Posted: 15/03/2013 Author: Michael Usher in Category: first time buyers
Like the rest of the UK, first time buyers in Camberley are responsible for driving the mortgage market presently.
According to the Council Of Mortgage Lenders…First-time buyers continue to account for a large chunk of the UK mortgage market, lenders’ data suggests.
This group of house buyers took 42% of all home loans for house purchases during January, the Council of Mortgage Lenders (CML) said.
The rate has been unchanged for three months, but it is still higher than the average rate seen over the past decade.
In general, UK mortgage lending was down on December, but higher than in January 2012, the figures show.
The number of mortgages advanced for house purchases in January stood at 38,300, down nearly 17% on December, but up nearly 11% on a year earlier.
Mortgage interest rates are at a very low level at present, as lenders scramble for custom.
The Funding for Lending scheme, which is aimed at encouraging lending by offering cheap funds to mortgage and loan providers, has helped to push down these costs for first-time buyers.
Recent Bank of England figures showed that lending by banks across the board remained conservative.
The CML said that the market was “more favourable” for first-time buyers at present.
In the past decade, first-time buyers have tended to make up about a third of mortgage activity for house purchases. Before 2002, it was typically about 50%.
However, on average first-time buyers still have to find a deposit of 20% of the value of a home to secure a mortgage.
The industry has welcomed the interest from first-time buyers.
“Life is becoming easier for first-time buyers,” said Richard Sexton, director of e.surv chartered surveyors.
“Although deposit requirements are still high, rates are lower and banks are more willing to lend to lower income borrowers.
“Funding for Lending can take some of the credit: it is plugging the punctures in the mortgage market and stopping it from falling flat.”
Ashley Brown, director of mortgage broker Moneysprite, said: “The return of the first-time buyer relative to January last year is particularly welcome. Without the first-time buyer, the market cannot improve.”
But David Whittaker, managing director of Mortgages for Business, said: “Although rates have fallen to historic lows, the big deposits lenders require from borrowers in order to access them means plenty of potential buyers are still being left high and dry.”
Story from BBC business News
It can be cheaper to buy a home than to rent. Sure there are some places in the UK where its cheaper to rent, but overall, in fact 86% of cities in the UK its cheaper to buy…
Take a look at this article in the Daily Telegraph http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9925073/Buying-vs-renting-Five-cities-where-renting-is-still-cheaper.html
Posted: 22/11/2012 Author: Michael Usher in Category: Will Writing
Frimley based Michael Usher, who has been a financial adviser since 1992, is today urging people to make their Wills as soon as possible.
He says “Too many people don’t have Wills and sometimes they leave it too late. The shocking truth is we never know what is round the corner. One minute life is going well and then an accident either kills you or injures you so much that you are in a coma, as has happened recently to someone I know”.
“I know its the last thing that people want to think about, but it is something we should all take seriously.
Today, we have far more valuable possessions than we had 20 years ago. Most people over the age of 40 have assets, like their house, car, jewellery and insurance policies.
If you die without a Will, your assets will not automatically go to your spouse and in these days of complicated family arrangements, with previous marriages, your common law partner may not get control of your assets, but your previous married spouse may, leaving your common law partner out in the cold.
This is just one example. I tell you this not to worry you, but to urge you to do something about making a Will today.
Everyone’s situation is different and that is why you need to get advice from someone you can trust. We have been giving financial advice since 1992.
Our fully qualified estate planners and Will writers, who are accredited by The Society of Will Writers, can give you professional, confidential advice, without all the legal jargon.
Call in to our offices in Frimley High Street today, or call to make an appointment with Michael Usher Wills 01276 691979
Rules come in all the time, but we still manage to obtain mortgages for our clients. We are one of the busiest Mortgage advisers in Camberley, because we are able to get our clients the mortgage they require, based on their needs and other criteria.
Despite what may be discussed and reported in the press, mortgages will be available, albeit the search for competitive rates will be more difficult.
But rest assured, our team are the best at finding those deals
“The regulator has estimated that its new rules will affect up to 11.3pc of borrowers, or as many as 1.2m of the 11.2m outstanding mortgages in the UK. The FSA said those most affected will be the self-employed, as many were self-certified borrowers …”
Rest assured our team, can help you with all your mortgage requirements today and after 2014
Posted: 14/09/2012 Author: Michael Usher in Category: Mortgage News
Here in Camberley, Frimley, Farnborough and surrounding areas, we seem to be rather lucky with house prices. Although house prices are up or down 1% every few months, stability of a sort is with us.
Although the news is full of different stories each day, proclaiming that prices are up or down, here at Michael Usher Mortgages, we have been really busy, in fact August was a record month for us arranging mortgages…
“The UK’s mortgage market has slumped to levels last seen more than two years ago as the effects of a double-dip recession take hold, according to new research. House purchase loans fell 8% year-on-year last month to 48,913 – the third worst August for …”
If you need help in arranging a mortgage, remember that we are a totally independent company that can help you source the right mortgage for YOU. Call us today