Tag: UK Finance
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BTL Mortgage Arrears Still Low Despite Small Rise – Should Landlords Be Worried?
The latest figures show a tiny increase in the number of landlords falling behind on their mortgage payments, but experts reckon it’s nothing to worry about. So is now a good time to grab a bargain? Read on… The number of buy-to-let (BTL) mortgages in arrears edged up by just over 0.5% in the second…
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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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Cheaper Mortgages on the Way – But Should You Wait for a Better Deal?
Mortgage rates are finally falling. But how low will they go, and is it worth waiting for an even better deal? After months of rising costs, there’s finally some relief in sight for mortgage holders. The recent Bank of England base rate cut to 5% has triggered a wave of reductions from major lenders like…
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First-Time Buyers Refuse to Be Shaken by Tough Housing Market
Despite soaring interest rates and a wobbly housing market, first-time buyers are refusing to give up on their dreams of owning a home. New figures show they are adapting to the tough conditions and snapping up properties, proving their resilience in the face of economic uncertainty. Over the past couple of years, anyone looking to…
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Interest-Only Mortgages Fall in Popularity
New data from UK Finance shows that the number of interest-only mortgages has fallen significantly in the last year. In 2023, there were 664,000 interest-only homeowner mortgages, a drop of 5.4% compared to the previous year. This continues a long-term trend – since 2012, the total number of interest-only mortgages has plummeted by a staggering…
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Credit Card Debt Could Wreck Your Mortgage Hopes, Experts Explain
Mortgage hopefuls are being warned about their credit card debt by experts, with new data revealing the true scale of borrowing in the UK. The warning comes as UK Finance, the banking trade body, revealed that outstanding credit card balances have shot up by 9.9% in the year to March 2024. That means almost half…
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Mortgages for Life? 40-Year Loans Leave First-Timers Facing Retirement Woes!
It’s the dream – owning your own home. But a new trend is putting the future of first-time buyers at risk. More and more people are taking out mortgages that last 40 years! This means they’ll be paying off their homes well into retirement! Why are people choosing these super-long loans? It’s simple, really. House prices are…
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Mortgage Meltdown – First-Time Buyers Gamble with 40-Year Loans
It’s getting harder to get on the property ladder, and now some first-time buyers are taking a risky gamble – mortgages that stretch for 40 years. New figures from UK Finance show that a shocking 21% of new home buyers are taking out mortgages that last longer than 35 years! That’s one in five people…
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Rise in First-Time Home Buyers – A Surprising Boost Amid Financial Forecasts
The UK housing market is witnessing an encouraging trend, especially for those stepping onto the property ladder for the first time. According to a recent analysis by Yorkshire Building Society (YBS) and business consultancy CACI, applications from first-time buyers (FTBs) have seen a substantial increase of 33% year to date. This significant rise highlights a…
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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…