Latest news with #TrinityFinancial
The Sun
09-07-2025
- Business
- The Sun
Boost for first-time buyers as new rules come in to make it easier to get a bigger mortgage
FIRST-TIME buyers could find it easier to get a bigger mortgage under new lending rules coming in this week. Mortgage lenders are to give added flexibility to lend more to borrowers, thanks to changes approved by financial watchdogs. Currently, the number of new mortgage loans where buyers can borrow 4.5 times their salary or more is capped at 15% of lenders' total mortgages per year. But from this Friday, July 11, only larger mortgage lenders that issue over £150million in residential mortgage loans annually will be subject to the rule. The threshold was previously £100million, meaning people who wish to borrow up to 4.5 times their salary to buy a home will now have a better chance of being able to borrow from smaller lenders. The number of lenders exempt from the cap is expected to rise to around 80 from Friday, up from 70. Mortgage experts have suggested that the new rules could benefit younger and first-time buyers, who tend to have a higher loan-to-income ratio. Aaron Strutt, of broker Trinity Financial, told The Sun there is "no doubt" that the new rules will "take some pressure off smaller lenders". "These income stretch mortgages often make the difference between someone buying a house or a flat, or a property in a nicer area. "It tends to be younger people borrowing over five times their salary to get on the property ladder," he added. "At the moment, borrowers really need to do their homework to get the most generous loan sizes at the most competitively priced rates." The cap, known as the loan-to-income flow limit, has been in place since 2014, with changes to the rules announced by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) this week. 5 things to check before applying for a mortgage It comes after the Bank of England 's Financial Policy Committee recommended a change to the rules last November, saying the £100million cap had not kept pace with the UK's economic growth. A joint statement from the FCA and PRA read: 'The updated recommendation addresses the impact of inadvertent regulatory tightening due to growth in the UK economy since the threshold was first implemented. "It increases the value of residential mortgage lending that small lenders can extend before becoming subject to the LTI flow limit, thereby contributing to the regulators' secondary objectives on competition, and therefore competitiveness and growth.' However, some experts warned against the mortgage lending landscape returning to the 'Wild West' seen during the financial crisis. Emma Jones, of said: "Affordability is an ongoing issue for many prospective buyers so it's unsurprising that we have reached this point. "However, we have to be careful that we do not revert to the Wild West that was the mortgage world in the years leading up to the Global Financial Crisis. 'More loans at higher loan-to-income levels will be welcomed by borrowers but it should not come at the cost of putting people at risk.' Which lenders are offering help to first-time buyers? David Hollingworth of L&C Mortgages points out that while the new rules will only benefit smaller lenders, some major banks and building societies are offering more help to first-time buyers. "Many of the bigger lenders have also looked at how they can better support first-time buyers by lending more in the right circumstances," he said. Nationwide, for example, offers Helping Hand mortgages to support those who don't think they can borrow enough to afford their first home. The scheme allows eligible first-time buyers to borrow up to six times their income with either a five or 10-year fixed rate mortgage. Halifax offers a similar scheme with its First Time Buyer Boost, which allows first-time buyers to borrow 5.5 times their salary. How to get the best deal on a mortgage There are different factors that go into getting the best mortgage rate. Chris Sykes, technical director at broker Private Finance explains what you need to know. Bigger deposit The larger the deposit you have the lower the rates you'll have access to. The different deposit tiers offered by lenders are generally 0-1% deposit, 5%, 10%, 15%, then generally it skips to 25% and finally cash or equity of 40% or more. There are some exceptions in between but these are usually the bands. Lenders then set different rates for each of these tiers, rather than having one rate for a 12% deposit and another for 14%, for example. With a deposit above 40% there is usually no price fluctuation, which means you'd get the same rate with a 50% deposit to a 40% deposit. Keep your credit score healthy A better credit score doesn't necessarily mean more competitive deals, but a negative credit could mean worse deals. For example, there may be some people with not a lot of credit as they've never had a credit card, or loan, will get the exact some deal as someone who has more credit history and a better credit score. However, a bad credit history or score starts to limit your lenders and means you may need to move off high street to a more specialist lender which tends to offer higher rates. If you have poor credit, look for easy ways to improve it. Look six months before your fix ends It's best to look at deals six months before a current rate ends. This might be to just have a chat with a broker and get things moving. It might be that you can get a deal lined up and locked in that protects against movements in interest rates - for example if rates were to go up over the following six months. And you can also then improve the rate within that six months if rates were to go down. How to find a good broker A good mortgage broker is invaluable for navigating the options available to you. The best way to find a good adviser is through personal recommendations, everyone has a friend or family member who will have recently bought or refinanced – ask them who they used and if they were happy with the service. You can also lookup reviews of that person online to find other customer experiences too. is one place where people can offer their reviews. Sort your paperwork IF you are looking to buy or remortgage, contact a broker nice and early, as they can then guide you through what the expectations are from lenders. This gives you plenty of time to make sure your accounts are up to date if you're self-employed and you can see if it is worth filing tax returns early.
