Wolverhampton 01902 577775Lettings 01902 577799

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Posted by: katalysis

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So the recent elections didn't provide many surprises; ‘business as usual’ it would seem. So what next, more of the same? Perhaps the promised schemes of new-start house building? We shall see. One thing is for sure though – the stricter lending criteria following the implementation of MMR in 2014 are here to stay, as too are the more recent changes to BTL lending, as the chancellor and the finance industry tightens criteria and rolls out revised tax and regulatory change. It does make you wonder just who the banks are going to be able to lend to soon? Well, one ‘new idea’ is the concept of longer mortgage terms. Halifax announced last week it was raising its upper age limit for mortgages to 80 and, hot on its heels, Nationwide has announced it would increase its upper age limit to 85, to ‘meet market demand’! – One wonders if we are actually heading towards the Japanese model of lifetime mortgages? So it seems that we Brits increasingly face a lifetime of debt if we want to buy our first home or, even, move up the housing ladder.

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