With the Coronavirus continuing to spread throughout the world and the UK, economies are being hit incredibly hard and households are starting to feel the strain. Although the outbreak isn’t yet thought to have hit its peak in the country, many employers are advising that staff work from home where possible and in some cases companies have sadly already had to close their doors. The uncertainty both economically, as well as on individuals and their families, is really starting to show and with this is mind the Bank of England have decided to drop the interest rates to ...
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It was a shock announcement that came from the Bank of England earlier this week, in that interest rates were going to be dropped with immediate effect amid the Coronavirus outbreak The World Health Organisation has officially named Coronavirus to be a pandemic and the, in many cases fatal, virus has shook markets all over the world, wiping billions off economies and creating panic. As a result, and to provide some support to both businesses and individuals in the country, the Bank of England made an announcement first thing on 11th March that it was cutting the Bank ...
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There has been much talk around how Brexit will affect many things in the UK, including the housing market, and after a stagnation in the run up to the original March Brexit deadline there is more positive news on the horizon. The Bank of England have recently announced that mortgage lending was up for the month on June suggesting that consumer confidence is on the rise despite the looming Brexit deadline. June’s mortgage approvals rose by 800 to 66,300 on the previous month which was a higher result than was expected by many analysts. It is believed that ...
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If you’re in the market to be able to enter into a new mortgage deal then there has been no better time than now to look at the great mortgage deals available. Thanks to competition from lenders the deals available and the increasingly low rates make for big monthly savings of up to hundreds of pounds. It is estimated that that over £26 billion worth of mortgage deals are due to expire in October this year which is the largest monthly volume of 2019. At this point these mortgage will revert to the lender’s Standard Variable Rate (SVR) ...
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There are many rumours that the mortgage market is currently stagnant, and whilst there may have been areas where sales and growth may have slowed there are also others which buck this trend. One of the most important factors that contributes to a healthy mortgage market is an increase in sensible mortgage lending and it would appear that the ‘post-Brexit slowdown’ is coming to an end. Results for April showed that British banks approved the greatest number of mortgages since the month of February 2017. In terms of figures, April saw just under 43,000 mortgage approvals, around 2,500 ...
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It was clear from the recent local election results that no matter whether you’re behind or against Brexit that the biggest majority of people in the UK just want Brexit over and done with. Since the UK voted either for or against Brexit in 2016, there has been an interest rate rise which was seen in 2018 when the Bank of England chose to increase rates by 0.25 percent. The Bank of England Base Rate now stands at 0.75% however, this is predicted to rise should Brexit all go smoothly during. It is likely that is will only be ...
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If you’re not fed up of hearing about Brexit yet then you could be with predictions about the housing market should the UK leave without a deal. Although there is much speculation about the impact of Brexit on the economy and housing market there have been predictions that when the UK finally leaves the European Union it will cause property jitters. As of time of writing the current deadline for Brexit is the 31st October this year although there is talk that it may be pushed back further as it has been done prior to now. So, ...
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Whilst there are many people that are still in need of getting onto the housing ladder there is now more scope as more mortgages become available for those who only hold a 5% deposit. Over the past ten years there has been a rapid increase in the amount of deals available to those looking for a 95% mortgage, originally there were just 3 deals available, today there are over 400! Due to the increase in offers available, it has forced many lenders to offer lower and lower rates to increase their competitiveness in the market. The majority ...
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There are more than 2 million people in the UK that are currently paying over the odds on their mortgage repayments and could be savings thousands over the duration of their mortgage. The reason that so many homeowners are paying over the odds is due to them either not realising that they are on the lender’s standard variable rate (SVR) or not having gotten around to switching to a better deal. At the end of a mortgage ‘deal’ it is standard that the ‘deal’ ends and the following month the mortgage reverts to the SVR, a lender will ...
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According to an investigation recently carried out by Precise Mortgages, there has been a large increase in the number of landlords that are planning to use Limited Company Status to carry out new purchases of rental properties in 2019. Almost two thirds of landlords, who own four or more properties are planning on making the switch in 2019, this is up from the 41 percent recorded at the same time in 2018. Of the two-thirds landlords that are going to be using limited company status to purchase the properties, just 17 percent of them own between one and ...
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