SUBSCRIBE
Friday, December 13, 2019
No Result
View All Result
BestAdvice
  • News
  • Features
  • Blogs
  • Podcast
  • Video
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • COVER
    • General insurance
    • Landlord insurance
    • Protection
      • Critical illness
      • Income protection
      • Group protection
      • Life cover
      • PMI
  • DEBT
  • DISTRIBUTION
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Lending into retirement
    • Pensions
    • Retirement borrowing
  • LOANS
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • COVER
    • General insurance
    • Landlord insurance
    • Protection
      • Critical illness
      • Income protection
      • Group protection
      • Life cover
      • PMI
  • DEBT
  • DISTRIBUTION
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Lending into retirement
    • Pensions
    • Retirement borrowing
  • LOANS
No Result
View All Result
BestAdvice
No Result
View All Result

FTBs in the South East most stretched in country, despite higher salaries

by Kevin Rose
24 July 2019
Landlords to flock to the North?
Share on FacebookShare on TwitterShare on LinkedIn

Homeowners in the North of England are ‘the best-off in Britain’, with more disposable income, on average, than families elsewhere in the country, according to Kensington Mortgages.

Data from today’s new Kensington Affordability Tracker indicates that, based on mortgage application data, the stereotypical views on the richest and poorest parts of Britain are wholly inaccurate.

The model shows that first-time buyers in the South East are the most financially-stretched group of borrowers in the country – even though they have higher than average salaries.

The Kensington Affordability Tracker uses the models used by mortgage lenders to calculate the borrowing power of a family, after taking account of bills, transport costs and other household living expenses. It tracks the difference between the amount a homeowner could have borrowed, compared to the amount that was loaned.

Based on loans made by banks, building societies and other mortgage lenders during the first quarter of 2019, the average homeowner in the North could have borrowed 55% more.

In the South East, the average mortgage borrower would have been able to get just 11% more in a home loan. First-time buyers in the South East were right at the borrowing limit (after applying standard stress modelling to ensure customer affordability), with no room to borrow more.

In London, the average mortgage borrower could have taken a loan that was 25% larger. The average Scottish mortgage borrower could have borrowed 50% more.

Mark Arnold, chief executive officer at Kensington Mortgages, said: “Common perceptions about the richest and poorest parts of Britain are contradicted by this data. Salaries may be higher in London and the South East, but so are living costs.

“Obviously, there are a great many people mortgage-free, in houses that are now worth millions. But when you look at the borrowers needing to pay off a mortgage, those with the least room to manoeuvre, financially, are people in the home counties commuter belt.”

ShareTweetShare
Previous Post

LendInvest makes business development hires

Next Post

Newcastle Intermediaries appoints new national account manager

Next Post
Francesco Di Petro

Newcastle Intermediaries appoints new national account manager

New Goldsmith Williams case management system imminent

Source Insurance now on board via TMA's Toolbox

Gross mortgage lending down 4% year-on-year

Gross mortgage lending down 4% year-on-year

PROTECTION GUIDE

SOUNDADVICE PODCAST

VIDEO: LATER LIFE OPPORTUNITIES

Most Popular

  • Just Mortgages chooses 11 new trainees for broker academy

    Just Mortgages chooses 11 new trainees for broker academy

    0 shares
    Share 0 Tweet 0
  • Metro Bank makes buy-to-let rate cuts

    0 shares
    Share 0 Tweet 0
  • VAS Group reaches 300-valuation mark for Assetz Capital

    0 shares
    Share 0 Tweet 0
  • Two new appointments and HTB contract for Target Group

    0 shares
    Share 0 Tweet 0
  • Trio of new appointments for commercial lender

    0 shares
    Share 0 Tweet 0

Receive BestAdvice briefings

   


   


   


Recommended

MFB refreshes website

3mc adopts OMS platform

3 weeks ago
Liverpool Street new destination for Metro Bank

Metro Bank makes buy-to-let rate cuts

4 days ago
Hope Capital extends availability of its 0.69% rate

Connect for Intermediaries adds Hope Capital to bridging panel

2 weeks ago
Widespread underestimation of remortgage savings

Accord revises buy-to-let minimum income requirement

4 days ago
  • Subscribe
  • Advertise
  • About us
  • Contact us
  • Privacy policy
  • Terms & Conditions
SUBSCRIBE TO OUR ALERTS!

© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

No Result
View All Result
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • COVER
    • General insurance
    • Landlord insurance
    • Protection
      • Critical illness
      • Income protection
      • Group protection
      • Life cover
      • PMI
  • DEBT
  • DISTRIBUTION
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Lending into retirement
    • Pensions
    • Retirement borrowing
  • LOANS

© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.