Apple Finance

March 30, 2019March 30, 2019

Are the good times over for buy to let landlords

At the moment the property market In the West Midlands is showing no signs of slowing down compared to other parts of the country like the home counties and London. For buy to let investors the past 20 years have been good, the previous crash around 2008 now seems more like a slight dip. House prices in Wolverhampton are now at an all time high, things have changed for Investors however, the government has been tightening the legislation for landlords for some time and investment property prices are high.

Are the good times really over for buy to let landlords I am not so sure, I think the next few years could be unusually rewarding. If there are less buy to let landlords entering the market and certain portfolio landlords are reducing their housing stock, then sooner or later more competitively priced investment properties, will come to market.

Right now mortgage deals are looking great with a low base rate and lenders becoming generous with their products and terms. Lenders have to lend to stay in business and because the buy to let market has shrunk slightly, they are now constantly improving their mortgage products to entice investors. This combination of factors a low base rate, high lender competition and a shrinking investor pool will not be around forever. So you now need to review the lending across your portfolio and speak to Paul at Apple Finance mortgage brokers about how you can take advantage while lenders are in pain, this is your mortgage gain. 01902 213201

March 22, 2019March 22, 2019

Wolverhampton where homes are affordable

The property market in Wolverhampton and the whole of the midlands needs first time buyers, at the moment there are plenty of first time buyers around. A couple were in our Wolverhampton office the other day and they commented “ We are so glad you can arrange a mortgage for us but are there any properties out there at the moment” To which I replied “ You will have to search the market hard for your dream home because of Brexit lots of sellers are waiting for a certain outcome”

They then replied shall we wait, I said ” If you wait for the market to move subject to Brexit you will pay a lot more for your first home and also the saga of Brexit and its aftermath could dare I say it go on for years”. I also added “First time buyers are now the majority purchasers in the property market place the first time since 1995, mortgage rates are low conditions are good”

The top 10 most affordable postcodes are:

1 WV2 – All Saints, Wolverhampton = £101,617

2 B19 – Birchfield, Birmingham = £111,711

3 WS2 – Pleck, Walsall = £113,297

4 B6 – Aston, Birmingham = £114,364

5 WV1 – City Centre, Wolverhampton = £114,565

6 DY2 – Town Centre, Dudley = £117,328

7 WV13 – Willenhall, Walsall = £119,398

8 WS3 – Bloxwich, Walsall = £119,488

9 B7 – Nechells, Birmingham = £119,958

10 B21 – Handsworth, Birmingham = £119,968

My name is Paul from Apple Finance contact me for a no obligation independent review of your mortgage finances on 01902 213201

March 17, 2019March 17, 2019

Looking for a mortgage

March 11, 2019March 11, 2019

The Brexit Property Crash

What happened to the terrible – terrible Wolverhampton property crash due to Brexit? Sorry it never happened. Look at the figures, and they show a pretty stable housing market. The Halifax index is up 0.8 per cent over the past 12 months, the Nationwide index up 0.1 per cent and the Department for Communities and Local Government’s index up 2.5 per cent. Transactions in the last quarter of 2018 were 0.8 per cent higher than a year earlier.

People selling their properties in Wolverhampton and the West Midlands in general are not dropping their prices by massive amounts as previously predicted by the media. (London based media). No one has satisfactorily explained why the housing market should suffer from Brexit, unless you believe George Osborne’s pre referendum forecast that unemployment would surge by between 500,000 and 800,000 in the event of a Leave vote.

Will people stop moving house or buying property in Wolverhampton just because we are no longer in the EU? If you do have any questions about obtaining a mortgage to buy a property or re-mortgaging your current property get in touch and we can have a chat.

March 3, 2019March 3, 2019

More first time buyers now than the last 20 years

First time buyers make up the biggest part of the property market in the UK for first time in over 20 years. First time buyers reached 372,000 in 2018, accounting for the majority of home purchases for the first time since 1995. This is a rise of 2% in the last 12 months, continuing an upward trend over the last seven years. Although growth in 2018 was at a slower rate than 2017 when it was 7.6% and 2016 when it was 9%, first time buyers overall have increased by 92% from an all-time low of 192,300 in 2008.

First time buyers now account for just over 50% of all house purchases with a mortgage, an increase from 38% a decade ago. The average price paid for a typical first home has gone up by 39%, from £153,030 in 2008, to £212,473 in 2018, and the average deposit has increased by 57% from £21,133 to £33,252 over the same period. Meanwhile, the average deposit put down by a first time buyer was 14% of the purchase price in 2008 at £21,366, jumping to 20% in 2009, the highest over the last decade. In 2018 the average deposit has come down to 15% of the purchase price, although the average property price has continued to increase.

Terraced houses, closely followed by semi-detached properties have continued to be the first-time buyer’s home of choice over the past decade, making up 67% of mortgages for first homes in 2018. New buyers coming on to the Wolverhampton property market are vital for the overall wellbeing of the housing market, and the continued growth in first time buyers shows a healthy movement in this area, despite a shortage of homes and the ongoing challenge of raising a deposit.

Last year was the first year that first time buyers accounted for the majority of the market since 1995, which shows that the factors reducing some of the associated costs, such as continued low mortgage rates and stamp duty, are supporting the increasing number of people taking their first step on to the property ladder. So what are you waiting for first time buyers of Wolverhampton if you are unsure about raising mortgage finance for your first home because you are self employed or have credit issues contact Paul at Apple finance on 01902 213201 for free mortgage advice.