In the news…
RENTAL PAYMENT HISTORY SHOULD BE CONSIDERED
Millions of tenants could see their credit score boosted following moves by credit agents Experian to include their rental payment information on their credit report. As lenders access this information, it could make it easier for those who pay their rent on time to be considered for a mortgage.
40% CAN’T AFFORD A HOME WITH A 10% DEPOSIT
Around four in 10 young adults can’t buy one of the cheapest homes in their area even with a 10% deposit, according to research1. The Institute for Fiscal Studies said house prices in England have risen by 173% over two decades, whilst the average pay for 25 to 34-year-olds has grown by just 19% over the same period (both percentages inflation-adjusted).
REGIONAL HOUSE PRICE GROWTH IN SCOTLAND, WALES AND THE MIDLANDS HELPS PROP UP THE HOUSING MARKET
Experts attribute regional house price increases to the large number of new builds in these areas, the prices of which have risen faster than secondhand homes. Prices grew fastest in the West Midlands (6.1%), East Midlands (6%), Scotland (5.8%) and Wales (5.8%) in the 12 months to September 20182.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
1Institute for Fiscal Studies, Oct 2018
2HM Land Registry, Nov 2018