Category: Mortgages
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Wave Goodbye to Bargain Mortgages? Rates on the Rise as Cheap Deals Disappear
The era of sub-4% mortgage rates seems to be drawing to a close. This shift comes as mortgage providers hike up their rates on new fixed deals, bringing an end to the more affordable borrowing costs that many had been enjoying. Here’s a round up of the latest mortgage market trends, what’s driving these changes,…
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Mortgage Rates On The Rise – Nationwide and Halifax Make Moves
Nationwide Building Society has just announced an increase in its mortgage rates. This marks the second time in just a month that the lender has decided to up the ante for both new borrowers and those already holding mortgages with them. And it’s not just Nationwide that’s adjusting its figures; Halifax is also tweaking its…
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“Own New” – Sub-1% Mortgage Rates Now Available for New Builds
Own New has unveiled a mortgage scheme that harks back to the near-record low rates of Autumn 2021. But there’s a catch – these dreamy rates are exclusive to new-build home buyers. Dubbed the “Rate Reducer” scheme, this innovative offer promises to make homeownership more accessible and affordable, especially for those willing to invest in…
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Mortgage Rate Hike from Nationwide
Nationwide, the country’s leading mutual mortgage lender, has announced a significant increase in interest rates for home loans. This decision puts additional financial strain on potential homebuyers and existing mortgage holders alike, with rates set to rise from tomorrow. For those dreaming of owning their home, the climb might have just got steeper. Nationwide’s rate…
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Call for More Affordable Mortgages to Support UK Homebuyers
Propertymark is urging banks and financial institutions to introduce more affordable mortgage rates. This comes at a crucial time when inflation levels are beginning to stabilise, providing a golden opportunity for lenders to play a pivotal role in enhancing consumer confidence and making borrowing costs more manageable. Halifax has recently announced its decision to lower…
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Coventry Building Society Joins Rate Hike Bandwagon
Coventry Building Society has announced an imminent increase in its mortgage rates. This decision places additional pressure on aspiring homeowners, particularly at a time when many are already grappling with the rising costs of living. Starting from tomorrow, Coventry Building Society will elevate rates for all new residential and buy-to-let products aimed at new borrowers.…
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Santander’s 5% Deposit Scheme for First-Time Buyers
Santander has announced a new offering: 95% mortgages on new-build homes. Until now, the hurdle of gathering a substantial deposit has been a significant barrier for many. Traditionally, Santander required a 15% deposit for new-build houses and an even steeper 20% for flats. However, starting from Tuesday, this will change dramatically. Both houses and flats…
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Virgin Money Launches New Mortgage Scheme
Virgin Money has just unveiled a new mortgage product in partnership with Own New, designed to make the dream of owning a new build home more achievable for many. Dubbed the “Rate Reducer,” this new offering is set to revolutionise how prospective homeowners can afford their future homes. Making New Homes More Affordable As of…
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Halifax Surprises Market with Mortgage Rate Cut Amidst Rival Hikes
Halifax, the nation’s largest mortgage lender, has announced a cut in interest rates. This bold step comes just hours after several of its competitors opted to increase their prices, marking a significant departure from the trend. While the exact details of the rate cuts have yet to be unveiled, the anticipation is building. The decision…
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Remortgaging Boosts Activity in the UK Mortgage Market
The UK’s mortgage market is showing signs of life, thanks to a significant boost from homeowners choosing to remortgage. This surge is bringing a much-needed optimism to a sector that’s been craving a comeback, according to the latest findings from Octane Capital. Between October and December 2023, the mortgage market witnessed an encouraging increase in…