Property news roundup: New mortgages for contract workers launched

Plus Help to Buy problems, beach huts, and 'payday' loans

Specialist lender Kensington is launching a range of mortgages aimed at the growing number of contract workers in England and Wales. They will be available to anybody who has been contracting for at least 12 months. "There are nearly a quarter of a million more contract workers in the UK today than there were in 2005," said Alex Hammond, head of marketing communications at Kensington. "Yet many of these could struggle to secure a mortgage as their income does not fit a standard model."

More than one in three people looking for a mortgage know nothing about Help to Buy 95% mortgages

Around 38 per cent of people searching for a mortgage are still in the dark about the government's Help to Buy 95% mortgage scheme, according to new figures from the Mortgage Advice Bureau - and 42 per cent have no knowledge of the Help to Buy equity loans launched in April 2013.

One in four have not asked about Help to Buy because they don't know what it is, and nearly one in five wrongly believe that Help to Buy is only for first-time buyers.

"Lenders are steadily warming to the Help to Buy mortgage guarantee scheme," said Brian Murphy, head of lending at Mortgage Advice Bureau, "with both high street brands and ‘challenger’ banks announcing their participation over the past few months. More choice is undoubtedly a positive for anyone looking to buy property. But while consumer demand for mortgages is high and plenty are keen for financial assistance, many are in danger of missing out and are being let down by a lack of knowledge of the available options."

Thousands are using payday loans to hide rent and mortgage problems

Research by Shelter suggests that nearly one in five people who rent or have a mortgage has borrowed money to cover their housing costs with two per cent saying that they have taken out a ‘payday’ loan to do so.

Beach hut-hunters crash web site

Borough of Poole opened its beach hut waiting list for the first time in seven years this week and the rush to rent one was so great that the council's web site briefly crashed. Around 80 more huts are planned to be built by 2015.