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Your Move Property Blog

Thoughts, Opinions & Analysis of the UK Property Market

Your Move's Guide to MMR

June 6, 2014 13:34 by YOUR MOVE

 

With new mortgage lending rules having come into effect on 26 April, Your Move is keen to allay the inevitable fears about what it might mean to those looking to find a mortgage and remortgage and highlight the benefits that it should bring.

What are the new rules?


The new rules apply to mortgage lenders and have come into effect following a Mortgage Market Review (MMR) led by the Financial Conduct Authority. The overall aim is to make sure that any mortgage loan given by a lender can be paid off - without difficulty - by the borrower and avoid any heartache in the longer term.

What does that mean to someone applying for a mortgage?


The rules mean that any potential borrower will simply have to provide more information to the lender about their personal finances and monthly expenditures. This will include details about their employment income - as well as any other source of income - plus what they may have to spend each month on things like food, heating, water bills, mobile phones, insurance, credit card payments etc – as would normally be requested when applying for a mortgage.

The new rules, however, will also require details about spending patterns for example on personal items like clothes, holidays and other leisure activities. There will be also be a big focus on any outstanding debts like personal loans and child maintenance. If the mortgage term extends in to a borrower’s retirement, the lender will also want to know the anticipated pension income.

Overall it could mean your initial appointment with a mortgage adviser could take more time as you’ll have more information to provide and discuss.

Is there any way you can prepare for your initial mortgage appointment?

Yes. Before attending your appointment simply gather together evidence of your personal income and expenditures like payslips, bank statements, and tax returns and audited accounts if you are self-employed.

Think too about what you spend your money on each month – whether it’s a regular gym membership, a weekly visit to the cinema, a regular manicure or even a hobby - you’ll need to give some indication of where your money ‘goes’ each month.  

If you have plans for the future make sure that you can also provide any business or personal details which might give the lender a better idea about how this might affect your ability to pay for your mortgage in the longer term. You may, for example, be asked about the security of your existing job and if you have any intention of changing career or employment in the foreseeable future.

 Are there any benefits to the borrower following the introduction of the new rules?

 There should be - after all they are geared to ensure that a borrower is not committing themselves to a mortgage loan that they will be unable to pay back and which could ultimately lead to repossession of a property – something no-one wants.

The added advantage is that lenders will also be able to decide if the borrower will be able to pay the monthly repayments if interest rates increase over the term of the loan. If, from an initial appointment with a mortgage advisor, it is decided this might be the case, it could be suggested that another kind of mortgage or a longer mortgage term is considered.

 

How can Your Move help?

Your Move can research a comprehensive panel of mortgage lenders to look for a suitable mortgage deal for borrowers without them having to visit the individual lenders themselves’.

At Your Move we’ve made sure that all our advisors are trained to ensure they comply with the new rules and that when a potential borrower comes to them to find a mortgage they can make that first appointment really count. After all, it’s not just about finding a suitable product but about getting the much needed advice too.

 By investing a little more time and care at the outset, it should ensure that the right mortgage product is chosen and ultimately avoid the need for the lender to have to come back for information later on and slow down the whole process. The added advantage is that Your Move can research a comprehensive panel of mortgage lenders to look for a suitable mortgage deal for borrowers without them having to visit the individual lenders themselves.

Ultimately it’s about ‘putting the effort in’ from the outset to bring greater security in the longer term – surely a benefit to all.

 If you’d like to find out how Your Move can help you simply take a look at the mortgage section of our website at http://www.your-move.co.uk/mortgages/ or contact 0800 056 4508(*)

(*)Calls may be recorded and/or monitored for training and data protection purposes.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

We will charge a fee between £349 and £699 on application.  The amount we will charge is dependent on the amount of research and administration that is required. 

REF: 14644




May 2014 First Time Buyer Barometer

May 30, 2014 09:32 by YOUR MOVE

First-time buyers climb 8% in April, despite 

- 47% annual rise in first-time buyers, boosted by Help to Buy
- Average first-time buyer deposit falls 7.5% in last year – over £2,000
- The majority of first-time buyers believe MMR to be a positive step for the market

Overview
The number of first-time buyers grew 8% in the month to April and 47% year-on-year, despite the introduction of MMR, according to the latest First Time Buyer Opinion Barometer from Your Move. 

