Leading the way when it comes to major criteria shake-ups this month is buy-to-let specialist BM Solutions.
There is a lot of talk at the moment about whether committed monthly pension payments should be included by lenders when they do their mortgage affordability calculations.
Buy-to-let has always been an area that has not only captured the intermediary market but also the heart of the consumer. It has stood up during the recession and, despite changes in criteria, it has weathered the storm well.
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When I started in this industry back in 1978, working for the Abbey National Building Society, the piece of legislation we operated under was the Building Societies Act 1964.
The government has grasped the Stamp duty nettle and has done away with the so-called "slab system", which has meant that for years a house sold for £250,001, rather than £250,000 attracted an extra £5,000 in stamp duty.
London has long dominated the UK's property market and until recently it has strongly outperformed the rest of the country. But London itself is arguably two markets: London and what we might call Greater London.
As usual I was glued to the TV as George Osborne delivered his Autumn Statement, but with little expectation of anything mind-blowing from a mortgage/housing perspective.
Is it possible to be a jack of all trades and master of many, is a question which many intermediaries often ask themselves.
As you might imagine, since the Chancellor's announcement of the changes to the stamp duty system, we have received a significant number of calls coming into Blacks from clients asking how this will affect them.
As ever more Britons become self-employed (the latest proportion is around 15%) and the average age of first-time buyers creeps upward, there is a growing army of ‘non-standard' mortgage customers who fall outside the traditional core of salaried borrowers with no credit blemishes who can pay off their loans before a set retirement date.
It appears that lenders who played it safe through the months following the Mortgage Market Review have now reviewed their criteria and are adapting it into Q4.
The butterfly effect is the popular metaphor for how a small change in one set of conditions can have significant impact later on in another set of conditions. The theory being that the flap of a butterfly's wings in Brazil could eventually set off a tornado in Texas.
An overwhelming 96% of the mortgage intermediaries we surveyed in September 2014 said it was ‘important' for lenders to maintain business development manager (BDM)networks.
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