Despite the fact that having a will in place is commonly accepted as the most effective way to leave details about your inheritance, the number of people who don’t have one is remarkably high. Charity will-writing scheme, Will Aid, has found that 53% of people in the UK don’t have a will in place. The … Continued
Responding to the HM Treasury consultation on the 3% surcharge on Stamp Duty Land Tax (SDLT) proposals for second properties, the Council of Mortgage Lenders (CML) urges reform of the implementation plans to mitigate potentially negative impacts on the housing market as a whole.
The Council of Mortgage Lenders’ (CML) latest figures for mortgage lending (May 2015) show that whilst lending levels recovered in May compared to April, they were down compared to a year ago. First-time buyers saw a decline in lending volumes, 13% down, compared to last year, but up slightly (3%) on the previous month, with total May loans estimated to be around £3.4 billion.
The Council of Mortgage Lenders’ (CML) members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.
Responding to the 2nd October 2014 message to consumers from the Money Advice Service (MAS) to plan ahead for future rises in interest rates, the Council of Mortgage Lenders suggests some practical steps that consumers can take now to help prepare for future rises in interest rates.
As of 26 April 2014, lenders will be required to advance mortgages to their customers under new rules coming into effect as a result of the Mortgage Market Review (MMR). The rules, which introduce at least five key changes for borrowers, are being introduced to reinforce consumer protection. They will be overseen by the industry regulator, the Financial Conduct Authority (FCA), and apply across the whole industry.
Under new changes to the mortgage market, lenders will have to ask you, as the borrower, detailed questions about your spending. They will take into account any expenditure to which you are already committed and will need to know about credit card and loan repayments, hire purchase agreements and child maintenance or alimony payments. You will be asked to provide evidence to help the lender make a realistic assessment of your commitments.