I earn £33,000 a year but I still have £55,000 on my mortgage with repayments of £675 a month. I’m about one month off from collecting my pension under the old system, but I’m going to have to work past the retirement age to pay off my mortgage. I bought my council house in south-east London for £26,000 19 years ago and five years later I only had £19,000 left to pay, but then I had to remortgage for £80,000 due to credit card debts. I also had to pay for an undergraduate course, MA and law practice, so from nearly mortgage free I ended up with a large amount to repay. I don’t regret it, as I went on to earn a good salary. I live a very frugal life, a very simple one. I go to work, attend mass on a Sunday, read a newspaper, go for a walk in the park, watch TV or an old film on DVD. My partner lives abroad and we have no children. I pay all my usual bills on time and I have no outstanding loans or credit cards. I’m in credit of about … [Read more...] about I’ll get my pension soon, but I’ll have to keep working to pay off my mortgage’
Image 1 of / 1 Caption Close Image 1 of 1 Mortgage insurance: A faster way into your first home 1 / 1 Back to Gallery (BPT) - For many Americans, the biggest hurdle in buying a home is the down payment. According to a recent report, 49% of non-homeowners stated that not having enough money for a down payment and closing costs was a major obstacle to purchasing a home. Many people also mistakenly believe lenders require a 20% down payment to qualify for mortgage financing. Data shows that by using private mortgage insurance (MI), millions of homebuyers with down payments as low as 3% or 5% have been approved for affordable and well-underwritten mortgages. In the past year alone, MI has helped more than 1.1 million borrowers purchase or refinance a mortgage. Nearly 60% were first-time homebuyers, and more than 40% had annual incomes below $75,000. How MI works In addition to the other elements of the mortgage underwriting process — … [Read more...] about Mortgage insurance: A faster way into your first home
Q My little family are looking to buy a house in London after many years of renting and scrupulous saving. The good news is that we have accumulated about £100,000 in savings, but the bad news is that the London property market is unfathomably expensive. We have a daughter under a year old, and hope to have another child in the next few years, so are looking for a two- to three-bedroom house somewhere that’s near our friends, who are mostly in zone two in south London – from Herne Hill to Brixton to New Cross, Peckham and Brockley. Unfortunately, a simple two-bedroom terraced house (in, say, Brockley or even Lewisham) is priced at more than £550,000. And despite having a relatively decent income and a large deposit, it’s still unreachable for us. My wife is a full-time mother and doesn’t have an income. I work full-time and earn £84,000 a year. I wondered if you could offer us advice on whether the government’s help to buy London scheme … [Read more...] about Should we use the London help-to-buy scheme to purchase a home?
The chancellor pledged new investment in help-to-buy and the “northern powerhouse”, but much of Philip Hammond’s speech to the Conservative conference in Manchester was dedicated to a full-scale attack on Labour and the party’s economic policies. The Conservatives are very worried about Labour Hammond’s speech was striking in how much was dedicated to attacking Jeremy Corbyn and John McDonnell – calling them “dinosaurs who had broken out of their cases”. He spent most of the first half of his speech talking about the 1970s and Britain as “the sick man of Europe”, as well as the political regimes of Cuba, Venezuela and Zimbabwe. Hammond said the party’s popularity was based on “preying on people’s worries, manipulating their fears, luring them with false promises … It’s a wicked and cynical business offering superficially simple solutions to complex challenges”. However, he said the Tories … [Read more...] about Philip Hammond’s speech: what we learned
Westpac bank has been slapped with a class action lawsuit after allegedly issuing loans to customers who could not afford to repay them.In a suit brought on by law firm Maurice Blackburn on Thursday, the bank is accused of violating its responsible lending obligations by failing to properly assess its clients' finances.The bank is the first of Australia's big four financial institutions to be sued after the Hayne Royal Commission found evidence of dishonest practices and misconduct within the industry.Michelle and Ian Tate, from Queensland, are named as the lead plaintiffs in the suit, which represents customers who may have been irresponsibly approved for a loan after 1 January 2011. Westpac Bank client Michelle Tate is the lead plaintiff in the class action lawsuit along with her husband Ian. Above she is comforted by principal lawyer Ben Slade during a press conference in Brisbane on ThursdayThe Tates claim Westpac granted them a $1.8million mortgage to finance five homes … [Read more...] about ‘We lost everything’: Couple breaks down in tears as they sue Westpac over claims the bank wrongly gave them a $1.8million loan