Five Questions On: Lloyds' mortgage cap

Is the giant bank cutting back on lending again? Not really. It's just introduced a cap of four times a borrower's salary for those applying for loans of more than £500,000.

Five Questions On: Lloyds' mortgage cap

Is the giant bank cutting back on lending again? Not really. It's just introduced a cap of four times a borrower's salary for those applying for loans of more than £500,000.

More than 215,000 households face eviction

More than 215,000 homes in England are at risk of eviction or repossession, reckons Shelter.

The proportion of people who own their own home or have a mortgage has been falling year-on-year since 2005

How do you get the best mortgage deals with interest rates set to rise?

Simon Read explains the best ways to avoid becoming a mortgage prisoner

The proportion of people who own their own home or have a mortgage has been falling year-on-year since 2005

Mortgages: What should I do if I’ve got three years or more to go on a fixed-rate mortgage?

Adrian Anderson says: “Congratulations - you've got certainty for a reasonable period of time. However, you shouldn't rest on your laurels as when you do come to remortgage in three years, chances are rates will be higher so your mortgage will cost more. Put yourself in a stronger financial position by overpaying each month if you can and reducing your outstanding mortgage.

The proportion of people who own their own home or have a mortgage has been falling year-on-year since 2005

Mortgages: What should I do if I’ve got a year or two to go on a fixed-rate mortgage?

Adrian Anderson says: “Mortgage offers generally last six months so it is too early to apply for a new deal. However, it isn't too early to take a look at your financial situation and see whether it can be improved. Consider overpaying each month to take advantage of a relatively low interest rate and improve your equity stake in the property for when you come to remortgage.

The proportion of people who own their own home or have a mortgage has been falling year-on-year since 2005

Mortgages: What should I do if I’ve got six-to-12 months to go on a fixed-rate mortgage?

Ray Boulger says: “Start getting advice on the fixed rate options when the period left on the current deal has fallen to seven months.”

The proportion of people who own their own home or have a mortgage has been falling year-on-year since 2005

Mortgages: What should I do if I’ve got three-to-six months to go in a fixed-rate mortgage?

Adrian Anderson of Anderson Harris says: “Ideally, you should already be looking around to see what sort of product you can get at the end of your fixed rate. Speak to an independent broker to see what options are available, particularly if your income has fallen or you've become self-employed since taking out the mortgage.

The proportion of people who own their own home or have a mortgage has been falling year-on-year since 2005

Mortgages: What should I do if I’m on a standard variable rate?

“Those on a typical standard variable rate (which is currently around 4.75 per cent) should already be considering a move to save money,” advises David Hollingworth of London & Country Mortgages. “However they can also take the opportunity to build in some protection against future rate rises. It’s still possible to fix for five years at just below three per cent. For example Norwich & Peterborough BS offers a five year fix at 2.98 per cent to 75 per cent LTV with a £1,295 fee.

Thousands of people facing eviction or repossession every week, says Shelter

More than 215,000 homes in England are at risk of eviction or repossession, reckons Shelter. That’s the equivalent of 4,140 households being threatened every week.

The number of people struggling to pay their mortgage could more than double to 2.3 million households if interest rates rise to three per cent

Millions face becoming ‘mortgage prisoners’ as rise in interest rates could trap to 2.3m homeowners

About 2.3 million householders could become “mortgage prisoners” who struggle to afford their repayments when interest rates rise, according to a report published today.

Would a 0% mortgage tempt you? Be careful...not everyone can benefit

Looking for help to get on the property ladder? A 0% mortgage is likely to prove popular with cash-strapped first-time buyers
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