January 4, 2023
Open Market Shared Equity Scheme
The Scottish Government is aiming to support as many low-income and first-time buyers purchase a home this year through an initiative called the Open Market Shared Equity Scheme.
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October 22, 2022
Freehold or Leasehold what do they mean?
Wherever purchasing a property in the UK it will usually be on a Leasehold or Freehold basis. It may even be a Leasehold with a share of the Freehold. What does this all mean for the purchaser? Let's find out.
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October 12, 2022
Inflation explained
There has been a lot more talk about inflation in recent weeks and months. More than usual that is for sure. When speaking with people about the economic position I find many don't really understand inflation in that much detail. No issue with that, all most want to know is how it affects them so don't spend time understanding it. I have put together this short guide to give more but not a huge amount of detail on the subject.
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October 8, 2022
Can't afford to repay interest only mortgage
For many who purchased a house with an interest-only mortgage, particularly those that did so many years ago, in fact up to 25 years ago the time may have arrived when the mortgage is due to be repaid. That is exactly what is approaching for one visitor to the site who is going to be unable to repay and have the desired outcome that was originally promised.
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August 14, 2022
Have lenders stopped using the interest stress test?
From the 1st of August 2022 lenders were able to stop stress testing mortgages. An affordability test that was introduced in 2014 to ensure borrowers could still cope with an interest rate shock. Although we are only 3 weeks on have any lenders dropped the test?
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July 9, 2022
Will removing the affordability stress test help me?
I have been getting a few questions all with the same theme around the removal of the affordability stress test. Understandably many are still confused as to what it actually means for them when it comes to applying for a mortgage and what the impact or indeed benefits are.
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