Securing a mortgage in a volatile climate

On September 21st, the Bank of England raised the base rate to 2.25% which in turn has increased mortgage rates. The Bank of England may continue to increase interest rates in a bid to stem surging inflation to reach its target of 2%. The continued rises are unsettling both first-time buyers and those remortgaging, with …

The current mortgage market – our brief overview

The present uncertainty around mortgage rates and the general economic outlook has understandably caused some nervousness amongst buyers and homeowners. What is happening to mortgages? The Bank of England recently raised the base rate to 2.25% and made it clear that it is prepared to continue to raise rates in order to reduce inflation to …

House Price Update

Despite the general doom and gloom around the UK economy, the housing market continues to buck the trend. According to the Nationwide House Price Index, house price growth was up again in July, standing at 11% compared to 10.7% in June. After considering seasonal effects, prices rose 0.1% month-on-month, representing the twelfth successive monthly increase. …

Think about refinancing well in advance

On 4th August, the Bank of England announced interest rates would rise by 0.5% to 1.75%. This is the largest increase in 27 years. The decision was taken to try and curb the sharp hike in inflation, which stood at 9.4% in the 12 months to June 2022. With predictions this could rise to as …

Encouraging signs in the Spring property market

We may not be quite out of the Covid-19 woods yet but the easing of the related lockdown rules across the UK has brought a smile to the faces of many. There is much to celebrate in the property market too – with positive sales figures reflecting the ongoing trend for strong market conditions. According …

Government Launch 95% Mortgage Guarantee Scheme

A new raft of 95% loan-to-value mortgage products are being introduced to the market that are backed by the Government’s new mortgage guarantee scheme. Prospective homeowners – particularly those looking to take their first step on the home ownership ladder, will be able to access 95% loan-to-value mortgage products guaranteed by the government. Chancellor Rishi …

Government plan to rectify unsafe cladding

The Government’s pledge in February 2021 of an additional £3.5billion to help rectify unsafe cladding on high-rise buildings has been welcomed. Supporting people who find themselves living in a situation impacted by unsafe cladding could not be more important. There is understandably much keenness to implement the initiative quickly. In the wake of the Grenfell …

Extension of the stamp duty holiday

Chancellor Rishi Sunak has extended the current stamp duty holiday in his budget announcement on March 3rd 2021, giving a further opportunity for buyers to capitalise on the temporary reduction in rates. Since 8th July 2020, reduced rates of Stamp Duty Land Tax (SDLT) have applied to residential properties, a measure that was introduced in …