Tag: Bank of England
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Number of UK Mortgage Approvals Falls
In September, British lenders approved only 43,328 mortgages. This might sound like a big number, but it’s the lowest we’ve seen since January. This is an indication of how the property market is reacting to increasing borrowing costs. Interestingly, economists who were polled by Reuters had anticipated that there would be 45,000 loans approved for…
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Mortgage Rates Predicted to Dip Below 4% in 2024
Recent trends and expert opinions suggest that mortgage rates might decline below the 4% mark by summer 2024. Increasing numbers of homeowners and potential buyers are now fostering optimism about the property market, speculating that we might have crossed the peak of surging mortgage rates. Several brokers have intimated that to appeal to customers amidst…
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Expert Reactions to Zoopla House Price Index
The Zoopla House Price Index, one of the UK’s renowned barometers for housing market health, has recently highlighted some significant shifts. PropertyIndustryEye gathered the opinions of some leading experts. According to Zoopla, a combination of diminished demand and a decrease in buying power has led to a marked slowdown in the growth of house prices…
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Interest Rates Expected to be Held High Again
A recent survey of financial experts predicts that the Bank of England will maintain the base interest rate at 5.25% – the highest it’s been in 15 years. For context, over the last two years, policymakers at the Bank have increased the interest rate 14 times consecutively. This frequent uptick resulted in substantial mortgage cost…
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Mortgage Rates: a Glimmer of Hope
The previous year posed significant challenges for those looking to borrow. In the aftermath of Liz Truss’s mini-budget, mortgage interest rates surged, with the early part of this year witnessing rates that were quintuple what they had been two years prior. For many, this signaled a period of caution and reconsideration of their property-related decisions.…
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Bank of England Rates Predicted to Remain Steady
According to several economists, the Bank of England is predicted to maintain the interest rates at 5.25% in the upcoming week. This decision is set to be confirmed next Thursday. For those new to the terminology, this is often referred to as the ‘base rate’ – the interest rate at which the BoE lends money…
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The Ongoing Trend: Falling Mortgage Prices
Despite the suspense surrounding upcoming interest rate decisions, there’s a silver lining for potential homeowners and investors: the prices of fixed-rate mortgages are on a downward trend. This week, Coventry Building Society announced reductions in its mortgage rates, encompassing both residential and buy-to-let deals. This follows similar moves from Santander just days before. A Closer…
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Molo Introduces Non-Resident Buy-to-Let Mortgages
Molo Finance recently announced the launch of its non-resident buy-to-let mortgages, specifically crafted for international borrowers. This new product allows investors from around the globe to obtain a buy-to-let mortgage in England and Wales, expanding their investment portfolio without necessarily having a base in the UK. After successful pilot tests with selected broker firms both…
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More Mortgage Lenders Slash Rates in Ongoing Price War
The UK’s property market is witnessing an intense competition among mortgage lenders, with major players like Santander and Skipton making significant cuts to their mortgage rates. This move, seen by many as a reflection of the ongoing price war in the mortgage industry, is great news for prospective buyers and investors. It indicates more affordable…
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Where Are Interest Rates Heading?
Experts believe the Bank of England is likely to reduce the base rate to approximately 3% by the end of 2025, a significant drop from the current 5.25%. Although this indicates a downward trend, it doesn’t translate to an immediate or drastic reduction. Since December 2021, there has been a consistent rise in the base…