Home buyers have seen their mortgage options halve in the last 12 months, with the number of loans available falling to a 10-year low. Mortgage availability has drastically diminished since the start of the coronavirus crisis and there are now 2,259 loans on the market, according to industry analysts Moneyfacts. […]
mortgage
Sharp rise in mortgage costs heaps further pain on first-time buyers
Mortgage rates for first-time buyers have rocketed in the wake of the Covid crisis, dealing a major blow to Boris Johnson as he promises to get a generation of young people on to the housing ladder. “Alarming” figures from the Bank of England show that borrowers with a small deposit […]
What will negative interest rates mean for my mortgage, savings and investments?
Will the bank pay me to borrow money? The vast majority of mortgages in Britain are taken out on a fixed basis meaning most homeowners would not see their rate change if the Bank Rate were to fall below zero. The biggest beneficiaries would be those on tracker and variable […]
How no-deal Brexit will affect mortgage rates and house prices
Upsizers could have lower mortgage rates A silver lining for homeowners is that your mortgage rate could stay low for longer. In March, the Bank of England dropped the Base Rate to a record low of 0.1pc to boost the economy. The added economic uncertainty brought on by a no-deal Brexit would make […]
Cut to mortgage deals as lenders panic over unemployment
One of Britain’s largest banks has cut its how much it will lend via mortgages in a move that will have wider ramifications for the housing market. Barclays has reduced the amount a borrow can receive as a multiple of their income. This will apply to new customers and even those already […]
How to get a mortgage: advice for first-time buyers
Banks are being much picker about who they lend to since the start of the pandemic. If you are rejected by one, that does not necessarily mean you can’t get a mortgage. It may be worth speaking to a mortgage broker, who will be able to hunt down specialist lenders […]
City watchdog signals end of mortgage payment holidays
Homeowners should not be offered further payments breaks if they are still struggling to pay their mortgage, the City watchdog has said. Since the start of the coronavirus pandemic, customers with mortgages, credit cards or personal loans have been able to ask their bank for a three-month repayment break if […]
landlords punished for taking mortgage holidays
Mark Webb, 49, a Bristol landlord, helped his tenants by passing on the payment holiday he took on one of his eight properties. However, he has since had mortgage applications for other properties repeatedly rejected. He feared he would be left paying higher interest rates as a result of helping […]
Mortgage lenders to review cladding rules after declaring homes ‘worthless’
Mortgage lenders will change rules which have made thousands of homes effectively worthless because of fears of flammable cladding – even on buildings where no cladding exists. The rules on cladding were tightened in the wake of the Grenfell Tower disaster in 2017, where flammable material on the side of the […]
Mortgage costs hit ‘record low’ but drag savings rates below 1pc for first time
Mortgage rates have fallen to a record low but this has caused further pain for savers, who have seen their average returns fall below 1pc. The Bank of England made two emergency cuts to the Bank Rate at the start of the coronavirus pandemic and this caused mortgage borrowing costs […]