The Financial Services Authority announced proposals this week which could make it harder for the self-employed to get a mortgage, as well as delaying the borrowing process generally, as they ask purchasers to produce evidence of their income to prevent fraud.

In other news, it has been reported that first-time buyers need an average of £37,000 to purchase a home, with a vast proportion of this attributed to a large deposit which is needed to secure a mortgage.

And finally, how much will £300,000 get you? The answer, not very much if you buy in Dorset, as a beach hut, described as a ‘glorified shed’, goes on sale with no central heating and covering just 524 sq ft in all…still the views are nice.

FSA to ban fast-track and self-certified mortgages

Mortgage borrowers will find it takes longer to process their application and the self-employed could struggle to get a loan if proposals announced today by the Financial Services Authority are implemented.

The Guardian, 13/07/2010
Click here for more details

Mortgage lending bounces back - for now

About 42,000 home loans were advanced to people buying a property during the month, 2pc more than in April, when lending levels dipped by 9pc, according to the Council of Mortgage Lenders.

Daily Telegraph, 12/07/2010
Click here for more details

House prices may not rise for a decade, experts warn

Decades of stagnant or falling house prices have been predicted by one of the nation's leading accountancy firms, as estate agents and mortgage lenders also warn that the next year will see a marked weakening in the property market.

The Independent, 13/07/2010
Click here for more details

First-time buyers 'need £37,000' to purchase home

First-time buyers now need to find an average of £37,000 up front before they can buy their first home, according to figures seen by Newsbeat.

BBC Newsbeat, 14/07/2010
Click here for more details

Mortgage deals target top and bottom of market

Two innovative mortgage deals were launched this week – one aimed at homeowners with only a small amount of equity in their property, and the other targeting those entering the final years of their mortgage.

The Guardian, 10/07/2010
Click here for more details

Baths go down the plughole

Baths used to be the height of modernity, with fewer than half of all households in the 1951 census having one. But they now being left unused, or even ripped out by families keen to build large walk-in showers.

Daily Telegraph, 12/07/2010
Click here for more details

Beach hut goes on the market … for £300,000

Estate agent denies recession-busting single-storey chalet in Dorset overlooking Chesil Beach is a 'glorified shed.'

The Guardian, 15/07/2010
Click here for more details

Send this Newsletter to a friend