The government’s help to buy 'mortgage guarantee' scheme is being introduced early
The help to buy scheme will help buyers who don’t have a large deposit to get a mortgage. How will it work?
If you want to buy a property or trade up, but you don’t have a large enough deposit to get a mortgage, you may be helped by the government’s help to buy scheme. It’s currently offering help to people who want to buy a new build home and it will be extended to existing homes later this year. It means buyers who only have a 5% deposit could be helped to buy a home.
The FCA has fined Yorkshire and Clydesdale banks for mistakes on customers' mortgage payments
The banks will have to pay compensation to people who had a shortfall on their mortgage because of the mistake.
The regulator, the Financial Conduct Authority, the FCA has fined the Yorkshire and Clydesdale banks £8.9 million because they didn’t tell customers that they could ask for compensation over a mistake that had been made with their mortgages. The mistake meant that thousands of mortgage borrowers had underpaid on their mortgage for several years. Now the FCA says they should be compensated.
Paying off your mortgage early – how to get the best results when overpaying your mortgage
If you want to pay off your mortgage early, how should you do it and what should you think about?
When you take out a mortgage, it typically lasts for 25 years, but you can take years off the term of the mortgage by making extra payments. For example, if you overpaid by £200 a month on a £200,000 mortgage charging 5% interest, you could take over seven years off the term and you’d save over £40,000 in interest. So, how do you do it and what do you need to know?