The Mortgage Repossessions (Protection of Tenants) Act 2010 is one of those bits of legislation that was vastly overdue by the time it came into force. It’s a relatively simple act that gives innocent tenants some degree of protection from circumstances beyond their control.
The news surrounding the UK’s property market during April has been interesting, as always. We’ve picked out a few highlights to help keep you abreast of everything need to know!
First of all, we’re going to start with some house price news from the monthly Nationwide and Halifax indices, before moving onto some other relevant reports.
The month of January is closely associated with post-Christmas sales, as shops attempt to rid themselves of their stock from the previous year and make way for fresh trends and items for the new year. However, it appears that in 2019, some mortgage lenders are joining the January sale mindset and shaving a little from some of their mortgage products.
The Royal Institution of Chartered Surveyors (RICS) has issued new guidance on wall safety surveys for mortgage lenders.
The world of mortgage products is forever expanding, as financial providers adapt their lending models to fit modern lifestyles. One group for whom the future’s looking particularly bright is older borrowers. Many lenders are increasing their maximum ages to reflect changes in life expectancy and financial stability, and in fact one lender recently revealed that they would be offering mortgage products to borrowers up to the age of 85.
The latest house price reports show that annual house price growth is slowing as buyers are less willing to pay peak prices for property amid ongoing uncertainty. Lenders Nationwide and Halifax both calculate the rate of house price growth slowed in October this year when compared with a year earlier, to around the 5% mark.