Banks will cut mortgage offers by £90,000 as interest rates rise

But long before rates actually reach that level, expectations of higher interest rates will reduce the amount of mortgages banks are willing to lend. Expecting the bank rate to rise to 6 per cent would cause the maximum multiplier income offered by banks to drop from 4.7 in August to 3.7 within months, Andrew Wishart … Read more

Banks guarantee low mortgage rates for nine months

Real estate experts believe the emergency rate hike is “almost guaranteed” after Chancellor Kwasi Quarting’s surprise tax cut sent the pound to record lows. Mark Diason of Edinburgh Mortgage Services, a broker, said: “By lowering the stamp duty, the chancellor has upset property markets so much that, for homeowners, the savings from the tax cuts … Read more

Banks pull mortgages out of sale amid interest rate chaos

In an apparent reference to market demand for fiscal forecasts from the Independent Office of Budget Responsibility (OBR), which were not released by Chancellor Kwasi Quarting, when he announced plans to cut taxes last week, Bailey said: “I welcome the government’s commitment to sustainable economic growth, and the role of the Office of Budget Responsibility … Read more

Banks pull mortgages out of sale amid interest rate chaos

In an apparent reference to market demand for fiscal forecasts from the Independent Office of Budget Responsibility (OBR), which were not released by Chancellor Kwasi Quarting, when he announced plans to cut taxes last week, Bailey said: “I welcome the government’s commitment to sustainable economic growth, and the role of the Office of Budget Responsibility … Read more

One in five homeowners face the denial of the cheapest mortgage rates

As many as one in five foreclosed homeowners can fail affordability tests when they come to return foreclosures, said Louis Shaw of Shaw Financial Services, the broker. “These people may be trapped with a lender who is not allowed to return the mortgage,” he said. He said borrowers would be particularly at risk if they … Read more

Why the stamp duty cut won’t stop a catastrophic house price crash

Andrew Wishart, of the analysis firm Capital Economics, says: “The market reaction to the announcement suggests that mortgage rates of over 6pc are now a distinct possibility, which would leave house prices more overvalued than in 2007.” The stamp duty saving will help to boost buyers’ deposits because it must be paid upfront, Wishart says. … Read more

Granny apartments allowed to hit the tight rental market to help Queensland’s housing crisis

Queensland homeowners with large apartments will be allowed to rent out over the next three years under emergency planning changes designed to alleviate the state’s housing crisis. The move will allow secondary housing to be made available to people other than immediate family members and expand accommodation options for smaller families, such as students, singles, … Read more

How the hated stamp duty cut could solve the country’s housing crisis

“The government can lower the stamp duty and tax revenue will not necessarily go down, because it will encourage more moves and therefore more housing construction,” said Clogerti. Dominic Agas, chief executive of Winkworth Estate Agents, added: “Interns will be encouraged to take their steps until the housing ladder ban is lifted. With more drivers … Read more

First time buyers are having a hard time using Help to Buy

First-time buyers have only six weeks to use the equity-purchase-assistance loan before the government-backed scheme disappears. At least 25,000 first-time buyers will be barred from the housing market after the scheme closes to new applicants on October 31, leaving a “vacuum” of support for novice buyers just as the brunt of the cost-of-living crisis hits, … Read more

Pensioners urged to cut back amid housing crisis but some seniors in Western Australia aren’t convinced it will work

Older Australians are being urged to downsize their homes and free up housing stock for younger families through new legislation before the Federal Parliament, but some older Western Australians are not convinced it will have much of an impact. The Albanian government on Wednesday introduced a bill that, if passed, would change the way pensions … Read more