Thursday 25 April 2013

20% of borrowers focus less than a week researching their next mortgage

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Results from research indicate that one in five UK homeowners about twenty per cent spend a week or less looking into mortgage products before they make a decision to buy.

Almost half of borrowers forty nine per cent spend a month or less on research. This is despite the fact that a mortgage is likely to be the largest financial commitment many people make in their lives.


The research was carried out in connection with the launch of the new Mortgage Service from a major UK mortgage provider.

AFVE wants to help borrowers better understand the options available to them when finding their next mortgage, and to ultimately save them time, money and hassle when making decisions on mortgage products.

Mortgage advisers work to remove the stress associated with researching and applying for a mortgage, and ensure that borrowers receive all the information and advice they need to help them make informed decisions. With the number of products currently available, the importance of getting independent mortgage advice cannot be underestimated. This is especially true given the current market conditions of reduced lending and more stringent criteria. Although strict lending criteria makes it more difficult for many borrowers to get a mortgage, it is important that buyers find a product which best suits their specific circumstance and don’t settle for second best.

The results of the survey highlight a bemusing approach to how people select their next mortgage. A mortgage is likely to be the largest financial commitment many will make and yet one in five buyers are happy to spend less than a week considering it. The mortgage market can be extremely complicated, and a ‘one size fits all’ approach won’t be suitable for everyone. Providing access to a national advice service will allow borrowers to experience a better way of finding their next mortgage, and ensure their individual needs are properly met.

To make sure your needs are met why not call our team now on 0300 11 11 239, let us do the hard work for you.

Wednesday 17 April 2013

CML announce: Lending to first-time buyers increased in February

First-time buyers increased

The number of first-time buyers increased by 3 per cent in February, marking the best start to a year since 2008, according to the Council of Mortgage Lenders (CML). Activity in the first-time buyer sector was 17 per cent stronger in February than in February last year, and combined with January reached the largest number of first-time buyers in the first two months of the year since 2008. Lending to home movers fell – contributing to an overall dip in house purchase lending – while remortgage lending also eased.

First-time buyers
A total of 16,400 loans were advanced to first-time buyers in February, up on 15,900 in January and 14,000 at the same time last year. By value, loans to first-time buyers totaled £2 billion, the same amount as the previous month, but 18 per cent higher than in February 2012 (1.7 billion). First-time buyers accounted for 43 per cent of all house purchase loans in February. This was the sixth consecutive month that this indicator has been at or above 40 per cent, suggesting that market conditions continue to improve for first-time buyers. Indicators of loan affordability also suggest that the market was marginally more favourable for first-time buyers in February.First-time buyers typically borrowed a smaller amount in February than in January, both in absolute terms and relative to their income. First-time buyers typically borrowed 3.19 times their income in February, down from 3.2 times in January, while the average loan-to-value ratio remained at 80 per cent. This is likely to be associated with a shift towards the purchase of less expensive properties by first-time buyers, with a small increase in the proportion of properties bought for less than £125,000.

Home movers
Lending to home movers fell in February for the third consecutive month. A total of 21,500 loans were advanced to borrowers who moved in February, down by 4 per cent compared to January and a fall of 3 per cent on February last year. By value, home movers were advanced 3.5 billion in February, a 5 per cent fall compared to January.

House purchase lending
The underlying trend for resilient house purchase lending continued in February, with lending stronger than a year earlier. A total of 37,900 loans (worth £5.5 billion) were advanced in February, up by 5 per cent on the same time last year (36,400 loans). Month on month, house purchase lending dipped in February compared to January when 38,200 loans were advanced.

Remortgage lending

Remortgage lending remained subdued in February, down compared to both the previous month and February 2012. In February, £2.6 billion was advanced to borrowers remortgaging, a 13 per cent fall compared to January (3 billion), and 28 per cent lower than February last year (£3.9 billion).

Director General of CML, Paul Smee, Commenting on the data, saying: “First-time buyers are continuing to take advantage of more favourable market conditions, helping to drive the underlying trend for resilient house purchase lending. We hope that the new initiatives announced by the government in the 2013 Budget will further stimulate first-time buyer activity but also help those ‘second steppers’ looking to move into a new or existing home.”

If you are looking for help and advice please call our Team on 0300 11 11 239, we are set up to support the Armed Forces Community.

Wednesday 3 April 2013

48 flats at Bickleys Court in Bognor Regis at 20% below open market value to members of the Armed Forces and Veterans.

SALE OF BICKLEYS COURT FLATS IN BOGNOR REGIS TO MEMBERS OF THE ARMED FORCES AND VETERANS

Armed Forces & Veterans Estates is selling 48 flats at Bickleys Court in Bognor Regis at 20% below open market value to members of the Armed Forces and Veterans.

Arun District Council voted unanimously on 13 March 2013 that the age restriction on Bickleys Court should be lifted and thus they enabled the exciting AFV Estates ‘Homes for Heroes’ initiative at Bickleys Court, to move forward.

Several of the Councillors commented that they thought this initiative perfect for Bickleys Court and Bognor Regis, as well as commenting on how pleased they were to be helping Service people. They noted the decision was in line with the Government’s Armed Forces Covenant.

Since planning was granted, 15 serving personnel have heard about the scheme and have travelled to the building; incredibly every eligible person that has visited has agreed to purchase a flat. Invariably, they all commented on how convenient Bognor Regis was to southern military bases and how they looked forward to living there.

The flats are expected to be snapped up; large studio flats start at £60,000.

The 20% discounts offered to the servicemen and women by AFV Estates reflect the purpose of the Armed Forces Covenant to give those that serve a fair deal in housing and other matters. Often servicemen and women find it difficult to gain suitable priority on publicly provided housing lists as they get posted around the world. The MOD will be bringing in policies that encourage more home ownership and some servicemen and women are able to take an advance of pay to help build up a deposit for a house. Many of the prospective buyers were taking advantage of these loans in order to purchase a flat at Bickleys Court.

Major General David Shaw, a Director of AFV Estates and now a veteran himself, said: “This is a wonderful opportunity for those in the Armed Forces, or veterans, to buy a flat at an affordable, discounted price. The MOD is encouraging people to make sure their own housing needs are covered in the long term and AF&V Estates is helping them do this.”


Thanks to AF&V Estates who have managed to secure further investment into the Homes for Heroes Initiative, these apartments are now available for £60,000.

Bickleys Court in Bognor Regis has just been given the seal of approval to provide a low cost housing solution for serving personnel & veterans, as part of Bognor Regis Council’s commitment to helping our Armed Forces get on the property ladder.

The project which is being funded by AF&V Estates as part of the Homes for Heroes Initiative on a not for profit basis, consists of 48 studio and 1 bed apartments prices from £60,000.


Forces Homes will be providing a Purchase Management Service to represent the buyers interests for an easy and hassle free purchase. Buyers will also benefit from discounted legal and purchase fees. These homes are expected to be popular, avoid disappointment and pre-register today.
  • Local Shops & Small Boutique’s – 3 minute walk
  • Sports Centre – 7 minute walk
  • Beach – 6 minute walk
  • Train Station – 5 minute drive – London Victoria direct just 1hr 50mins
If you have any mortgage or property questions, please do not hesitate to contact the team.Call us today and ask for an application pack!
0044 (0)300 11 11 239

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