Daily Mail
26-06-2025
- Business
- Daily Mail
EXCLUSIVE How choosing the right mortgage lender could allow a first-time buyer to borrow £124,000 more
First-time buyers may be pushed into buying smaller, cheaper homes in less desirable areas if they pick the wrong mortgage lender, new analysis has revealed. Mortgage broker Trinity Financial entered details of a fictional typical first-time-buyer couple into nine mortgage lenders' online calculators to find out how much they could borrow. It found that mortgage lenders offer different loan amounts to applications with identical circumstances due to their varying mortgage affordability assessments. Based on a joint income of £80,000 and a 25 per cent deposit, the research uncovered a near £124,000 difference between the most and least generous maximum loan amounts. It means those who don't shop around for their first mortgage may end up compromising on the home they buy, not knowing they could potentially borrow more elsewhere. The analysis found that Nationwide Building Society and Atom Bank are the most generous towards first-time buyers. Nationwide offers to lend up to six times annual income, via its Helping Hand scheme, which is available to eligible first time buyers with its five and 10 year fixed rate mortgages. Securing a Helping Hand mortgage with Nationwide on a five-year fix with a 25 per cent deposit could mean a couple earning £40,000 each (£80,000 combined) could borrow up to £480,000. This means they would be able to buy a home worth £600,000, which is more than the average property price in London. At the other end of the spectrum, the analysis found that the same first-time buyer could be limited to borrowing £356,000 if they chose Santander. With a 25 per cent deposit in place, this would mean they might end up buying a property worth £445,000. Aaron Strutt of Trinity Financial, said: 'Many first-time buyers do not realise that the amount they can borrow ranges so significantly depending on the lender they apply to for a mortgage. 'It does pay to shop around when it comes to mortgage affordability and borrowing the amount you need. 'Most lenders use completely different calculations to determine how much their customers can borrow, and as a result, the maximum loan sizes can vary significantly. 'Lenders can also offer surprisingly large loans to joint applicants with clean credit histories and strong incomes.' A string of mortgage lenders have been relaxing their affordability rules and launching products that could benefit first-time buyers in recent months. Yesterday, Nationwide announced it will be offering first-time buyers the chance to get a 5 per cent deposit mortgage when buying a new-build. The day before it was announced that first-time buyers with at least a 20 per cent deposit can now buy with an interest-only mortgage via lender Gen H. Since March, multiple high street lenders have loosened their mortgage rules, allowing people to borrow more when buying a home. And only last month, two smaller lenders announced they are now offering people the chance to buy a home with a mortgage covering the entire purchase price. April Mortgages and little-known lender Gable Mortgages are both providing the home loans which don't require the borrower to put down any deposit. 'The mortgage market is quite complex these days, and lenders are keen to attract first-time buyers, which is why there are numerous products designed to help them get on the property ladder,' adds Strutt. 'Generally speaking, the largest lenders offer the most competitive rates, while smaller lenders charge more, especially if they are offering a more bespoke product. 'Just because a lender offers high income multiples, it doesn't mean borrowers need to max out their borrowing - it's simply good to know the options they have available to them.' How to find a new mortgage Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible. Buy-to-let landlords should also act as soon as they can. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you What if I need to remortgage? Borrowers should compare rates, speak to a mortgage broker and be prepared to act. Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it. Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees. Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone. What if I am buying a home? Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power. What about buy-to-let landlords Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages. This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too. How to compare mortgage costs The best way to compare mortgage costs and find the right deal for you is to speak to a broker. This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice. Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs. If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. > Find your best mortgage deal with This is Money and L&C Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
