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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With the recent hike in the Bank of England’s Base Rate many people are seeking a better mortgage deal be in to release some equity from their home, move house or just save money each month. We cannot stress enough the importance of seeking professional financial advice before making any decision about your mortgage as what is right for one homeowner isn’t necessarily right for another. For those who aren’t familiar with re-mortgaging, a re-mortgage involves swapping from your current mortgage deal to a new one, either with the same provider or a different one, with the intention ...
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It’s been a runaway five years in regards to house prices, with a 28% increase in the cost of the average house in the UK. However, the forecast for house prices over the next five years indicate that the market will slow in terms of growth but that it won’t necessary go into decline. A popular estate agent has predicted that the housing market growth will half from 28% to 14% over the next five years which will be welcome news to those yet to get a foot on the property ladder. The slowdown is thought to ...
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If you’re not aware that there has been a rise in the Bank of England Base Rate, then where have you been? As many had already predicted, there was an increase in the Bank of England’s Base Rate back in November this year which many lenders immediately passed on to their customers who held mortgages. The interest rates had been at a record low and many mortgage holders throughout the UK had taken advantage of such great rates. As 2017 draws to a close there is already talk about further interest rate hikes being likely throughout 2018. ...
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For First Time Buyers, the struggle to get onto the housing ladder is, for most, a big one. Be it struggling to save the deposit for just being accepted for a mortgage in the first place, there are a few hurdles to overcome. Additionally, there is also the issue of Stamp Duty to consider and despite a cut in Stamp Duty to First Time Buyers on the purchase of a house up to the value of £300,000 (£500,000 in London) recently being announced, there are rules still to be adhered to. These rules are more apparent if you’re ...
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It was in the recent Budget that Chancellor Philip Hammond announced that Stamp Duty for First Time Buyers would be scrapped on properties up to £300,000. The move comes after there has been widespread news about the difficulty young people face when trying to get onto the housing ladder. It was widely anticipated that there would be some announcement in regard to Stamp Duty in the Budget as the housing shortage in the country also looks to be addressed. For First Time Buyers, outside of London, a house purchase will be free of Stamp Duty on properties ...
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It didn’t really come as a shock last week when it was announced that the Bank of England had increased the Base Rate by 0.25%. The Bank of England base rate had remained at a record low and along with it had brought about many great mortgage deals. Many people took advantage of the great offers and have entered into a fixed deal giving them security for years to come. Whilst there has been a Bank of England base rate increase, mortgage rates are still historically low, and although many banks have passed on the increase to customers ...
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With a possible interest rate rise on the horizon, many people are keeping a close eye on the property market and waiting with baited breath as to what may happen next. In the meantime however, the housing market is still showing signs of growth, with the average asking price of a house rising by £3,432 on average in October. This significant increase is the largest seen in the same month in 2014 which measured 1.4%. The increase also continues the trend of a rise for every month of October since 2001. The average home in England and ...
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If you’ve been considering buying your first home, you’ve been looking to remortgage or even move house, then you’ll probably have questions about how much you can borrow and whether or not you’ll get accepted. Well, wonder no more, if you’d like to get an idea simply online then you can use a brand-new tool that has been launched by Experian Credit Agency. This new online tool takes the guesswork out of whether or not you may be accepted and also how much you can look to borrow. It works by estimating your chances of being accepted for ...
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