Category: Mortgages
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Mortgage Rate Cuts from Furness Building Society
Furness Building Society has announced cuts to its fixed-rate mortgages for both residential and buy-to-let properties. The biggest drops are on two and five-year fixed-rate deals: These deals are available for loans up to 80% of the property value. So, for example, if you’re buying a £200,000 home, you’ll need a deposit of at least…
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Mortgage Limits are Blocking First-Time Buyers, Warns Industry Body
Tough mortgage rules are stopping hopeful homeowners from getting on the property ladder, according to a new report. The Intermediary Mortgage Lenders Association (IMLA), a group representing mortgage lenders, is urging the government to take action. They say the current rules are outdated and are blocking aspiring homeowners, especially first-time buyers. What’s the problem? One…
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Interest-Only Mortgages Fall in Popularity
New data from UK Finance shows that the number of interest-only mortgages has fallen significantly in the last year. In 2023, there were 664,000 interest-only homeowner mortgages, a drop of 5.4% compared to the previous year. This continues a long-term trend – since 2012, the total number of interest-only mortgages has plummeted by a staggering…
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HSBC Slashes Mortgage Rates
HSBC is cutting mortgage rates across the board from tomorrow, June 26th, offering some relief to both new and existing borrowers. This good news comes after months of rising mortgage costs and means cheaper deals for those looking to buy a home or remortgage. Here’s a breakdown of the changes: Residential Mortgages: Buy-to-Let Mortgages: Why…
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MPowered Cuts Mortgage Rates After Bank of England Holds
MPowered Mortgages has announced a major cut to its fixed-rate mortgages following the Bank of England’s decision to keep interest rates on hold. This means you could bag yourself a cheaper deal whether you are buying a new home or looking to remortgage your existing property. Here’s the lowdown: Two-Year Fixed Rate Deals: Five-Year Fixed…
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Barclays Cuts Mortgage Rates – Savings for Homeowners!
Good news for homebuyers and those looking to remortgage – Barclays is slashing rates on its fixed-rate mortgages! From June 25th, you could bag yourself a cheaper deal on a two- or five-year fixed-rate mortgage. Some rates are dropping by an impressive 0.31%, which could mean significant savings on your monthly repayments. Here’s a breakdown…
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Aldermore Makes Getting a Mortgage Easier for Contractors
Good news for anyone working as a self-employed contractor – getting a mortgage is about to get simpler! Aldermore bank has just announced a major shake-up to its lending rules, making it easier than ever for contractors to secure a mortgage. In the past, contractors often faced an uphill battle when applying for a mortgage.…
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Mortgage misery set to ease for homebuyers!
New figures show mortgage lending has plummeted to a 30-month low – but there’s light at the end of the tunnel! The latest figures show that getting a mortgage has become even tougher, with total mortgage lending collapsing to its lowest level since December 2021, when interest rates first began to climb. During the first…
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Virgin Money Mortgage Adjustments
Virgin Money has announced a mixed bag of rate changes for mortgage holders and prospective buyers. While some borrowers will be hit with increases, others will enjoy reductions on certain products. Here’s a breakdown: What’s Going Up? What’s Going Down? What does this mean for you? These changes highlight the constantly shifting situation in the…
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Mortgage Rate Rollercoaster Leaves Homebuyers Feeling Dizzy
Mortgage rates have been on a wild ride over the last six months, leaving those looking to buy a home or remortgage in a state of uncertainty. Despite the Bank of England keeping its base rate steady, the cost of mortgages has fluctuated significantly. This means that the interest you pay for your mortgage can…