There were 26,300 first-time buyer transactions in April 2014, up 8% from 24,400 in March 2014.

Compared to last year, the number of first-time buyers was 47% higher in April 2014, with the revival in new buyers aided by the Help to Buy Scheme, which has facilitated more high loan-to-value lending. First-time buyer deposits fell 7.5% year-on-year to £24,618 in April. It was equivalent to a drop of over £2,000 from £26,623 in April 2013.

1 in 10 first time buyers (11%) say the financial assistance of Government schemes such as Help to Buy enabled them to get their foot on the property ladder. 

First-time buyer purchase prices rose 10% over the year to April 2014, reaching an average of £149,655. The average first-time buyer mortgage size has outpaced that growth (+15% year-on-year), enabled by greater high loan-to-value lending. In April, first-time buyers took out a mortgage worth £125,037 on average

Comment
David Newnes, Director of estate agents Your Move, part of LSL Property Services group, said: “The tightening of mortgage criteria hasn’t dampened the appetite for first-time-buyer property. Many more new buyers are making the jump onto the property ladder, while deposit requirements – and mortgage rates – remain relatively low. Many buyers are locking into fix-rate deals that promise low repayments for the next few years, offers that may not be around much longer.

“With real wage growth around the corner, and expectation that prices will continue to rise, getting on the property ladder is not only becoming more realistic, but more of a priority. The prospect of the end of Help to Buy may add further fuel to the momentum in the market.”

Read the full Barometer




A Guide to Living in Herne Bay

May 27, 2014 13:12 by YOUR MOVE

 A guide to living in herne bay by Your Move, Herne Bay

  © Copyright Oast House Archive and licensed for reuse under Creative Commons Licence

  

If you are looking to move to a beautiful and historical seaside resort on the Thames Estuary in Kent, then Herne Bay is a good place to start.

Here is our guide to Herne Bay and all the things it offers.

Location, Location, Location

Sitting on the beautiful Thames Estuary, Herne Bay has two miles of splendid seafront, and great beaches.

Herne Bay is situated in an excellent location for easy access to transport links including the Thanet Way and the M2 Motorway, as well as mail line rail links to London.

The historical and beautiful city of Canterbury is on Herne Bay’s door step, as it lies only seven miles north of the town and is surrounded by historic castles, cathedrals and old towns making it a popular holiday destination

A history of Herne Bay

Herne Bay has a long and rich history dating back to the Romans in 43AD, but it was first recognised as a town in 1100AD.

The town has evolved from a coastal/fishing village to a fashionable holiday destination for the Victorians and now a modern day vibrant town on the east coast.

Herne Bay today

This beautiful seaside town epitomises the quintessential British beach resort, with colourful beach huts, quaint coffee shops and ice cream parlours.

Much of Herne Bay’s rich history can still be seen today - there is the famous Ship Inn – the towns oldest building, which dates back to the 18th Century, when it was built to serve the local shipping and farming communities. There are the stunning Victorian bay-fronted houses that still line the promenade, the Victorian Pier, and the main landmark, the free-standing Gothic clock tower on the seafront which dates back to when the resort was developed in 1837.

The town itself is made for idle window shopping with wide pedestrianized streets lined with antique and gift shops. There is a market is every Saturday, which is a great to pick up a bargain or two!

Herne Bay has some excellent wine bars and restaurants which pride themselves on serving crab, fish and winkles provided fresh from the Whitstable fish market.

There are also some excellent cliff top walks and the Maritime Heritage Trail links local interest sites, including the ancient sandstone cliffs of nearby Reculver - the imposing 12th century Reculver towers and roman fort provide an imposing backdrop and the beaches here provide a haven for those looking for a peaceful hideaway.

However, if you are after thrills and spills there are some great water sports available including rowing, yachting and jet skiing.

A Wonderful Place to Live

Herne Bay is popular both with families due to the infant, junior and high schools in the town. There are also four universities in neighbouring areas.

Furthermore, if you are looking to retire then Herne Bay is popular retirement destination as it offers a great selection of bungalows within walking distance of most local amenities.

