People who declared their income directly to a mortgage lending institution when they applied for their contractor mortgage may like to know that they could be investigated by HMRC.

First time buyers are rushing back to the housing market in droves in a bid to buy before the stamp duty holiday ends.

The UK now has the lowest proportion of owner-occupiers in almost 25 years as people struggle to secure a contractor mortgage.

The housing market has received a welcome boost as sellers increased house prices by 4.1% last month, the largest month-on-month rise since 2002.

Contractor mortgage holders are feeling the pinch and an increasing number have decided to take in a lodger to help make ends meet.

House prices in Wales continue to fall faster than any other UK region, although those in the East Midlands, West Midlands and Yorkshire and Humberside are not far behind, according to the RICS.

Optimism in the housing market in the north west is returning as first timers rush to secure a property before the stamp duty holiday ends on March 24th.

First time buyers and low deposit borrowers drove contractor mortgage approvals to their highest level in over two years, according to the chartered surveyors e.surv’s Mortgage Monitor for January.

According to house builder Bellway, the UK housing market is still resilient.

People looking for an interest only contractor mortgage will be in for a shock if they approach Santander for the loan.

According to the Council of Mortgage Lenders, repossessions will increase this year and could hit 45,000 as the turbulent economy puts additional pressure on households that are already struggling to make their contractor mortgage repayments.

Chancellor George Osborne said last week that the Bank of England may step in and put a cap on the maximum contractor mortgage LTV in a bid to prevent another credit crisis.