TheNews MORTGAGES
Mind the FTB deposit gap
Karen Barrett
More bad news for first time buyers as research from unbiased.
co.uk reveals that first time buyers looking for a 75 per cent
LTV mortgage on an average first-time buyer property would now be facing a deposit gap of around £15,500. The data shows the average first time buyer is saving towards a deposit of £22,706, which would allow them to access a maximum mortgage of approx 85 per cent LTV on the average first time buyer house price. However, the CLG’s latest
figures show the average first- time buyer property costs just over £153,000. Based on the current average deposit they are saving towards, this allows them access to a maximum of an 85 per cent LTV mortgage. If first time buyers were to
increase the amount they are saving towards by £15,500 this would give them access to a far wider range of mortgages, including 75 per cent LTV deals. The data also showed that one in fifteen (six per cent) admitted that they had already been turned down by a mortgage lender. Karen Barrett, Chief
Executive of
unbiased.co.uk, says, “Our research highlights the gap between the amount first time buyers are able to save and what is needed to access the most competitive rates. While saving towards that initial deposit is no easy feat in the current economic climate, the figures show that if first time buyers’ aim towards a larger deposit they could save significantly on their yearly repayments. Long gone are the days of 100 per cent LTV mortgages and £10,000 deposits. Stricter lending criteria have also meant that many first time buyers aren’t even making it past the application stage.”
8 l May 2012 l TheNegotiator RENTS Rents still rising say Winkworth
Winkworth has reported a record month for London housing rentals with activity remaining the strongest in the mid-market where constrained supply, sustained demand from those saving for deposits, and new interest coming from professionals moving to London for work have bolstered demand. Rents in the £1,000 per week
market have continued to rise in the first quarter of the year. Yields in mid-market secondary
OLYMPICS Dacre director to carry Olympic torch
John Skinner
Dacre, Son & Hartley’s financial director, John Skinner, has been chosen to carry the Olympic Torch on its tour of the UK.
8000 inspiring torchbearers
have been selected to carry the flame during the 70 day relay. John will carry the torch through Ripon on Tuesday 19th June. He was selected in recognition
of his contribution to North Stainley Junior Cricket team which he began coaching in 2002 when there were just six children.
MORTGAGES Brokers merge Peter Brodnicki
Mortgage Advice Bureau (MAB) has acquired Mortgage Talk in exchange for shares in the MAB group. Peter Birch
join the MAB board while Chief Executive Peter Brodnicki will run the company and retain a majority stake. The new firm will have a real
platform for expansion, diversification and increased profitability, with over 500 advisers and mortgage applications set to top £4.5bn this year.
Peter Brodnicki, Chief
Executive told The Negotiator that the merger will create a truly formidable force in the mortgage industry, “I am really looking forward to working with the Mortgage Talk directors as we expand the MAB group, while retaining the focus on maintaining quality and increasing efficiency. The advisers and businesses that work with us are the key to our success, and the strengthening the MAB group can only be good news for them in terms of the support and solutions we can offer.” MAB offers a range of
opportunities to estate agents who want to provide mortgages,
for their buyers and investors, either with their own in-house broker or with a broker supplied by MAB, or simply with an online and telephone service. All options include a fully trackable online system, with linked dual branded websites, regular news emails to their clients and a fully incentivised service that makes offering mortgages simple, successful and profitable. “As an agent in this market
you have to have as many useful strings to your bow as possible and make the most of every innovation and marketing opportunity”, says Peter.
www.the-negotiator.co.uk
Today the club has more than 100 children, aged between three and 15, playing in six teams. John, based at the Ilkley office,
says, “Since I began coaching at North Stainley its incredible how quickly the club has grown and we also now have a great group of parents who help out every weekend. We all find encouraging
children to participate in sport hugely rewarding and some of our youngsters are now playing for both North Yorkshire and Yorkshire which is fantastic. “To be given
the chance to carry the Olympic Torch is a once in a lifetime opportunity and it’s a huge honour to be part of such a historic event. I heard Lord Coe speak in Leeds in 2007 and his message was that everyone should be inspired by the UK winning the Olympics and I can’t believe that I’ll now be part of it.”
Dominic Agace
prime areas such as Battersea, Shepherds Bush, Hammersmith and Islington now stand at around 3.5-4.0 per cent, with a £1.5 million
house renting for at least £1,000 per week. These areas remain affordable
for professional people and according to the agents, they
expect a further 5 per cent increase in rents over the course of 2012. Dominic Agace, CEO of
Winkworth comments, “The sales and rentals markets for London family houses are at the heart of Winkworth’s business. With no immediate solutions in place to improve purchases or affordability and London remaining the centre for job creation in the UK, we expect this mid-market rental trend to continue.”
For all the latest news visit us at
www.the-negotiator.co.uk
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