Tag: Bank of England
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House Hunters Back in the Game at Auctions
The property market is looking a bit brighter, with more homes going up for auction and buyers battling it out to snap them up. However, experts warn that it’s still a tough market out there. According to the latest Propertymark report, there was a surge in the number of properties available at auction in the…
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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 They say the current rules are outdated and are blocking aspiring homeowners, especially first-time buyers.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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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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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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First-Time Buyer Mortgage Nightmare – Payments Top £1,000 a Month!
Soaring house prices and interest rates have pushed the average first-time buyer’s monthly mortgage payments to over a grand, leaving many struggling to get on the property ladder. It’s tough out there for aspiring homeowners! The latest figures from Rightmove paint a grim picture, revealing that the average monthly mortgage payment for a first-time buyer…
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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…
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Mortgage misery set to continue as Bank of England freezes rates AGAIN
The Bank of England has decided to keep interest rates on hold at 5.25% for the seventh time in a row, dashing the hopes of homeowners looking for a break from pricey mortgage payments. This news comes despite the fact that inflation has finally fallen back to the Bank’s target of 2%. So, what does…
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ONS House Prices – April 2024
The average UK house price has reached £281,000, according to latest statistics from the ONS. While this marks a slight increase of 0.3% from March, the annual growth rate has slowed to a modest 1.1%, hinting at a shift in the market. Is the property boom finally losing steam? The latest figures from the UK…
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House Buyers Desert Market as Mortgage Lending Hits Rock Bottom
Mortgage lending has plummeted to its lowest point since interest rates began their relentless climb back in 2013, leaving those hoping to buy a home stuck in the doldrums. A new report from Octane Capital paints a bleak picture for the housing market, with total mortgage lending hitting a paltry £50.5 billion in the first…
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Will the Bank of England Finally Interest Cut Rates?
Homeowners across the UK are feeling the pinch as interest rates remain stubbornly high. With inflation expected to fall back to the Bank of England’s 2% target, many are hoping for some much-needed relief. The big question on everyone’s mind is: will the Bank of England finally cut interest rates? The latest figures show that…