West Brom BS 'unlawfully' hiked tracker mortgage rates despite no move in base rate

Landlords who took West Bromwich Building Society to court after it raised tracker rates in December 2013 have won at appeal arguing the move was unlawful. Tracker mortgages are meant to rise and fall with any movement of the Bank of England base rate, which has been glued at 0.5 per cent since March 2009.

Close up of a hand putting a bundle of cash in the back pocket of jeans.


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Rates have tumbled for homebuyers who can only put down a deposit worth 5 per cent to 10 per cent of the value of the property. This is the most that many first-time buyers can afford.

The report also claimed that property prices per square metre have risen by 432 per cent in Greater London against an average national increase of 251 per cent over the last 20 years.

When is the best time to sell your home?

Certain times of the year can prove more fruitful than others when it comes to selling your home, with one particular period preferred above most others - but when is it? Our top tips will help navigate you through this property minefield.

Lloyds bank report fly-tipping and overflowing bins create headaches for homeowners

More than half of homeowners are affected by unsightly fly-tipping and overflowing bins, it has been claimed. One in five homeowners are even considering moving home due to problems, such as vandalism, dumped rubbish, untidy gardens and buildings in disrepair, says Lloyds Bank.

A man erecting 'for sale' signs in Whitley Bay, Tyne and Wear. 

File photo dated 09/04/2008
PRESS ASSOCIATION Photo. Issue date: Tuesday November 15, 2011. House prices dipped by 0.7% in September, the sixth month in a row to show a year-on-year drop, official figures showed today. The typical UK house sold for £207,326 the Department for Communities and Local Government (CLG) said, a figure which has not been seasonally adjusted. See PA story ECONOMY House. Photo credit should read: Owen Humphreys/PA Wire

Experts have warned a Brexit vote could hit Britain's property market for at least the next two years as figures revealed a slight slowdown in annual house price growth last month.

A general view of for sale signs outside a block of flats. Confidence in the housing market has fallen to its lowest level for two years as people worry about Government spending cuts and the ongoing problems in the mortgage market, a survey suggested today. PRESS ASSOCIATION Photo. Issue date: Monday January 10, 2011. Only 54% of homeowners think house prices will increase in the coming six months, down from 81% a year ago and 63% just three months earlier, according to property website Zoopla.co.uk. See PA story MONEY House. File photo dated 12/10/2010. Photo credit should read: Rebekah Downes/PA Wire.
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I don't want my ex-wife to find out how much I paid for my new home. Is there any way I can keep the price off all those nosey websites that allow you to look up what homes have been sold for?

Average property price in British seaside towns has grown £53k in last decade

Fraserburgh in Scotland has seen the biggest increases in price in the last ten years, from an average of £63,540 to £151,719 today - a 139 per cent surge according to Halifax. In fact, 19 of the 20 seaside towns listed in the report which have seen the biggest gains are found in Scotland, with only Brighton, Sussex sneaking into the list.

A row of houses lies in sight of Canary Wharf viewed from south London on January 22, 2009 in England. The number of repossession orders is up 92 per cent in the third quarter of 2008 compared to the same period in 2007.  

LONDON, ENGLAND - JANUARY 22:  
(Photo by Peter Macdiarmid/Getty Images)

Low interest rates are inflating the housing bubble, with the price of homes currently to more than six times average earnings, close to its pre-financial crash peak, according to research.

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Some 70 per cent said they would prefer to buy a home in need of some DIY than one ready to move in, according to a survey of 1,600 people by property website Zoopla.

Dark art of mortgage affordability exposed: £200k gap on what you can borrow

Unwary first-time buyers could be pushed needlessly into smaller properties or different areas due to the 'dark art' of mortgage affordability calculators. Using a joint income of £75,000 and a deposit of £25,000 our investigations uncovered a near £200,000 difference between lenders' calculators' mortgage amounts.

The Yorkshire BS loan is the lowest rate across fixed and variable, and is well below the average for a 65 per cent loan-to-value mortgage, which stands at 2.02 per cent, according to Moneyfacts.

The average price of a home in England will be more than £450,000 in 2030, new research mapping out what house prices could look like across the UK claims.

House prices surge by largest monthly amount since financial crisis

The typical home cost £292,000 in March, a rise of £8,000 compared to February, according to the latest data from the Office for National Statistics. This is the biggest monthly price leap since the recession gripped the UK and hit property values hard. The rise was driven largely in London and the South East. Annual house price increases were registered at 13 per cent in London, 12.2 per cent in the South East and 12.1 per cent in the East of England.

London is known as the priciest region in the UK, but elsewhere in the country room rents are increasing much quicker than they are in the capital, SpareRoom exclusively told This is Money.

How much extra would you be prepared to pay to live close to the best local school? Analysis suggests English families are paying almost £44K more on average to live close to outstanding primaries.

