Category: Mortgages
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Mortgage Rate Hike Alert
Santander, Halifax, NatWest, the Co-operative Bank, and Principality Building Society have all declared they’ll be hiking their mortgage rates this week. This comes as a bit of a shock, especially since Santander has been known for offering some of the most competitive rates on the market. For instance, Santander’s cheapest two-year fix rate will jump…
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UK Mortgage Rates on the Rise – Best Options This Week
Securing an affordable mortgage has become a bit more challenging for UK house hunters. As mortgage providers hike their rates, the dream deals of below 4% have all but disappeared, making it crucial for prospective homeowners to stay informed about the latest shifts in the mortgage landscape. The End of Sub-4% Mortgage Deals Mortgage rates,…
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Mortgage Rates and House Prices Will Stabilise
The Office for Budget Responsibility (OBR) has provided a more optimistic forecast for UK mortgage rates. For those worried about rising mortgage rates, the OBR has some good news. The peak mortgage interest rate is now forecasted to hit 4.2% in 2027, a decrease from the previously predicted peak. Even more encouraging is that mortgage…
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Mortgage Fees on the Rise
The latest findings from Moneyfacts have shown the creeping costs associated with securing a mortgage. As of the end of February 2024, homeowners and potential buyers are facing an uphill battle with not only higher mortgage rates but also an increase in product fees. This financial double whammy comes at a time when many are…
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Mortgage Makeover – A Push for First-Time Buyer Inclusion
UK building societies have raised a red flag on the current state of the mortgage market, suggesting it’s become too challenging for first-time buyers to get onto the property ladder. The Building Societies Association (BSA), representing 42 societies with 26 million customers and assets over £500 billion, has voiced concerns that reforms implemented post-2008 banking…
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99% Mortgage Idea Abandoned
The Conservative Party has apparently abandoned its ambitious plan to roll out a 99% mortgage scheme, a move that was anticipated to be a cornerstone of the Spring Budget announcement. This policy was designed with the intent of enabling individuals with high incomes but limited savings to step onto the property ladder, yet it has…
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Homemover Mortgages at a 50-Year Low
Last year, the mortgage market experienced a significant slump, attributed to affordability pressures that made it increasingly difficult for individuals to secure mortgages. This trend is expected to continue into 2024, although there’s a glimmer of hope with projections suggesting a modest recovery in the first quarter. The tightening grip on household finances has seen…
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Barclays Shakes Up Mortgage Rates
Barclays has announced a revamp of its mortgage offerings, both for residential purchases and buy-to-let (BTL) properties. This change, effective from the 5th of March, could have wide-reaching implications for borrowers. Barclays has introduced a brand-new mortgage deal for those looking to purchase a home. If you’ve got your eye on a property and need…
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More First-Time Buyers Opting for Longer Mortgages
An increasing number of first-time homebuyers are committing to mortgage terms extending beyond 35 years, setting a new record as they grapple with rising borrowing costs. As the curtain fell on 2023, the property market witnessed a significant trend: nearly one in four first-time buyers chose mortgage durations that spanned over 35 years. This development…
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Interest Rate Cuts A Distant Reality, Warns Bank of England’s Chief Economist
In a recent address to Cardiff University’s Business School, the Bank of England’s Chief Economist, Huw Pill, shared insights that might have many Brits recalibrating their financial expectations. With interest rates being a hot topic for homeowners, savers, and investors alike, Pill’s analysis on the future of the UK’s monetary policy, suggests that any reduction…