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In the news this week, the latest round up

In the news this week, we look at the scale of the housing crisis, how mortgage fraud is on the rise and whether your property might be a break-in hotspot.

Housing crisis

Housing crisis affects estimated 8.4 million in England – BBC

A report by the National Housing Federation has this week estimated that 8.4 million people in England are living in an unaffordable, insecure or unsuitable home.

The report, picked up by the BBC, suggests the housing crisis was impacting all ages across every part of the country. The research estimated:

  • 3.6 million people are living in an overcrowded home
  • 2.5 million are unable to afford their rent or mortgage
  • 2.5 million are in “hidden households” they cannot afford to move out of, including house shares, adults living with their parents, or people living with an ex-partner

Click here for the full article

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equity release in the news

Equity release rates plummet below 3% as a record number of older homeowners cash in on their homes – This is Money

It’s now possible to release cash from your home using equity release and pay under 3 per cent interest after the cheapest ever lifetime mortgage rate went on offer this week.

Responsible Lending launched the market’s cheapest ever lifetime mortgage rate of 2.82 per cent, just as unprecedented levels of equity release borrowing were confirmed by the industry trade body.

According to the Equity Release Council in the news this week, some £1.85billion in housing wealth was unlocked in the first half of the year by homeowners taking equity release – a record high.

This increased demand has lead to greater product choice, with the number of different deals on offer double that of last year, said the trade body.

As such, average rates have fallen to historic lows of 4.91 per cent, with over half of all deals now offering a rate of less than 5 per cent.

Click here to read the full article

Retirement interest-only mortgages are another option to older borrowers and can be a cheaper alternative to equity release. Find out more about both options in our guide.

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how to protect your home against burglars

Is your property a break-in hotspot? – Evening Standard

Burglary is a crime many people will fear when leaving their house empty. Research by Keys 4 U revealed the methods burglars will use in order to get into your house.

“There are some surprising but common things burglars do to gain access”, Izzy Schulman, Director at Keys 4 U, explained.

“Most burglaries take place via windows or doors, but these aren’t the only points of entry to your home – especially if you live in a flat.

“Blocks of flats sometimes have loft spaces and areas above ceilings which aren’t compartmentalised to each home. Intruders may be able to access these areas and enter apartments through loft hatches.”

The expert explained burglars will rarely target a house randomly, but instead will wait for the opportunity to break in.

Find out what tricks burglars use and whether your property might be at risk by reading the full article here.

Make sure your home is covered in the event of burglary by comparing insurance quotes today from our partners as APlan Insurance.

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Three-bed house goes on sale in Yorkshire for just £1 –  The Sun

A THREE-bedroom house in South Yorkshire has gone on sale for just £1. While the bargain home costs less than a cup of coffee, you’ll have to spend a lot more to make it habitable as it was damaged by a fire last year.

The semi-detached property is spread over two floors, with the bedrooms and a bathroom on the first floor and a hallway, kitchen and living room on the ground floor. There is also off road parking and both front and rear gardens.

Located in Rotherham, there are shops and two primary schools nearby, while the freehold plot is 202 square meters big.

The property is being sold at auction at a guide price of just £1, compared to a £78,000 price tag for a similar property sold down the road a couple of years ago.

The ad on property website Rightmove says the fire-damaged house has “excellent potential for extension as well as restoration”.

Alternatively, housebuilders may be keen to snap it up only to knock it down and then build a new one again. But although the home may sound like a real bargain, the caveats are quite big…

Read the full article here.

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Mortgage fraud on the rise – The Express

Mortgage fraud has seen a five per cent increase in the first fix months of 2019, compared to the final six months of 2018, according to research in the news this week from fraud prevention service Cifas.

There has been a 16 per cent rise in those aged 31 to 40 making fraudulent mortgage applications in the first six months of 2019 versus the last six months of 2018, according to research carried out by Cifas and WPI Economics.

Mortgage application fraud can occur when either false or altered documents are provided in support of a mortgage application, Cifas said.

Fraud by production of a false document increased by 14 per cent and fraud by submitting altered documents surged by 32 per cent, the research shows.

Click here for the full article

 

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