins

Walton on the Naze in Essex was ranked at 2nd place overall on the property website Zoopla.co.uk’s Seaside Property League seeing property values increase by 9.43% in the year til June 2017. Nearby Clacton on Sea in Essex was ranked at 7th overall with property values increasing by 5.88% in the year to June 2017 and Southend on Sea in Essex ranked at 10th place with property values increasing by 4.89% in the year to June 2017.

Two of the Highest Value Seaside towns in June 2017 were also in East Anglia – 2nd place Aldeburgh in Suffolk with an average property value of £517,517 and 3rd place Southwold in Suffolk with an average property value of £455,983.

 

Source: https://www.zoopla.co.uk/press/releases/broadstairs-tops-the-zoopla-seaside-property-league/

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A study by online estate agent housesimple.co.uk found that London commuter towns and cities are the areas with the fastest falling property prices across the UK. The study compared property prices from what they are originally marketed at when first advertised by estate agents during the period February to August 2017 that had close proximity to London.

Source: http://www.cambridge-news.co.uk/news/property/cambridge-bucking-trend-falling-property-13527594

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Handshakes with customer after contract signature

There are many factors that clients consider when choosing the right mortgage product and lender for them: whether their income fits on a lender’s affordability calculator, whether the amount of deposit or equity that they have fits products offered by a lender, whether they can link their mortgage to their personal bank account etc, but others one important factor might be whether the lender is seen as “ethical”.

Ethical lending refers to lenders who are considered to bear in mind ethical issues with all of their customers personal financial situation, such as debt advice, offering customers bank accounts who are on lower income or who are unemployed. Green considerations such as, is the lender enforcing green measures at their offices and branches, reducing their waste and energy consumption. Equality considerations such as the number of women on their boards, do they offer equal opportunities to all of their staff despite their ethnicity and sexuality. In addition what the lender invests in, avoiding investment in fossil free funding etc.

We pride ourselves in knowing and understanding our clients and their individual demands and needs. If one of the important factors is green or ethical lending, please let us know and we will do our best to bring this into consideration when sourcing the best mortgage product to suit you and your financial situation.

Source: http://www.yourethicalmoney.org/mortgages/

 

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