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Mortgage costs to force down prices

Advisers predict house prices will fall following research which shows that first-time buyers and homemovers are paying the highest mortgage costs in 15 years.

The Council of Mortgage Lenders says interest payments are now 18.7 per cent of first-time buyers’ income compared with 18.3 per cent in March. Homemovers are paying 16.3 per cent, up from 16.1 per cent.

Highclere Financial Services partner Alan Lakey says first-time buyers are struggling and moving to cheaper areas. He says: “They have worked out they might as well buy a bit further north and save money. In doing so, they are pushing up prices locally which means local people are going even further north.

“Eventually, it has to stop because you cannot keep going north or west. Maybe we will get the correction we keep thinking is round the corner. I do not think there is any doubt it is going to happen, the only doubt is when it is going to happen.”


LibDems accuse Government of personal account “sell out”

The LibDems have attacked the Government’s decision to cut the personal account contribution cap to £3,600 accusing it of “selling out” to the industry.Despite the general support that has greeted the Government’s change of heart, LibDem Shadow Work and Pensions Secretary David laws says the move risks putting the interests of providers before savers.Laws says: […]

Protection moving online

The vast majority of protection policies are now written online, according to Royal Liver.Research by the firm among 567 advisers shows 90 per cent prefer internet-based applications. IFA market manager Andy Milburn says online facilities make sense for advisers writing protection alongside mortgages, as most mortgage business is conducted on the web.He says: “Providers offering […]

Adviser jailed for conning elderly clients

An IFA has been jailed for 18 months after a court heard he tricked elderly women out of more than £60,000.Eastbourne adviser John Meredith admitted obtaining money transfers by deception when he appeared before Lewes Crown Court.Judge Anthony Scott-Gall told Meredith that what he had done was “despicable”.The court that Meredith told elderly clients, including […]


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