The country has been enjoying the effects of low cost borrowing on a mortgage for some years now. However, all good things have to come to an end and mortgage costs as we now see borrowing hitting a 2-year high. With lenders expecting a Bank of England Base Rate rise next month, the rates on offer are at their highest for two years. The average mortgage rate has seen a 0.25% increase since last month which is a key indicator that banks and mortgage lenders are expecting an announcement from the Monetary Policy Committee. In November last year, ...
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For all those parents looking for a way to assist their children in getting on the property ladder but don’t want to part with a cash lump sum, the Post Office may have the answer. The Post Office have introduced a mortgage that will allow First Time Buyers to be able to secure a loan up to the value of 10% against their parents’ property. The loan will then be required to be paid over 5 years. The 90 percent loan to value (LTV) mortgage, known as a ‘Family Link’ mortgage will be available with the 10 percent ...
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With inflation remaining at 3% in January, and a slight dip in February, economists are predicting a further rise in interest rates in May this year. Although they don’t believe it will be a large jump, a 0.25% increase on a mortgage can still make a significant difference when it comes to meeting your monthly repayments. According to a recent Reuters Poll, it is thought that 32 out of 578 economists have tipped an interest rate rise in May. This comes alongside comments made by Gertjan Vlieghe, who is a member of the Monetary Policy Committee, those responsible ...
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