2017
Mortgage Strategy recently released its top 10 stories of the week from the 13th to the 17th of March 2017. Here are the highlights:
1. Mortgage lenders are increasingly looking to technology to improve customer experience. This week, the Bank of England announced that it was launching a new initiative to encourage lenders to use technology to make the mortgage process easier for customers.
2. The Financial Conduct Authority (FCA) has issued a warning to mortgage lenders about the risks associated with offering mortgages to customers who are self-employed or have complex income streams.
3. The government has announced a new scheme that will help first-time buyers get onto the property ladder. The scheme will provide a 20% deposit on a property and will be available to those who meet certain criteria.
4. The Bank of England has announced that it is keeping interest rates at their current level of 0.25%. This is good news for those with mortgages as it means that their monthly payments will remain low.
5. The Council of Mortgage Lenders (CML) has released figures showing that the number of mortgages approved in February was up by 10% compared to the same month last year.
6. The Financial Ombudsman Service (FOS) has released figures showing that complaints about mortgages have increased by 8% in the last year.
7. The government has announced plans to introduce a new ‘Help to Buy ISA’, which will help first-time buyers save for a deposit on a property.
8. The Bank of England has warned that a rise in interest rates could put pressure on households with mortgages, as their monthly payments could increase significantly.
9. The government has announced plans to introduce a new ‘Help to Rent’ scheme, which will help tenants save for a deposit on a rental property.
10. The Financial Conduct Authority (FCA) has warned mortgage lenders about the risks associated with offering mortgages to customers who are self-employed or have complex income streams.
These stories show that the mortgage market is changing rapidly and that lenders need to be aware of the risks associated with offering mortgages to customers with complex income streams. It also shows that the government is taking steps to help first-time buyers get onto the property ladder, as well as helping tenants save for a deposit on a rental property. All of these stories demonstrate the importance of staying up-to-date with the latest developments in the mortgage market in order to make informed decisions when it comes to taking out a mortgage.