Weekly News Round up.

Residential Mortgages

Figures released from Esurv are showing that Mortgage approvals are up in November, this is a new high since May this year and reflecst the same trend we have found at Rest Assured Mortgages.

The figures Esurv have released also show that the loan to values have risen against this time last year proving that lenders are in fact easing their Criteria to attract more new business.

Unfortunately most lenders are still trying to attract only the cream and we have evidence via our Estate agents that some banks are still saying yes to everyone, but at head office level declining cases if the clients have even the slightest hint of a blemish. Fortunatly some other Banks and lenders are really hungry for new business and now are considering clients with minor adverse information such as historic CCJ’s and or Arrears.

Buy to let Mortgages.

On the Buy to Let mortgage side signs are not as good as on the Mortgage side however this news should hopefully stimulate landlords into action.

The surveyor trade body have just published figures saying rents were pushed up over the three months to October by rising numbers of people looking to rent while the supply of new property onto the rental market dwindled.

RICS have this down to the difficulty people were having securing mortgage finance and the high deposits required by lenders.

Its member surveyors said the rental market remains buoyant, with properties being let very quickly and landlords experiencing very few voids.

The research showed houses are slightly more popular than flats with 33% more surveyors reporting a rise in demand than a fall, the fastest increase in demand since 2008.

With forecasts indicating properties will increase a little during 2011 now is a good time to either expand or start a property portfolio.

O how the other half live.

Petra is a first time buyer and has bought her first property in Chelsea for £66,500,000 according to the daily mail.

This lucky 22yr old girl has a slightly bigger budget than your average First Time Buyer as she is the daughter of F1 boss Bernie Ecclestone, Petra apparently needs 14 bedrooms, 10 bathrooms and 6 reception rooms to look after her dogs and boyfriend, lucky them!

Even this story comes with an interesting twist. The seller Sir Anthony Bamford the JCB Tycoon had to drop the price £12,500,000 (yes 12.5 Million) to agree the deal. Ooch she obviously has her dad’s business head.

For more information on Mortgages please feel free to Call 01202 577718 or complete the enquiry form and we will call you.