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The Bank of England will axe a key mortgage affordability guideline designed to prevent people from financially overstretching. Following its latest review of the mortgage market, the central bank’s Financial Policy Committee has confirmed that from 1 August the affordability stress test making lenders pit borrowers’ finances against their high standard variable rates plus 3 … Read More “Mortgage affordability test to be axed by the Bank of England” »
How bad would the mortgage crunch be for you? As rates rise rapidly, SIMON LAMBERT on checking the cost if you had to fix now By Simon Lambert for Thisismoney.co.uk Published: 01:00 EDT, 16 June 2022 | Updated: 01:00 EDT, 16 June 2022 How bad would the mortgage crunch be for you? The rapid rise … Read More “How much would your mortgage rate rise by if you had to fix now?” »
Homeowners could save thousands of pounds by using a little-known mortgage trick. And the timing couldn’t be better as borrowers brace for the Bank of England to hike interest rates to a 13-year high tomorrow. Around 1.5 million fixed-rate home loans are set to expire this year, according to banking trade body UK Finance. Mortgage … Read More “The little-known mortgage trick that could save you thousands” »
Views: Phil Spencer thinks a ‘bottleneck’ exists in the UK’s housing market due to low listing levels We asked Phil about property prices, tips for first-time buyers and the thorny subject of overdevelopment in certain parts of the country. Home moving While the process of moving home ‘should be an exciting process’, problems typically crop … Read More “Phil Spencer on property prices and top tips for home movers” »
The typical price of a property increased £ 27,000 in the year to February, new figures from the Office for National Statistics show. Prices jumped 10.9 per cent, up from a 10.2 per cent rise seen in the year to January. As a result, the average price of a home was £ 277,000 in February, … Read More “House prices up 11% in a year to add £ 27k to a home, ONS says” »
Five and 10-year fixed mortgages are being offered at cheaper rates than two-year fixes at one major lender, as people seek to lock in monthly payments for as long as possible due to the cost of living crisis. Halifax has today launched a two-year fixed rate of 2.54 per cent with a £ 995 fee, … Read More “Five year fixed mortgages can now be found cheaper than two-year fixes” »
Average rents set to become cheaper than mortgage repayments for first time in 14 YEARS – here’s why it could be a sign of a pending recession … Monthly rent set to be more expensive than mortgage payment by early 2023 That’s according to a paper by research consultancy Capital Economics It put the change … Read More “Rent to become cheaper than mortgage for first time in 14 YEARS” »
More than a fifth of homes are being sold within a week of coming onto the market, says Rightmove, as it revealed asking prices had hit another record high. The average asking price of newly-listed homes climbed a further £ 5,760 to £ 354,564 in the month to mid-March, said the property listing website. Rightmove … Read More “A fifth of homes sold in a week, says Rightmove, as asking prices climb again” »
‘Disorganized buyers will miss out’: Three in five properties now sell within 30 days, as competition for homes shows no sign of letting up In February, 61% of homes sold within 30 days according to OnTheMarket In Scotland, the rate was even higher with 75% of homes selling in a month Property agents say it … Read More “Three in five properties now sell within 30 days of being listed” »
Typical mortgage payments have risen by more than £ 800 a year in the past five months alone, according to analysis by broker L&C Mortgages. Looking at mortgages offered by the UK’s ten biggest lenders, it found that the interest rate on the average two-year fixed rate deal offered to someone with a 40 per … Read More “What to do if your fixed rate mortgage ends this year” »
