Is the house market moving?
January may have been a rather damp drag so far but in terms of the property industry, things have been moving at a steady pace already this year. The Bank of England interest rate cut in December from 4% to 3.75% sparked renewed enthusiasm for property purchases. Further gradual reductions are expected in 2026, as […]
Shock increase in mortgage costs for UK households
Over 350,000 UK households on low-interest fixed-rate mortgages could see costs jump significantly in the next few months as previous deals come to an end. Nearly half of mortgages taken out in a post-Covid ‘bounce back’ from October 2020 to February 2023 were for five-year fixed-rate loans. Back then, the average rate was 1.88 per […]
Mortgage rate changes slowing down?
Borrowers waiting to see if interest rates go down before reviewing their property loans may be disappointed. This month we have seen some lenders increase their mortgage rates following the warning from the Bank of England governor Andrew Bailiey that potential interest rate cuts were ‘shrouded in uncertainty’. Of course the UK is reacting to […]
Mortgage Update: are you one of 700,000 households in the UK due to remortgage this year when your fixed-rate deal ends?
Recent reports in the media indicate that the recent sell-off of government bonds (or gilts) could keep mortgage rates higher for longer. Mortgage rates had been predicted to go down this year as many believed the Bank of England would cut interest rates. Instead, economists now forecast that the cost of borrowing will remain high […]
Mortgage Update: stamp duty changes
At the end of March 2025, stamp duty rates will revert to previous higher levels. In September 2022, the government reduced stamp duty thresholds to regenerate the housing market. These thresholds will now go back to their former levels. Any house purchase which completes after 1 April 2025, will be subject to the higher rates […]
Mortgage update: reduced central interest rate at long last
Those looking for a new mortgage were given some relief on 1 August when the Bank of England cut interest rates. The central bank’s Monetary Policy Committee voted to reduce bank rates by 0.25 percentage points to 5 per cent, the first time the rate has been cut since March 2020. While many analysts are […]
Why do doctors need specialist mortgage brokers?
There’s a misconception that because doctors tend to earn higher than average salaries, they do not experience difficulties when applying for mortgages. It comes as a surprise to many that the reality is rather different. Problems can occur because some lenders will not understand your banded remuneration package which can lead to confusion over the […]
Budget 2021: Property update
Chancellor Rishi Sunak announced an extension of the stamp duty ‘holiday’ until June 30. The tax break was due to expire on March 31. The government had also confirmed plans to bring back 5% deposits to help first-time buyers get on the ladder. Mr Sunak confirmed the return of 95% mortgages on properties worth up […]