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Lidl’s plans to build thousands of new homes across London

Lidl is looking to build mixed-use buildings and over 3,000 new homes in order to secure planning permission to open more shops.

Lidl have set a timescale of three years for these properties and development plans have already been submitted for; Hull, Surrey and Lincoln. So far nationwide Lidl has built 335 homes however there are 476 more to come.

Following in the footsteps of the likes of Tesco and Sainsburys who have already built thousands of properties across the capital Lidl are doing something a little different with plans in place to create a new home for Deer park School, a two-form entry primary school with 420 pupils. This new primary school will be perched on top of a giant Lidl.

You can read the full article here at Mortgage Strategy –  https://www.mortgagestrategy.co.uk/lidl-plans-to-build-homes-across-london/

Please be aware that by clicking on to the above links you are leaving the Homeline website. Please note that Homeline is not responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

“Your home may be repossessed if you do not keep up repayments on your mortgage.”

If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth

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Bank of England raises UK Interest rates for the second time in a decade

Bank of England raises UK Interest rates for the second time in a decade

On Thursday the Bank of England made the decision to raise interest rates by a quarter of a percentage point from 0.5% to 0.75% which is the highest level since March 2009

According to the BBC this move will increase the interest costs of more than three-and-a-half million residential mortgages that are on either variable or tracker rates.

This is however great news for savers who could see a lift in their interest rates over the next coming months, however after the last rate rise in November, half of savings accounts saw no movement at all.

On Wednesday we spoke about the possibility of an interest rate rise, the bank’s Monetary Policy Committee had been expected to raise the interest rates in May, they did not due to the economy going through a weak patch at the start of the year, partly because of the harsh weather conditions we experienced.

The Bank is now confident that the dip was temporary, and that economic growth will recover from 0.2% that was seen in the first quarter to 0.4% that we have seen in the second quarter, they believe this pace will be maintained.

Governor of The Bank of England, Mark Carney had advised that there will be further interest rate rises but they will be limited and gradual.

For Further information, the full article can be found at; https://www.bbc.co.uk/news/business-45043776

If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth

 

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UK mortgage applications hit five month high

Approvals for house purchases have hit a five-month high in June as the Uk housing market starts to recover from a weak start to the year according to figures by the bank of England on Monday.

In June 65,519 Mortgages were approved which is the highest level since January 2018 and up from 64,684 in May.

These figures are one of the last economic indicators published before the Bank of England’s monetary policy committee (MPC) meets on Thursday. The MPC is expected to raise interest rates by 0.25 percentage points at the meeting.

The recovery in mortgage lending during 2018 have previously been driven by remortgaging rather than house purchase prices, but in June we saw that change with the approval for remortgages falling from 51,669 to 47,895.

Looking at these two figures together the amount of mortgage approvals in June fell slightly from 129,753 to 128,118 even though house purchase approvals rose, this is down to the fact that remortgages went down slightly.

Looking at other lending. Consumer credit growth continued at the same rate as the previous month. The amount borrowed on credit cards rose by £600m and other loans increased by £1bn this means that lending has increased by 8.8% in the last year.

Members of the MPC have pointed to the consumers readiness to borrow as a justification for an increase to interest rates.

Thursday should bring further information.

For further information in relation to this article: https://www.ft.com/content/eb430a46-93d5-11e8-b747-fb1e803ee64e

“Your home may be repossessed if you do not keep up repayments on your mortgage.”

If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth

 

 

 

 

 

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A third of millennials face renting for their entire life

A recent report by the resolution foundation who aim to improve the standard of living for low and middle-income families said that 40% of millennials (born between 1980 and 1996) were living in rented accommodation by the age of 30. Which is twice as many as those born between 1965 and 1980.

The government has advised it is already putting policies in place to improve the housing market.

In order to help millennials, The Labour Party has already proposed a cap on rent increases, along with three-year tenancies and a licensing scheme for landlords.

The foundations report said that ‘generation rent’ needed much more help and it called for more affordable homes for first time buyers to be built. As well as better protection for those that rent. The report also stated that although renting is a reasonable choice for people who have few ties, the private rented sector is far less fit for purpose for those with children because of lack of security.

The amount of families privately renting has gone up by 600,000 compared to 15 years ago. Today, 1.8 million families with children are reported to rent privately.

You can read more about the findings from the resolution foundation here; https://www.resolutionfoundation.org/

If you would like to see if you can get on the property ladder call and speak to one of our advisers who can go through this with you, even if you cannot borrow at the moment they can send you away with a plan to make this more doable in the future.

“Your home may be repossessed if you do not keep up repayments on your mortgage.”

If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth

 

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New ‘Professionals only’ deal sees individuals borrowing up to 5.5 times their salary

This week we saw Clydesdale bank launched their new offering which now allows professionals to borrow up to 5.5 times their salary instead of the 4 times salary that most lenders offer.

There is however strict criteria in place for you to be able to apply for one of these mortgages. To start with you need to be earing at least £40,000 a year, and your job needs to be on the list that the bank has put together. An example of these jobs being. Accountants, architects, chartered surveyors, dentists, doctors, pilots and solicitors. However, in return people that fit in this criteria will only need to put down a 5% deposit. The interest rates start at 2.14% for 2, 3 and 5 year fixed rate deals.

In current years we have seen lenders loosening their belts on lending criteria however none have gone as far as Clydesdale, is this a sign of things to come, and will other lenders on the high street follow suit?

If you would like to discuss borrowing through us we can put you with the right lender for you with the deal that best suits your needs.

“Your home may be repossessed if you do not keep up repayments on your mortgage.”

If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth

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