The number of people who are currently renting a property in the UK is continuing to increase, as many individuals are unable to access finance through a home owner loan or mortgage in order to get themselves onto the housing market, according to new research from Rightmove.
According to Rightmove, more than half of people who are currently renting a house have been forced to abandon their dreams of owning their own home, due to their inability to be able to get a suitable loan deal, or save up a large enough deposit to meet lenders loan to value criteria.
The figures also show that more than a quarter of these individuals are over the age of 40, which means that if and when they do eventually get a loan, it will have to be for a much shorter term than a normal home owner loan, or they will be forced to carry their loan debt on into retirement.
Taking a home owner loan over a shorter term will significantly increase the monthly loan repayments, pushing this beyond reasonable affordability levels for many would be borrowers, whilst the majority of banks and building societies will not allow a loan term to go beyond retirement age without adequate proof of available income in retirement.
This means that many people are now renting for much longer and therefore creating a lack of rental properties on the market, thereby pushing up rental demand and the rent payable making it harder for those new tenants entering the market.
Miles Shipside of Rightmove said “The momentum of the runaway rental train shows no signs of slowing. N
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You may know how much you will borrow in student loans, but you may not know the total repayment value. How can you calculate the true cost of your degree?
The UKs higher education system is about to see a big change in its fee structure. From September 2012 universities can charge up to £9,000 a year for tuition. As well as borrowing to cover fees, most students will also take out maintenance loans. If you work out what you will need annually and multiply this by the years youll spend at college, youll know how much youll borrow, but this sum will be less than youll repay.
What are the key points you need to know about loans and repayment and where can you get an idea of how much youll really pay back after you graduate?
Students are allowed to take out a certain amount in loans each year to cover both fees and maintenance costs.
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It is important for a business or a company to have a financial plan as it would help them in managing their finances and in allocating funds for some of the best and most lucrative projects, which would, in turn, allow them to earn as much profit as possible. If you are still in the process of deciding whether or not a financial planner could benefit your company, read on.
Financial planning can help your business in managing your resources more efficiently. If you are able to properly manage your resources, you would be able make sure that your business operations would always be running smoothly and that your company would be financially stable to withstand any challenges along the way.
Having a business financial planner would also help you in creating, understanding and analyzing important financial reports and documents. This, in turn, can help you in assessing the growth and condition of your business, allowing you to have an idea of the factors that you need to consider and come up with strategies and projects that you can use to maximize your profits even more. Read more…
It is hard enough these days for someone to be accepted for a new home owner loan, even if they have a perfect credit history and a large deposit to help fund the loan, but in recent years it has been almost impossible for someone with an adverse credit history to find a suitable bad credit loan.
Precise Mortgages has just launched a new range of how owner loan products which are aimed at those borrowers who do not quite meet the lending criteria requirements of the main stream lenders, who are only interested in the perfect borrow for a loan.
The new range of loan products is only available through a financial intermediary, or loan broker and are classed as near prime loan products, for those borrows who have a slight blemish on their credit history, or perhaps elf employed borrowers who only have two years accounts, where a mainstream lender would require three years before offering a loan.
Although the initial fees and interest rates on these loans may be higher than a typical mainstream lender, they offer the chance for someone who has been rejected for a loan elsewhere, to get the home owner loan they require.
The loan products are available up to a maximum of 80 per cent loan to value and also on an interest only basis as well as repayment.
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— Alexander Marian @ 5:26 pm — 
October 26, 2011