Will the London Property Market be Hit by the Mortgage Market Review (MMR)?
May 19th, 2014
The Financial Conduct Authority (FCA) has now implemented the Mortgage Market Review (MMR). In fact, the Financial Services Authority began the process in 2009 after the subprime mortgage debacle. The idea of the review is to reform the mortgage market to ensure avoidance of a worldwide disaster like that of 2007. For many first time homebuyers it is making it more difficult for them to secure the down payment and get onto the property ladder whether it is in London or not. The good news is that many retirees, over 55s, are in London and they have significant equity in their homes. This equity can be released to help their children with the down payment they require. There are different equity releases such as interest only lifetime mortgages, impaired equity release schemes and drawdown lifetime mortgages. …read more
Why Are Sales of Hackney Equity Release Schemes Booming?
May 19th, 2014
Hackney is just one borough of Greater London that has seen a drastic change in property market values in recent years. A lot of this has to do with the Olympic effect. The Olympics brought back hope that London was in recovery or would soon recover, thus helping the rest of the UK to end the recession. Combined with the Cross Rail project nearing completion in 2018, urban life is sparkling right now. There is no longer a need to be in rural areas for affordability, when better transportation and more return on property investment can be found. Hackney has seen an increase of 44 per cent and is considered one of the fastest growing areas of Greater London right now. For over 55s living in Greater London experiencing housing price increases, equity release schemes are becoming imperative topics. …read more