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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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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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