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The government agency, the Department of Communities and Local Government (DCLG) confirmed that 162,880 homes were started in 2016/17, with 147,960 completed. Both of these figures represent the highest amounts since the start of the financial crisis of 2007/2008.
Lenders like to secure mortgages on new build properties with options for owner occupiers such as Shared Ownership, Self Build and Help to Buy, as well as buy to let mortgages on new builds for private landlords.

Source: https://www.gov.uk/government/statistical-data-sets/live-tables-on-house-building

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Real estate agent to let sign with house in background

There is a number of new products and lending ratios emerging onto the Buy to Let market. Lending ratios created by lenders to show landlords that a “one size fits all” ratio doesn’t work in all cases and areas! For example:
If the total gross income of all applicants is less than £40,000 p/a, the lender’s new rental multiple is 125% and for applicants earning £40,000 p/a or more, the lender’s new rental is 140%. In all cases a reference rate of 5.5% will be applied, or 5% if it’s a fixed rate of five years or longer.
New Buy to let products without product fees are available for a loan to value of a maximum of 60% with a 0.1% interest rate deduction for 2 and 5 year rates. Another lender unveiled a new two-year fixed at 2.99% as well as a rate reduction on its two-year discount product to 2.59%
NB: All mortgage products/lending ratios are subject to change at any time, credit scoring and specific loan to value percentages.

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Real estate agent to let sign with house in background

This is believed to be because lenders respond to changes in legislation and growing demand from landlords restructuring their operations.
Research from moneyfacts.co.uk discovered that there were 133 buy-to-let limited company products available 12 months ago. Today, there are now 313 available, representing 20% of the overall market .
One in five rental properties are now let by limited company landlords, according to research covering Q1 from Countrywide.

Source – http://www.mortgagesolutions.co.uk/news/2017/05/22/buy-let-product-numbers-limited-companies-doubled-12-months/?utm_source=Adestra&utm_medium=email&utm_term=&utm_content=%20Buy-to-let%20product%20numbers%20for%20limited%20companies%20doubled%20in%2012%20months%20&utm_campaign=Roundup%20Daily%20HouseAdvert2&utm_campaignid=216&utm_cmdid=74918

Company landlords take fifth of rental market, says Countrywide

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The firm confirmed that more than one in five borrowers in the first three months of the year using some of the released equity to clear mortgage debt.
Key Retirement suggests that with more than 10,000 borrowers a year reaching the end of their mortgage term on interest-only deals between now and 2020, this could be one of the core factors to why equity release deals in the future.
With reference to the Key Retirement data, it confirms that borrowers are on average releasing £73,610 of property wealth, rising to as much as £117,000 in London.
Sales of equity release plans have grown by 88% in the South East and by 75% in the East Midlands, compared to 58% growth across the UK as a whole.
Regardless of the increasing influence of interest-only capital repayment, three in five equity release plans are taken out for home and garden improvements.
The Equity Release market has experience a record Quarter 1 2017!
A total of 8,351 new equity release plans were agreed in Q1 2017. This was 61% higher than the 5,175 agreed plans recorded in Quarter 1 2016. The total value of equity release lending in Quarter 1 reached £697m, up by 77% on the £394m recorded in Q1 2016. In both cases, the year-on-year growth is the highest seen in any quarter since records began in 2002 according to the Equity Release Council.
Turney & Associates are proud members of the Equity Release Council.

Sources:

Interest-only behind equity release growth

Equity Release Council reports record first quarter lending

Posted in News

Handshakes with customer after contract signature

Up to date figures from the Council of Mortgage Lenders (CML) show that the number of first time buyers in Quarter 1 2017 increased in Scotland by 23%, Wales 13% and Northern Ireland 19%. England excluding London saw an increase in activity by 10.8% year on year.

