The Features and Benefits of a Loan to Pay Off Development Finance
Fox Davidson
by wiredmin
2M ago
At Fox Davidson, we understand the intricate financial landscape that property developers navigate. Recently, we had the privilege of assisting a developer in securing a loan to pay off development finance. This financial solution not only allowed the developer to repay costly development finance but also provided the flexibility to release equity on the completed property development. In this article, we’ll explore the features and benefits of a loan designed specifically for paying off development finance, commonly known as development exit finance. Understanding Development Exit Finance: De ..read more
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Housing Market Update: January 2024
Fox Davidson
by wiredmin
2M ago
Happy new year to you all, I hope you all enjoyed a good festive break. In this market update we look at what lies ahead for the coming year including house prices, interest rates and economic factors that will determine how this year pans out for homeowners, property investors and developers. Property Market 2023 Reflection 2023 was a difficult year for anyone considering taking out a mortgage, base rate had increased from 0.1% and hit a high of 5.25% in 2023. This made funding a main residence, a buy to let or a property development more expensive and naturally the housing market slowe ..read more
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UK Property Market Update October 2023: Trends, Opportunities, and Economic Insights
Fox Davidson
by wiredmin
5M ago
Sometimes writing about mortgages seems quite trivial compared to other things going on in the world. I wish that the world was a better place for more people.  As we enter the final quarter of the year many of us are likely starting to look forward to 2024 in the hope that it is a better year than 2023.  Focusing on the UK economy, we would like to see a healthier economy with falling inflation, falling interest rates and a better housing market. There is reason to be optimistic, next year is an election year and the current UK gov will want to get the economy in better shape for w ..read more
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Buy to Let Mortgages: Why Mortgage Rates are Outstripping Rents
Fox Davidson
by wiredmin
5M ago
A new study by one of our lenders, Octane Capital revealed that buy to let rates are outstripping rental growth.  The study revealed that, across the entire United Kingdom, mortgage interest rates have surged by 13 percent year-over-year, surpassing the rental price growth of 9.9 percent. It was noted that this trend is narrowing the disparity between mortgage and rental expenses, as the average monthly mortgage payment has now reached £982, compared to £1,068 for rents. Jonathan Samuels, the CEO of Octane Capital, offered his insights, stating, “While landlords are frequently criticised ..read more
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The Mortgage Charter
Fox Davidson
by wiredmin
9M ago
What is the mortgage charter? With interest rates rising to 5% from lows of 0.1% many homeowners are facing increased mortgage costs. The UK government wishes to be seen to be doing something to help homeowners and recently met with mortgage lenders to find ways to help homeowners who may be struggling to make their mortgage repayments. What mortgage options does the mortgage charter introduce? The mortgage charter brings in some specific ways to help mortgage holders: From 26th June, a borrower will not be forced to leave their home without their consent unless in exceptional circumstances ..read more
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State of the Economy June 2023 – Inflation, Property Market & Interest Rates
Fox Davidson
by wiredmin
10M ago
The economy is in a state of high inflation and rising interest rates. Newspaper headlines report house prices falling at their fastest rate for 14 years. Interest rates have gone up 12 times in a row. In this market update we ask where do interest rates go from here? What will happen to house prices? We also give our predictions, and we look ahead to the biggest deflationary event of our lifetimes.   How did we get to this point? We have previously written about the macro environment and all of the data that brings us to the point we are at now, you can read that here.  The int ..read more
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How To Get A Mortgage With Bad Credit But A Good Income
Fox Davidson
by wiredmin
1y ago
Mortgage lenders will lend to clients who have bad credit and a good income. The terms of the mortgage will depend on the severity of the bad credit and also how recently the bad credit happened. A client with a good income of £50,000 or more may still be able to secure approximately 5 times their annual salary.  Lenders that we work with can manually assess an application rather than using an automated credit scoring system. Our job is to present a good case for the lender to lend, and we will work with you to ensure that the application is made in the best possible way and to the correc ..read more
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Using Vested Stock & RSU For Mortgage Affordability Purposes
Fox Davidson
by wiredmin
1y ago
Fox Davidson advise clients wishing to take out a mortgage on UK property. Many of our clients work at investment banks and large US headquartered tech firms, with some of them being awarded stock and deferred compensation which will vest on a regular basis. We regularly receive questions about the feasibility of using stock or RSU income for mortgage purposes, many of which we have addressed in our guide below.   What are stock options? Stock options are a type of equity compensation that gives employees the right to purchase a certain number of shares of the company’s stock at a specif ..read more
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Should You Pay Off Your Mortgage Early?
Fox Davidson
by wiredmin
1y ago
The Advantages And Disadvantages Of Becoming Mortgage-Free Whether or not you should pay off your mortgage early depends on your personal financial situation and goals. It may generally be a good idea to pay off your mortgage early if: You have a high interest rate mortgage: Paying off your mortgage early will help you save on interest payments over the life of the loan. You have the financial means to do so: Paying off your mortgage early requires a significant amount of cash, so you should only consider this option if you have enough savings to do so. You want to build equity faster: Paying ..read more
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Mortgage Market Update: News, Trends & Forecasts
Fox Davidson
by wiredmin
1y ago
We are currently in a rising rate environment. UK economists had predicted that Bank of England base rate would top out at around 5.25%, though that prediction looks to be a bit punchy as the UK is now entering a recession with negative GDP figures for the quarter of July to September. If GDP is negative in the final quarter of the year, we will technically be in a recession. At what point the Bank of England decides that rate rises have had the desired effect of taming inflation is anyone’s guess. Mortgages Rates So how have mortgage rates been affected and what is the best advice now – is it ..read more
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