With the Bank Governor hinting at an imminent rise in the Bank of England’s Base Rate this could see the end of so many of the super cheap mortgage deals that have been on offer for some time now. A rise in the base rate would mean that many mortgage providers would be likely to withdraw the extremely low rate offers and in turn replace them with ones that wouldn’t see as greater saving. Already, 7 of the UK’s biggest names in mortgage lending including Nationwide and Yorkshire Building Society have withdrawn their super cheap offers and replaced ...
Read more
In light of recent news about inflation running higher, there is a strong chance that an interest rate hike is on the cards. It would be the first Bank of England rise in the base rate for a decade and economists are predicting a rise as early as November this year. If a rise in the Bank of England’s base rate should occur, then it will see lots of homeowners with a mortgage face a rise in their monthly repayments. Anyone who is on a variable rate or a tracker rate mortgage will see the increase whereas ...
Read more
Throughout the second quarter of the current year, mortgage lending was seen to increase throughout the UK. Much of the trend appears to come from the increase in the amount of mortgage approvals in London as well as a big jump in the amount of First Time Buyers in Scotland. It’s considered a very positive sign that there was an increase in both remortgages and First Time Buyers throughout the country. The strongest increase was seen in Wales, where the region had its strongest second quarter since 2007. Overall, First Time Buyers borrowed £11 billion, an increase ...
Read more
It has been announced by Your Move Index that during the month of June, house inflation fell to a 4 year low with prices increasing by a mere 2.9%, a drop of 9% on the previous month. It would appear that the housing market is taking a moment to settle whist when June 2017 is compared to the same month in the previous year, house prices have still risen overall by £8,433, taking the average house price in the UK to £298.906. Overall, there were rises and falls seen across all parts of the country but generally those ...
Read more
It has been announced by Spanish Banking group Santander that they are to restrict lending amid fears of the amount of personal debt that is on the increase throughout the UK. The type of lending that Santander are referring to is not just in relation to mortgages but also in relation to loans being used to fund vehicle purchases. Interest rates have remained at a record low however, the amount of personal debt owed by individuals throughout the UK is increasing rapidly. As interest rates cannot remain low forever, lenders will understandably be concerned about repayments being ...
Read more
Figures for last month showed that mortgage lending had increased by 9% on the previous month of May. Although the amount of lending isn’t quite as buoyant as it has been, the increase in lending in June is 3% higher than that of June 2016. It is suspected that many consumers have tightened up on spending since the increase in inflation and therefore confidence in the economic outlook is thought to be weakened. As the housing market and the economy are closely linked, the amount of applications received by mortgage lenders can often dip and so the UK ...
Read more
Although mortgage rates are some of the lowest on record, mortgage fees are a different story. Mortgage fees for those looking to remortgage have hit a four-year high with many homeowners paying in excess of £1000 in fees. The same month of July last year saw the average fixed rate mortgage at £986. Too often, people are all too focused on the interest rate rather than looking at the bigger picture. Key Facts Information is provided with all mortgage offers and should be studied carefully, asking a Mortgage Broker or Adviser to fully explain the costs and to draw ...
Read more
When it comes to making one of the biggest purchases of almost anyone’s life time, you want to ensure that it all goes smoothly and that you get the best, and right, deal for you. Many people consider cutting out the middle man when it comes to moving house as there are already many costs involved however it may be worth reconsidering as using a Mortgage Broker can ease the worry and make getting the right mortgage for you a walk in the park. A Mortgage Broker is a professional and is also on your side when trying ...
Read more
Barclays have recently announced that they’ve made some alterations to their requirements for lending. It is not rare for lenders to regularly give consideration to lending criteria and make alterations where they feel it necessary. These alterations can come as a result of such events as a change in interest rates, the economic outlook as well as many other triggers. In the case of Barclays, they are changing their residential and buy-to-let affordability policies around annual bonuses, pension contributions and child benefit. The main changes are outlined below: Barclays are removing the £75,000 minimum income threshold for using ...
Read more
With so much debate over what it going to happen with the interest rates many people have been unsure as to what they should do with their next mortgage deal. Are rates going to go up any time soon? Should we make the most of it until an announcement is made? Well if you’re tempted to enter into a fixed rate then look no further than HSBC! HSBC’s latest offering sees a 5-Year Fixed deal at the lowest rate currently on the market, an eye-wateringly low 1.69%. The offer is available to those with a 40% deposit with an ...
Read more