Source: http://www.mortgagesolutions.co.uk/news/2017/05/24/ftb-activity-strong-across-uk-london-market-cools/?utm_source=Adestra&utm_medium=email&utm_term=&utm_content=&utm_campaign=Daily%20HouseAdvert2&utm_campaignid=249&utm_cmdid=74918

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Real estate agent to let sign with house in background

Buy to Let products available to Limited Companies have more than doubled in number in the past year
This is believed to be because lenders respond to changes in legislation and growing demand from landlords restructuring their operations.
Research from moneyfacts.co.uk discovered that there were 133 buy-to-let limited company products available 12 months ago. Today, there are now 313 available, representing 20% of the overall market .
One in five rental properties are now let by limited company landlords, according to research covering Q1 from Countrywide.

Sources:

Buy-to-let product numbers for limited companies doubled in 12 months

Company landlords take fifth of rental market, says Countrywide

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British homeowners are not taking out adequate amount of life insurance to cover their mortgage debt research has shown.
The average outstanding mortgage debt in the UK was estimated to be £119,937 in January 2017, according to The Money Charity .
But the average life insurance claim paid out in 2016 had a value of £75,000, figures from the Association of British Insurers (ABI) reveal .
That means homeowners are under-protecting themselves by an average of £44,937, just on mortgage debt alone.
To assure that you have a sufficient level of life insurance cover in relation to your current mortgage balance, please contact us today and we can provide you with a no obligation life insurance quote.

Sources: http://www.yourmoney.com/insurance/mortgage-debt-exceeds-average-life-insurance-pay/?utm_source=Adestra&utm_medium=email&utm_term=&utm_content=&utm_campaign=Editorial%20Newsletter%20-%20NON%20SPONSORED&utm_campaignid=534&utm_cmdid=74918
http://themoneycharity.org.uk/money-statistics/
https://www.covermagazine.co.uk/cover/news/3010205/mortgage-debt-exceeds-the-average-life-insurance-pay-out

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We’re looking for an experienced Receptionist/Administrator to join our small but growing brokerage. We’re passionate about what we do and we like to go the extra mile for our customers. We’re looking for an individual who will fit into our professional but fun and friendly team.
HOURS: Part-time Wednesday, Thursday and Friday – school hours. NB: You will be required to work throughout the year including during the school holidays.
DUTIES:
You will be working as part of the admin team, answering calls and greeting clients. Liaison with Lenders, Solicitors and Clients. Preparing client paperwork and insurance quotes. Updating Act! database with information relating to the case. Submitting supporting documentation to Lenders and Solicitors.
PREVIOUS EXPERIENCE:
Candidates must have experience in a receptionist/administrative role. Previous experience in the Financial Sector would be advantageous but not essential.
ESSENTIAL SKILLS:
• Well organised
• Excellent communication skills
• Friendly, positive, proactive attitude
• Be able to work to set procedure so that we comply with FCA regulations
• An extremely high standard of accuracy and attention to detail is essential
• Proficiency with Microsoft Office
• Good time keeping and time management skills
• Tact and discretion, for dealing with confidential information
SALARY: £19,000 pro-rata
We are located off Mill Road in Cambridge city centre but offer staff car parking.
HOW TO APPLY: Send your CV with a covering letter by e-mail to: megan.hobbs@turneyassoc.co.uk
or post to:
Megan Hobbs
Turney & Associates Ltd., 5-7 Covent Garden, Cambridge CB1 2HS
www.turneyassoc.co.uk
No Agencies please.

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On behalf of all the team at Turney & Associates, we would like to wish all of our new & existing clients a very happy Easter!

Our offices at 5 – 7 Covent Garden, Cambridge CB1 2HS will be closed from 5pm on Thursday 13th April and will be re-opening on Tuesday 18th April 2017 at 9am.

If you have any queries in the meantime, please feel free to contact us via our website, www.turneyassoc.co.uk, and we will respond to your enquiry on our return to the office.

 

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As an additional service to our customers, we offer a fast conveyancing quotation service to get your purchase and/or sale moving as quickly as possible. We have access to over 200 solicitors around the country all individually rated by past clients. There is never a charge if your sale or purchase does not complete. Why not contact us for a competitive quotation – just provide us with the sale and/or purchase price and postcode of the property or properties that you are interested in.

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