'Trouble in paradise': Estate agent boss warns of slump after buy-to-let rush

New buyer demand slumped 46 per cent in April, said national estate agency Haart and its boss warned sellers need to now be 'more realistic with their asking prices.' Paul Smith, chief executive of Haart - which has 100 branches nationwide - says there is 'trouble in paradise' for Britain's property market.

Branch of Nationwide building society in London.

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Nationwide is set to launch mortgages that allow young people to get on the housing ladder by using wealth tied up in their parents or grandparents property.

HOUSE MODEL WITH COINS DROPPING OVER IT.




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Since 2013, lenders have been forced to run detailed affordability checks on mortgage applicants. An exception was made for homeowners who wanted to move properties without borrowing more.

Demand for homes declines for first time in over a year as stamp duty deadline passes

Surveyors in most parts of the UK recorded less interest from homebuyers, with a net balance of 22 per cent reporting a fall in new buyer enquiries. However, a shortage of homes on the market means prices are set to keep rising over the next few years, the Royal Institute of Chartered Surveyors report said.

ELEANOR HUSSEY AND PARTNER JOSH BEST FROM FARNBOROUGH, HAMPSHIRE, ARE SAVING FOR A DEPOSIT ON A HOUSE.©RUSSELL SACH - 0771 882 6138

As the Bank of Mum and Dad approaches breaking point, here are six key things you need to know about the alternative way to build a deposit for your first home.

E027NB woman looking at homes for sale at an estate agents office in Essex, UK

In an estate agent's window in Streatham, South London, a two-bed flat starts at £500,000. Prices like this leave little room for the housing bubble to continue to inflate.

British cities becoming 'unaffordable' for first-time buyers

A string of cities across England and Wales are rapidly becoming 'unaffordable hotspots' for first-time buyers. In Brighton, property prices have increased by 463 per cent in the last 20 years, leaving only 9 per cent of homes in the coastal city in the 'affordable' category, compared to 100 per cent in 1995. Across England and Wales, the average cost of a home has risen by around 306 per cent since 1995, with a typical property selling for 5.51 times more than the average first-time buyer's annual pay packet, the Post Office Money Mortgages said.

Vice gripping small model house

Banks and building societies will demand the extra cash from as early as September as part of a last-ditch attempt to stop the buy-to-let boom spiralling out of control.

Tougher buy-to-let rules could backfire and reduce homes for first-time buyers

Tougher conditions for the buy-to-let market could backfire and result in amateur landlords selling their properties on to bigger players -  reducing properties available to home movers and first timers. Despite hopes that small landlords selling up in response to tax changes would increase the number of homes on the market, a mortgage expert has warned of the opposite.

Struggling would-be first-time buyers and home movers have been offered a 'lifeline' from Barclays Mortgages. The lender will let them have a home loan without having to put down a deposit.

Around £270million is wasted annually on legal fees for failed purchases in England and Wales and the Government is now considering cracking down on those who pull out of sales at the last minute.

What next for mortgage rates?

Borrowers could be in something of a sweet spot, with lenders keen to lend, house prices rising and a first rate rise still considered a way off. We look at the best mortgage rates and whether now is a good time to fix your home loan.

Ten tips for buy-to-let

For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Climbing house prices, rising rents and improving mortgage deals are tempting investors - although they will need a big deposit. Read This is Money's top ten buy-to-let tips

The rise of the 40 YEAR mortgage as buyers battle rising house prices

There has been a big rise in the number of first-time homebuyers taking out mortgages with a longer term than the traditional 25 years, as they try to keep up with property prices. This may deliver lower monthly payments but a £150,000 mortgage over 40 years rather than 25 will end up costing £63,000 more.

Longer-life mortgages mean borrowing for more than 30 years

This is becoming an attractive option to secure a property - but could leave you paying more than £30,000 extra on a home loan. Additionally, with the average age of a first-time buyer now at just over 30, many borrowers could end up saddled with mortgage debt well into their retirement. Aston Carter and his fiancee Emma Shuker opted for a two-year, fixed-rate deal over a 40-year term.

A Rabbit coming out of a magicians top hat

Most banks decide whether to lend you money and what rate they will charge you using a computer program that pores over your debts and borrowing history.

Homeowners could be forced to knock down annexes if they want to sell their houses

Families who own homes with 'granny flats' could be forced to knock them down if they want to sell their houses after being hit by a new tax. As many as 33,000 homeowners live in properties with a self-contained flat for an elderly relative. Under tax rules introduced yesterday, they will be classed as owning two properties if they try to sell up.

Electrical Safety First says Homebuyers mistakenly believe a survey will check the electrics, leaving them at risk of high bills, electric shock or fire.

A whopping £270m is lost each year by potential home buyers on failed property transactions, according to new research from the Department for Business, Innovation and Skills.