With the town being  a seaside resort, there are many festivals held throughout the year, these include  The Herne Bay Carnival,  A Classic Motor Show, A Race for Life, The Downtown Abbey Ball, Herne Bay Festival (this is a week long event), Herne Bay Summer Showcase, Man of Kent Dinghy Sailing Event and many more.

Property

Herne Bay has undergone a vast regeneration and now boasts attractive family sized properties on well-designed modern estates, that blend-in well with the period properties in the town. 

Property prices are on the increase in Herne Bay with sales going from strength to strength and we have seen properties sell closer and closer to their asking prices and in some instances we have sold properties over the asking price !  Since the regeneration buyers are now putting Herne Bay top of their list as a location where prices still represent good value for money compared to nearby Whitstable and Canterbury.

by Theresa Andrew - Assistant Branch Manager, Your Move, Herne Bay

 




New Head of Acquisitions announced to support Your Move's growth

May 23, 2014 14:23 by Your Move Press Office

A new Head of Acquisitions is appointed to support growth of Your Move

As part of our aim to grow our business, we are delighted to announce the appointment of Ellie Hall to the newly created role of Head of Acquisitions.

Ellie comes to us from Belvoir Lettings where she worked as Corporate Division Director and has been appointed to build on our existing success in growing the business through successful acquisition of businesses across the property sector including lettings portfolios and individual and multi branch independent estate agents. Ellie will, in particular, be actively seeking successful estate agency and lettings businesses to expand Your Move and also to increase its portfolio of brands. She will be looking at a broad range of possible acquisitions, small, medium and large, and in locations all over the UK.

 Elle commented:

I'm absolutely delighted to take on this new role and join such an inspiring management team especially in view of their impressive development and reputation within the industry.  I see this as the perfect opportunity to not only draw on my vast experience of acquisitions but to apply it to a business that is clearly committed to its ongoing growth and success. I very much look forward to being part of this.

Jon Cooke – MD of Your Move added:

“We are pleased to welcome Ellie to this new role and feel that this clearly reflects our commitment to growth not only in support of our business but also of those within the industry who are looking for alternative business solutions.

“Following previous successful acquisitions we are clearly seen to present strong and viable business opportunities for many.  I am now pleased that we have a dedicated Head of Acquisitions in place to secure our strategy for the future and ensure ongoing success in our acquisition trail.”

 If you would like to find out more about Your Move acquisition strategy and the opportunities it may present to you, simply contact ellie.hall@lslps.co.uk

Ellie Hall, Head of Acquisitions




April 2014 Buy-to-Let Index

May 16, 2014 11:37 by YOUR MOVE

 

RENT RISES DROP TO LESS THAN HALF INFLATION

• Annual rent rises fall to just 0.6%, less than half the latest rate of CPI inflation (1.6%)
• Rent rises total 12.9% since January 2010, but less than cumulative inflation of 14.5%
• Tenant finances improve in April, as late rent drops by £18 million since March

Rent rises across England and Wales have slowed to less than half the current rate of inflation, according to the latest Buy-to-Let Index from LSL Property Services plc, which owns the UK’s largest lettings agent network, including national chain Your Move.

Rents by region

Rents in six out of ten regions are higher than a year ago. The fastest annual increase is in the South West with rents up 4.3% since April 2013. This is followed by a 3.2% annual rise for the East Midlands and a 2.4% increase in the North West compared to twelve months ago.
 
London, Wales and the South East have all also seen rents rise, though more slowly. Rents are up by just 0.6% in all these regions since April 2013.
 
Out of the four regions where rents are now lower than twelve months ago, the North East has seen the greatest fall – down by 3.0%. This is followed by a 2.8% annual drop in the East of England, a 2.0% fall in the West Midlands. Rents in Yorkshire and the Humber are 0.7% lower than twelve months ago.
 
On a monthly basis four out of ten regions have seen rents fall. Between March and April the South West has seen rents drop 0.7%. This was followed by a 0.4% dip in London rents, while rents in both the North East and East of England have fallen by 0.1% since March this year.
 
By contrast Wales has seen the fastest monthly rent rise of 1.1%, followed by a 0.9% monthly increase in both Yorkshire & the Humber and in the West Midlands.
 



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YOUR MOVE is a multi-award winning estate and letting agent with branches across England and Scotland

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