Day: May 16, 2025

One in four people in the UK have low financial resilience, according to a new survey from the Financial Conduct Authority. This means they either miss payments, struggle to keep up with financial commitments, or don’t have savings to help them through difficulties. Some 21% of those surveyed have less than £1,000 to draw on in an emergency. The FCA also reveals that 1.6 million adults (3%) had received support from mortgage or credit lenders to assist with repayments in the previous two years – this was 6 million previously. In light of these numbers, the regulator is urging consumers to reach out to their lender if they’re struggling with their payments since lenders have a range of options available to help people under pressure with repayments. As part of its new strategy, the FCA is working to improve people’s access to help, guidance and advice so that everyone can access the support they need, at a cost they can afford, to make informed decisions for their financial future. The FCA pointed out from the data that when consumers sought support it made financial pressures more manageable. Commenting, FCA executive director of consumers and competition Sarah Pritchard said: , “Our data shows that finances are stretched for many – with some unable to save for a rainy day. And we know that some do not have the confidence to invest. But there are improvements – more people with current accounts and less digital exclusion. Our strategy will build on this to help people better navigate their financial lives.” The post One in four have low financial resilience, FCA survey reveals appeared first on Mortgage Strategy.

The number of people enquiring from the United States about homes for sale in the UK is at an eight-year high, Rightmove reveals. The property website’s research shows the number of enquiries from the US about homes for sale in the UK since the start of the year is 19% higher than the start of last year, and the largest since 2017. This includes people both enquiring about relocating to the UK from the US or purchasing a second home or buy-to-let (BTL) property in the UK. Just under half (47%) of people are looking at homes with smaller homes with up to two bedrooms, which suggests investment activity or a second home apartment, rather than a permanent relocation. However, 32% are looking at more mass-market, typical family homes of three to four bedrooms. Rightmove says this trend emerges as uncertainty grows around President Trump’s economic policies, most notably what he may do long-term around international trade tariffs. For these potential US buyers, Scotland has replaced London as the most popular region to enquire about. Over the last 10 years, London has typically seen the biggest proportion of US enquiries, but at the start of this year it has switched to Scotland, potentially due to its lower price point. Of US enquiries, 28% are about homes for sale in Scotland, compared to 26% for London. Research found that Edinburgh has emerged as the most popular destination to enquire about, replacing Westminster which is now in second place, while Glasgow has risen to fourth place, overtaking Kensington and Chelsea. Rightmove property expert Colleen Babcock says: “President Trump’s tariff announcements have led to more economic uncertainty globally, and we’re starting to see some of the effects of this on the UK property market.” “Whether it’s because the UK is seen as a more stable investment opportunity, or whether some buyers are considering a permanent move across the Atlantic, we’re seeing an increase in enquiries from the US.” “While a really interesting trend, it’s important to note that only a very small percentage of all UK enquiries come from the US.” The post US enquiries on UK home sales hit 8-year high: Rightmove appeared first on Mortgage Strategy.

ModaMortgages is now accepting day one remortgages for bridge exit applications across its core and limited edition buy-to-let product ranges. The specialist lender is also now accepting applications for capital raising where the applicant has sufficient equity in an existing property. Landlords can borrow between £25,000 and £2m, with LTVs of up to 80% available.  Earlier this month, ModaMortgages increased the maximum LTV it offers to 80% and added £0 and 3% product fee options to its limited edition range. The announcement comes hot on the heels of the lender boosting its maximum LTV to 80% LTV, as well as adding £0 and 3% product fee options to its limited edition range. Products are available to individual landlords, limited companies, those with small or large portfolios, first-time buyers and first-time landlords.  ModaMortgages group sales director Darrell Walker says: “This could be perfect for landlords who purchased a property via a bridging loan for the purpose of letting it out and have enhanced or improved it which has increased it value and are now looking to exit onto a longer-term buy to let mortgage. It could also be ideal for those who need to raise capital quickly for other purposes, such as purchasing another investment property.” The post ModaMortgages intros day one remortgages for bridge exits appeared first on Mortgage Strategy.

April Mortgages has launched a long-term 100% loan-to-value home loan.   The lender’s No Deposit Mortgage is available at up to 4.49 times income on 10- and 15-year fixed terms.  It comes with no early repayment charges for moving and redeeming or redeeming from the borrower’s own funds.  The product includes uncapped overpayments and an automatic rate reduction as the customer builds equity in the home.  The firm says the loan is, “targeted at buyers with reliable incomes and good credit histories but no access to the widely used ‘Bank of Mum and Dad’”.  April Mortgages director of product James Pagan adds: “Saving for a deposit remains one of the biggest barriers to home ownership, even for those with strong incomes and a solid credit profile. We believe the answer lies not in loosening standards, but in designing products that better reflect the realities of today’s housing market.  “Our new No Deposit Mortgage brings together full credit, and affordability checks with the longer-term certainty of a 10 or 15-year fixed rate.  “It’s a responsible option for borrowers with strong financial track records who are excluded by traditional deposit requirements.  April Mortgages director of mortgage distribution Rachael Hunnisett points out: “The housing market has shifted dramatically. Wage growth struggles to compete with rising house prices, owning a home has become harder to achieve — even for those with steady incomes.   “But having a place to call your own still brings security, stability, and the freedom to build a life — and that shouldn’t feel out of reach.”  The post April Mortgages launches long-term 100% LTV home loan   appeared first on Mortgage Strategy.