In differing news from other lenders, the Halifax have recently announced that house prices have risen over the past year which is contrary to what the Nationwide Building Society recently stated. According to the Halifax, house price inflation has risen to its highest rate in 12 months at an annual rate of 3.7%. What will be concerning for many young people wishing to get on the property ladder is that the rate rise in the average house being a lot higher than the rate at which wages are rising. The average house is now thought to sit at ...
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The mortgage market is said to be weakening, and as a result many lenders have taken the decision to cut fees and take less stringent lending standards in the hope that growth will be maintained. After the dramatic market changes of 2008, many lenders have been careful to not to be seen to be encouraging over lending to mortgage applicants. Many mortgage lenders have been keen to ensure that the mortgage is affordable to the application and that stress tests are applied in the event of further rate rises. Moneyfacts have stated that the amount of lenders now ...
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You may or may not be aware that the Bank of England has increased the Base Rate on 2nd August 2018. It is only the second Base rate increase in over ten years however this is most often passed on to those with mortgages and those with loans and credit cards. In general, most banks and building societies will seek, if they haven’t already, to pass this rate increase on to their customers by way of increase in interest rates on their mortgage offers or their standard variable rates. This can mean a large jump in the ...
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If you’ve been putting off thinking about sorting your mortgage or finding a better deal, then time is running out. The general consensus is that mortgage rates are on the increase both over the short term and the long term. Rewind to less than one year ago and the cheapest 2-year fixed deal was under 1 percent, fast forward to today and the best deal on the market is currently set at 1.35 percent. If you think about that over not just a month but over the longer term such as a year, 5 years or 10 years ...
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If you had any doubts that the great mortgage deals were now a thing of the past after the Bank of England Base Rate rise, then think again. It was announced last week by two market leaders that they will be offering a ten year fixed mortgage deal as well as another market leader announcing rate cuts. It’s an incredibly exciting time in the mortgage markets and more and more household names compete to offer the best mortgage deals on the high street. For those planning on staying in their current property for the long-haul then they ...
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When it comes to treasured possessions, most people will rank their family, their health and their home at the top of their lists however, so many repeatedly put these at risk. A lot of us take for granted the fact that we can go to work each day and pay our bills. Should we become sick or be unable to work for any reason our home and family life as we know it can come under threat if mortgage payments aren’t met. Although Life Cover isn’t a compulsory requirement, it is concerning that a huge amount of those ...
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If you’re looking at applying for a mortgage, it’s paramount that your credit file is in order. Today, it’s easier than ever to ensure that your credit file is up to date and accurate. There are numerous companies offering services to enable you to check what’s held on your credit file and there are tips to get your score and file in shape ready for any credit or mortgage application you may make. There are three credit reference agencies, these are CallCredit, Equifax and Experian. These companies keep information on record that lenders will refer to when you ...
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With rates having been so low for so long, it’s easy to fall into the trap that rates are going to be low for the foreseeable future however, economists are predicting that the period for cheap mortgage rates is about to come to an end. Mortgage Brokers SPF Private Clients have seen evidence that two year swap rates have seen a dip since after the Bank of England’s Base Rate failed to increase in early April. Put simply, a swap rate indicates the expectation that a bank is able to lend and borrow in a particular time period. ...
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The housing market is still thriving however the rate of applications for mortgage has been up and down recently. According to the latest figures, the rate of mortgage approvals has shown that April was a strong month and is up in terms of year-on-year figures. Although the rate approval rate was up, this was mainly down to re-mortgages rather than first-time buyers however, the overall approval rate was up by 30% on the previous year. It was good news for the mortgage market as the previous month of March has shown that the amount of mortgage approvals ...
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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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