The housing market needs first-time buyers to keep it moving. While the average age of first-time buyers has been creeping up and now stands at over 33 years of age, the number of buyers has dwindled, falling by more than 10% between 2021 and 2022. People are finding it harder and harder to make the …
News
Mortgage market review
In a month where inflation remains stubbornly high, The Bank of England’s Monetary Policy Committee (MPC) continues to revise monetary policy to meet the 2% inflation target. At its meeting this month the MPC voted to increase Bank Rate by 0.25 percentage points, to 4.5%. This is the 12th consecutive rise in interest rates. The …
Six major lenders update their cladding criteria
In the period since the tragic Grenfell Tower fire of 2017, understanding unsafe cladding has been a key issue when it comes to mortgages. Many of those living in similar buildings have been unable to remortgage or to sell their properties. Steps taken in response to the Grenfell Tower tragedy understandably resulted in revised regulation …
Getting you through the mortgage maze. Prepare, seek advice and get ahead
With hundreds of mortgages available, it can be daunting getting started on the journey to securing a mortgage. There are many things you can do to make the process as easy as possible. Here we will highlight some of them. Preparation Get your paperwork in good order. Having the information to hand from the outset …
Why use a mortgage broker?
How many times does the average person in the UK move house? Surprisingly, according to a recent poll from Zoopla it’s only once every 23 years. This has risen dramatically since the late 80s when the average was a little under nine years. Given this and the fact that about 85% of current mortgage stock …
Mortgage Outlook for 2023
All experts are predicting a bumpy ride for the economy in 2023. However, even just a few weeks into the year, we are beginning to see more positive signs that the picture won’t be as gloomy as was forecast at the end of last year. While consensus is that the UK will go into recession, …
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 …