UK Mortgage & Property Related News
Nationwide has dealt first-time buyers on modest incomes a blow by upping the minimum income threshold on its sole applicant Helping Hand mortgage from £35,000 to £40,000.
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There’s been a big rise in the number of people taking out mortgages with a term of 35 years or more, which will see them paying off their loans well into their 70s.
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Following years of stretched finances, some people are borrowing mortgages over longer terms.
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The cost of borrowing money to buy a home is “unlikely” to return to the low levels seen over the past decade, the boss of the UK’s largest mortgage lender has said.
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The number of mortgages approved reached a near two-year high, according to Bank of England figures, as hopes of cheaper borrowing encouraged would-be buyers.
Mortgage approvals increased to 62,000 in July, a level not seen since September 2022, a sign that buyers were waiting for hopes of reduced interest rates and the associated lower mortgage bills.
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