Single first-time buyer faces 13-year wait to save deposit

But the 'time to save' report by estate agents Hamptons International found that buying with someone else as a couple typically shaves around 10 years off the time it takes to get on the housing ladder. Couples in London face an eight-year wait to save enough for a deposit, compared with single people who face a wait of around 45 years and nine months, it found. Meanwhile, although the majority of Britons want to own their own home, 'generation rent' is giving up on getting on the property ladder, according to housing charity Shelter.

Our mother died and we don't know whether to sell her property or rent it out

My sister and I are wondering whether to sell our late mother's house or let it out. If we sold now, would it be liable for capital gains tax? What would be the situation if we sold in ten years' time? Our mother spent the last two years of her life in a care home, so the house wasn't her main home.

Matt and Alison Downes of Sutton Coldfield with daughters Holly (age 2 in blue) and Annabelle (age 5 in pink). They sold their house using online agent Yopa.\n----------------------------------------\n©George Jaworskyj 2015\nwww.urbanimages.co.uk

Mathew and Alison Downes, with Annabelle, left, and Holly, sold their four-bedroom detached family home in Sutton Coldfield, West Midlands, through Yopa last month

A Model of house on pile of copper coins.

Housing

Costs

Finance

Mortgages

A ten-year fix gives you security, as you know how much you will pay for a decade. But if you move home within the period it could turn into an expensive commitment.

Invest in a greenhouse to help stay healthy, wealthy and wise

A greenhouse not only provides a weatherproof outdoor sanctuary but a practical space where you can grow plants that will help you knock hundreds of pounds off your annual grocery bill. Those put off by the expense may find someone local who is willing to donate an old greenhouse for free. It will save the donor the effort of taking it away when no longer required.

Liverpool tops the list of property hotspots after seeing a 40 per cent increase in property prices. It is followed by Conwy in North Wales and Bradford.

'I wish I'd never bought a house': BBC Breakfast's Steph McGovern in Me & my money

Steph McGovern, the BBC Breakfast presenter, says the worst financial decision she ever made was investing in property. McGovern, who bought a three-bedroom terrace house in Middlesbrough just before the 2008 financial crash, estimates the home is worth 15 per cent less than she paid for it. She reveals all in Me & my money.

Hacker attack background

Fraudsters hack into the buyer's email account and monitor any information about cash transactions sent to or from the solicitor. The crook pounces when a bank transfer is to be made.

For Sale signs, as official figures suggest that the average price of a home increased by £18,000 during 2015.
In December 2015, the typical UK property was worth £288,000 - up from £270,000 on average in January last year, Office for National Statistics (ONS) figures show. 

PRESS ASSOCIATION Photo. Issue date: Tuesday February 16, 2016. 
See PA story ECONOMY House. Photo credit should read: Yui Mok/PA Wire

The Halifax said house prices have gone up 9.7 per cent over the past year and the Nationwide index only 4.8 per cent. I'm confused. What is really going on?

Two in five brokers have seen a rise in people above this age struggling to be approved by lenders, according to a survey by Nottingham Building Society.

How do we protect house deposit money loaned to our son?

Our son is currently renting a flat with his girlfriend. We want to transfer him £15,000 for a house deposit so he is not needlessly paying money to a landlord every month. But how do we protect it from his partner in case they break up in the future?

How mortgages work: Your essential guide to paying for a home

Houses are expensive. The average home in the UK costs £268,000, according to the Office of National Statistics. Unless you are very wealthy, you are unlikely to be able to buy a home outright. Instead, you can use a mortgage to fund the bulk of the purchase. We explain the essentials.

NatWest has lowered its loan-to-income ratio for borrowers looking for a mortgage who stump up a deposit between 15 and 25 per cent.

Homeowners whose mortgage lenders only pay down the interest on their home loan annually are paying thousands of pounds more for their mortgage than necessary.

Mortgage lender cuts amount of trading history it will consider to 12 months, making it easier for newly self-employed individuals looking for a mortgage, but are the rates any good?

The number of 35-year mortgages taken out is on the rise, but extending the term from the usual 25 years adds £9k onto the average loan.

TIPS, TOOLS AND HELP FOR LANDLORDS

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Branch of Nationwide building society in London.

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Nationwide is set to launch mortgages that allow young people to get on the housing ladder by using wealth tied up in their parents or grandparents property.

A man erecting 'for sale' signs in Whitley Bay, Tyne and Wear. 

File photo dated 09/04/2008
PRESS ASSOCIATION Photo. Issue date: Tuesday November 15, 2011. House prices dipped by 0.7% in September, the sixth month in a row to show a year-on-year drop, official figures showed today. The typical UK house sold for £207,326 the Department for Communities and Local Government (CLG) said, a figure which has not been seasonally adjusted. See PA story ECONOMY House. Photo credit should read: Owen Humphreys/PA Wire

Experts have warned a Brexit vote could hit Britain's property market for at least the next two years as figures revealed a slight slowdown in annual house price growth last month.

How much extra would you be prepared to pay to live close to the best local school? Analysis suggests English families are paying almost £44K more on average to live close to outstanding primaries.