Tag: Mojo Mortgages
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Longer Mortgages Could Cost First-Time Buyers an Extra £110k
First-time buyers face the crushing reality of paying off their mortgages well into their retirement years, new research reveals. The average first-time buyer is now a ripe old 33 years and 8 months old when they finally get their foot on the property ladder. And with mortgage terms stretching out for an average of 30…
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First-Time Buyers Feel the Pinch as Lenders Fail to Pass on Interest Rate Cuts
While interest rates on mortgages have been dropping this summer, first-time buyers with small deposits aren’t seeing the benefits. This is according to consumer group Which?, who found that lenders are offering significantly smaller rate reductions to those with the smallest deposits. For example, between July 1st and August 8th, the best five-year fixed-rate mortgage…
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Repossession Risk Rises as Mortgage Costs Soar
Recent data has revealed that an alarming number of homeowners are facing the threat of repossession in the UK. In the first quarter of 2024 alone, there were 870 mortgaged homes repossessed due to the ongoing cost of living crisis. A staggering 32,000 properties are currently at risk, indicating a significant upturn in financial distress…
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Mortgage Squeeze -Average Payments Up By Over £5,000!
Homeowners across the UK are facing a severe financial crunch as average mortgage payments have jumped by £5,484 annually. The sharp increase in mortgage rates over the past 2 years has left many reeling under the pressure of higher monthly expenses. According to data from Mojo Mortgages, the average mortgage rate for remortgaging in April…
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North vs South, A Tale of Two Housing Markets
The contrast between what the average national house price can buy you in the north versus the south is striking. According to a recent study by Mojo Mortgages, while £261,000 might secure you a spacious detached home in some northern cities, it barely affords a one-bedroom flat in the south. The analysis examined over 3,200…