There are two basic formulas commonly used to determine how much of a mortgage you can reasonably afford. These formulas are called qualifying ratios because they estimate the amount of money you should spend on mortgage payments in relation to your income and other expenses. (more…)
Investment Mortgage - More commonly known as a buy-to-let mortgage, this type of deal involves getting a mortgage on a property which you intend to rent out to someone else. Instead of being calculated according to your income, an investment mortgage is calculated based on the projected income from your investment, for example a house being rented out as student accommodation. A BTL mortgage deposit is typically 10%, and is available is a repayment or interest-only option. (more…)
A greater number of people applied for a mortgage loan to purchase or refinance a home last week than the one that preceded it, continuing a recent wave of positive economic reports regarding housing.
One of the ways we earn our keep around here is by reading things like the “Beige Book,” so you don’t have to. Here’s a summary of the none too pretty picture painted in our very own 9th Federal Reserve District: Summary: “Ninth District economic activity was stagnant since the last report. Decreased activity was noted in consumer spending and services, while residential construction and real estate remained slow.” —- Consumer Spending: “Consumer spending decreased slightly in some areas.” —- Residential Real Estate: Residential real estate remained slow. Second-quarter home sales in centr (more…)
