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New rules to stop a resurgence in risky mortgage lending are likely to be imposed in 2013 by the Financial Services Authority (FSA).The regulator’s revised proposals still intend to bring in “common sense” standards that will stop home buyers borrowing more than they can afford. Lenders are being told they must assess the affordability of loans [...] Mortgage lenders have raised concerns about potential changes to the way support is given to those struggling to pay their mortgage.The government is reviewing the Support for Mortgage Interest Scheme, where homeowners who lose their jobs may receive financial help. It says the programme, which costs £400 million a year, is unsustainable. The Support for Mortgage Interest [...] First time buyers will no longer receive an exemption from stamp duty from March 2012 as the government says the relief is “ineffective”.Documents with Chancellor George Osborne’s Autumn Statement reveal the view that the tax relief failed to get more people on the property ladder. The temporary exemption meant first time buyers were free from the [...] UK house prices have remained “surprisingly resilient” in recent months with values rising again in November- the Nationwide has found.It said the average home rose in value by 0.4% in November to £165,798. This was a 1.6% year on year increase, according to the figures based on Nationwide’s own mortgage data. Meanwhile, the number of mortgages [...] First time buyers are “rarely seen”, estate agents warn with their share of the UK housing market having fallen to a three year low.Sales to those buying their first home fell from a 22% share of the market in September to a 16% share in October, figures suggest. The National Association of Estate Agents (NAEA) said [...] Mortgage lending in Scotland rose in the third quarter – but at a much lower rate than the UK as a whole, according to the latest data released by mortgage lenders.The Council of Mortgage Lenders (CML) Scotland said 12,400 loans were taken out, which was 900 more than in the previous quarter. That figure represented a [...] Economic uncertainty makes the future of the UK mortgage market “difficult to call”, a mortgage lenders’ group has said.Paul Smee, director general of the Council of Mortgage Lenders (CML), said the market for home loans was currently stable. The number of mortgages taken out for house purchases was 48,200 in September, down 2% from the month [...] Mortgage interest rates could start to rise again as a result of the turmoil in the eurozone brokers are warning.Some lenders, including Woolwich, Halifax and Santander, have pushed up their tracker rates for new borrowers. This increase follows a rise in the rate at which banks lend to each other – Libor – which has been [...] UK house prices rose by 1.2% in October compared with September, but have fallen over the last year according to the Halifax.The lender, part of nationalised Lloyds Banking Group, said that values had fallen by 1.8% compared with a year ago. It said that the housing market had remained “highly resilient” despite weakness and a deteriorating [...] The number of new mortgages approved for home buyers, but not yet lent, fell in September for the first time in five months.The Bank of England said approvals for home buyers were 50,967 in September, down 1,380 or 3% from August. The figures suggest that this year’s modest revival in sales has ended and that mortgage [...] Registered Office in England, 24 Charlton Drive, GL53 8ES, UK- 3506015 • Data Protection Registration Number- PZ5407728
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