The economy depends on many factors to be able to remain stable and to ensure public confidence. Much of these factors rely on a delicate balance and it is far more complicated than can be offered with a simple explanation. One of the factors that can have a big impact of the economy and consumer confidence is the rate of unemployment. It has recently been announced by the Office for National Statistics that the number of unemployed in the UK has increased in the last three months to September to 4.1%. In the two months previous, the ...
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There’s been much speculation about the mortgage market and how the rise in the Bank of England’s Base Rate would affect the mortgage market. Although there has been rises and falls in approvals and application over the course of the year, the mortgage approvals for August have proved to have gone up. Compared to the previous month, statistics show an increase of 2.7% however year-on-year there has been a decline of 0.7%. August saw more than 66,500 approvals of which there was an increase in the amount of small deposit borrowers (those with less than 40% deposit) whilst ...
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It is a question often asked, ‘why are mortgage rates rising?’ and the answer is really a simple one. The economy has almost fully recovered since the recession almost 10 years ago, unemployment which once stood at 10 million is now under 4 million and house prices are also rising. Looking after the country’s economy is a skilled process and therefore, once an economic recovery is evidenced, the Bank of England will assess just by how much and how quickly rates can rise again. It was once thought that rates being lower than 5% wouldn’t be seen but ...
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It’s really easy to just assume that when you want to apply for a mortgage that you’ll just find the right house, fill in the relevant forms and hey presto, you’re on the mortgage ladder, right? No. There are a lot of boxes to tick when it comes to a lender granting you the mortgage that you require to purchase that dream home. The answer isn’t ‘well I’ll just keep applying until I get accepted’ as the more credit checks you have in a short period, the higher the chance this will get you refused credit anyway. The ...
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Whether you’re new to the mortgage market or you’ve had a mortgage for more years that you continue to remember then we thought we’d put together a quick guide to the most popular mortgage types. Fixed Rate: A Fixed Rate mortgage means mortgagee will see neither no increase or no decrease in the monthly mortgage cost throughout the term of the fixed deal. If the Bank of England Base Rate should change, the fixed term monthly cost will remain fixed. This is a great type of mortgage for those who like to budget each month and know exactly ...
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The mortgage market has been booming for quite some time now however more recently, the market has seen the rate of mortgage approvals drop for the seventh month in a row. Mortgage lenders approved 64,645 home loans in April this year, the lowest monthly figure since September 2016. This is well below average forecasts and as a result house prices have been seen to lower slightly. There has been a reduction in house prices amounting to 0.2% in the first quarter of this year. However, the amount of unsecured debt has risen by 10.3% in the last 12 months ...
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