Category: Mortgages
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Mortgage Meltdown – First-Time Buyers Gamble with 40-Year Loans
It’s getting harder to get on the property ladder, and now some first-time buyers are taking a risky gamble – mortgages that stretch for 40 years. New figures from UK Finance show that a shocking 21% of new home buyers are taking out mortgages that last longer than 35 years! That’s one in five people…
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Fewer High-LTV Mortgages Available
The UK mortgage market has seen some changes, particularly for those looking to borrow with a smaller deposit. According to recent data from Moneyfacts, a leading financial product analyst, several high-loan-to-value (LTV) mortgage options have been pulled from the market in the last week of May. However, despite these withdrawals, the variety of available mortgage…
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Mortgage Rates Mostly Unchanged This Week
As reported by Uswitch, the average rate for a two-year fixed mortgage stands still at 5.89%, while the rate for a five-year deal has slightly decreased from 5.39% to 5.35%. These figures come in the wake of the Bank of England’s decision to maintain the UK interest rate at a 16-year peak of 5.25%. This…
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Stepping Into Your First Home – A Beginner’s Guide to Mortgages
The world of home-buying can be overwhelming, especially for first-time buyers looking for a mortgage. From enhancing your credit score to deciding the right mortgage for you, this guide will walk you through the necessary steps to securing your dream home. Understanding and Improving Your Credit Score Boost Your Credit Score: Your journey to homeownership…
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Coventry Announces Rate Cuts
Coventry Building Society has announced significant reductions in its fixed-rate mortgage offerings. This decision aligns with a broader trend observed among major lenders, indicating a shift in the mortgage landscape that could benefit consumers across the UK. Coventry Building Society, known for its customer-focused services, has made an adjustment to its mortgage rates, decreasing them…
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Extending Your Mortgage, A Relief or a Burden?
With the cost of living soaring and mortgage rates hitting new heights, homeowners across the UK are seeking ways to ease their financial pressures. One option gaining traction is extending the mortgage term. This means adding years to the original loan duration, which can lower the amount homeowners need to pay each month. However, the…
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Dudley Building Society Reduces Mortgage Rates
Dudley Building Society has announced reductions in its mortgage rates, impacting a variety of mortgage products from residential to buy-to-let options. Starting May 28, this could be the perfect opportunity for those looking to save on their mortgage costs or enter the housing market. Effective from the end of May, Dudley Building Society is rolling…
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Mortgage Rates Rise as Homebuyers Hustle
As the UK housing market continues to wobble, this week saw a climb in mortgage rates that has both first-time buyers and those looking to remortgage feeling the squeeze. With an unexpected election on the horizon and fewer rate cuts anticipated from the Bank of England (BoE), climbing the property ladder is becoming increasingly tricky.…
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Cheaper Mortgage Rates on the Horizon as Inflation Tumbles
Halifax and Santander have announced cuts to their fixed-rate mortgage deals. This decision comes on the heels of the latest inflation data which has shown a decrease. These rate reductions, taking effect this week, align with growing expectations that the Bank of England might lower its key interest rate this summer, despite the fact that…
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Atom Bank Raises LTV to 75% on £5 Million Commercial Mortgages
In a significant move to enhance support for the UK’s small and medium-sized enterprises (SMEs), Atom Bank has announced an increase in the maximum loan-to-value (LTV) ratio for commercial mortgages up to £5 million. This strategic decision raises the LTV cap from previous limits to a new high of 75%, paving the way for more…