Boston Globe
29-05-2025
- Business
- Boston Globe
In Charlestown, smaller ambitions for big housing development
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'We don't have a lot of five-acre sites in the city,' Dillon said. 'This is the kind of project that we need.' Advertisement There's a lot to like about the site — its proximity to the T, the historic Charlestown neighborhood, and downtown, said Abby Goldenfarb, Trinity's senior vice president. And with five acres comes a chance for some creative landscaping and other community-focused features, such as a public plaza and lawn, athletic fields, and space for arts and early childhood education. But despite the site's size, it comes with a host of restrictions, Goldenfarb said. Trinity spent nearly a year pushing to shift a state service road that runs immediately behind the site to a spot closer to the nearby Route 1 on-ramp. But after many months of conversations with state transportation officials and Boston Sand & Gravel, which also uses the access road, that idea fell through. Advertisement Affordable housing developer Trinity Financial has proposed an 85-foot, 125-unit affordable apartment complex with an urban plaza and lawn for the project's first phase. ICON Architecture Trinity's Cutting the total number of units allows Trinity to pursue wood-frame construction over a podium — a more affordable option than building taller — and also still allowed opportunity for financial support from the city and state. 'We wish we were able to start construction a few years ago,' Goldenfarb said. 'Construction costs have gone up, so we're trying to build the most economically feasible project we can in the first phase, just to start the momentum.' Related : City officials asked Trinity to explore whether they could build affordable condos in the first phase, but the project needed more governmental subsidy than was available, Goldenfarb said. MassHousing's CommonwealthBuilder program, for example, has per-unit funding caps of between $150,000 and $250,000 for units set aside for households making between 70 percent to 120 percent of the area median income. Advertisement 'The cost differential between what it costs to build a unit and how much subsidy you're able to get for it was just too large to finance,' Goldenfarb said. 'We also didn't want to be in a position where we ... had to sell very, very expensive market-rate units in order to make the affordable units work.' So Trinity started exploring affordable rental apartments — a property type it has long built — and cut down the total number of units in the first phase. Trinity Financial executives Kenan Bigby and Abby Goldenfarb at the Austin Street site in 2023. Lane Turner/Globe Staff Likely investors for the first phase include low-income housing tax credit investors, who consider Boston an 'extremely attractive' market, Goldenfarb said. She's expecting strong interest, but is aware that Trinity is also competing against property owners selling their buildings at rock-bottom prices. 'A lot of owners are selling buildings at a discount, so we're going to have to work really hard to make a building that investors want to take lease-up risk on and construction risk on,' she said. Dillon, Boston's housing chief, said the city recognizes the difficult building environment and is working project-by-project to help developers problem solve — whether that's 'value engineering' or allowing them to safely store materials they've stockpiled. 'It is not an easy time for Boston, or most major cities right now, to to continue to advance an affordable housing and income-restricted housing agenda, but we're not going to stop,' Dillon said. 'Boston is committed to increasing our housing stock and ensuring that a very high amount of the housing that we're creating is income-restricted and affordable to our residents.' Advertisement Catherine Carlock can be reached at
Bloomberg
07-05-2025
- Business
- Bloomberg
Freehold Versus Leasehold in UK Real Estate
Subscribe to Merryn Talks Money on Apple Podcasts Subscribe to Merryn Talks Money on Spotify In this episode of the Merryn Talks Money UK housing mini-series, hosts Merryn Somerset Webb and Money Distilled author John Stepek delve into the complexities of freehold and leasehold properties with guest Anthony Emmerson, who has worked in the mortgage industry for 20 years and is currently director at Trinity Financial.
Bloomberg
06-05-2025
- Business
- Bloomberg
Merryn Talks Money: Freehold Versus Leasehold in UK Real Estate
In this episode of the Merryn Talks Money UK housing mini-series, hosts Merryn Somerset Webb and Money Distilled author John Stepek delve into the complexities of freehold and leasehold properties with guest Anthony Emmerson, who has worked in the mortgage industry for 20 years and is currently director at Trinity Financial.
