News
The Bank of England cuts interest rates for the first time in more than four years.
Base rate cut to 5% as inflation remains low and level-headedBorrowing costs are unlikely to decline sharply in several months, the Bank of England Governor said on Thursday, after the key rates were cut for the first time in 2020. To recap, the central bank cut the...
Mortgage Rates: How Do UK Interest Rates Impact You and When Will They Decrease?
Interest rates influence mortgage, credit card, and savings rates for millions of people across the UK.In June, the Bank of England maintained rates at 5.25% for the seventh consecutive time, even though inflation had decreased to its 2% target. Some economists...
The Bank of England reports that mortgage repayments are expected to increase for three million households.
Approximately 400,000 homeowners are projected to see their mortgage payments rise by more than 50%, according to the central bank's financial stability report. The Bank of England has stated that around three million UK households will face higher mortgage...
Labour Election Reaction: Focus on Development and Growth
Following its landslide election win, the property industry is urging the Labour Party to fulfill its promises regarding planning reform and increased housebuilding. The City's reaction to Keir Starmer's victory has been positive. On the FTSE 100 index,...
Bank Predicts Mortgage Costs to Increase for 3 million Homeowners
The Bank of England reports rising mortgage and rent costs impacting household savings and financial resilience, while UK banks remain well-positioned to support despite global uncertainties.According to the Bank of England, approximately three million households will...
Moneyfacts Report: Rate Hikes Outpace Cuts Among Lenders
Lenders are increasingly raising rates, with some reducing them and others withdrawing products. New and attractive mortgage deals are also entering the market.This week, the number of lenders raising rates on selected fixed mortgages significantly outpaced those...
Labour Proposes Mortgage Guarantee for First-Time Buyers
Labour pledges to make permanent a scheme for low-deposit mortgages, aiming to fulfill the dream of home ownership for first-time buyers.Labour has announced it will make permanent a scheme designed to ensure low-deposit mortgages are available for first-time buyers...
Average UK house prices rise following previous decline: ONS
The annual inflation rate for average UK house prices was 1.8% (provisional estimate) in the 12 months leading up to March 2024, compared to a revised estimate of -0.2% in the 12 months leading up to February 2024.This information is based on the latest data from the...
Falling Inflation’s Impact on Mortgages, Savings, Investments
Telegraph Money details how declining price increases will affect your finances.In April, inflation dropped to 2.3%, a welcome decline from March's 3.2%. Despite this, it remains above the government's 2% target. The decrease raises hopes for a Bank of England rate...
Three UK Banks Announce Reductions in Fixed-Rate Mortgage Costs
Barclays Bank, HSBC, and TSB announce reductions, reversing some of the price increases seen in recent weeks.The interest rate on a fixed mortgage remains unchanged until the deal expires, typically after two or five years, at which point a new deal must be chosen....
How do interest rates affect me, and when will they drop?
In May, the Bank of England maintained interest rates at 5.25%, but cuts are anticipated later this year. These rates influence mortgage, credit card, and savings rates for millions across the UK.An interest rate indicates the expense of borrowing money or the benefit...
Three Major Lenders Set to Increase Mortgage Rates
Learn about the latest developments as three major lenders, Nationwide, Santander, and NatWest, increase fixed mortgage rates. Gain insights from experts on navigating this evolving market.Three prominent lenders, including Nationwide, Santander, and NatWest, have...
How Will Mortgage Rate Hikes Affect the UK Housing Market?
Borrowers are transitioning from favorable two-year fixed-rate deals from early 2022, with the impact of higher rates diminishing throughout the year.Last week's economic data unfolded predictably. Core inflation dipped slightly more than forecast, while services...
Innovative Mortgage Scheme Targets First-Time Buyers with £5,000 Deposit
This pioneering £5,000 deposit mortgage, introduced this week, aims to bridge the gap for individuals encountering difficulties in accumulating traditional down payments. Unlike conventional five-year mortgage products, this scheme comes with a fixed interest rate of...
Impact of Mortgage Rate Hike on the UK Housing
Currently, borrowers are transitioning from favorable two-year fixed-rate agreements made at the onset of 2022, but the repercussions of elevated rates are expected to alleviate gradually throughout the year.
Make the Most of Your Family Income Benefit
How to Make the Most of Your Family Income Benefit Striving to ensure your loved ones maintain financial security in the face of unforeseen events? Family income benefit insurance provides a tax-free monthly income, safeguarding your family's lifestyle in your...
Guide to Income Protection Insurance
Ultimate Guide to Income Protection: Secure Your Future Navigating life's uncertainties can be daunting, but income protection stands as a steadfast ally, shielding you from financial hardship when illness or injury interrupts your earning ability. This insurance is...
Remortgage Calculator: Manage Your Mortgage
Remortgage Calculator A Comprehensive Guide to Managing Your Remortgage Considering remortgaging your property to release equity or lower your monthly repayments? At MortgageTek, a premier mortgage broker in Watford, we're dedicated to offering expert advice on...
Repayments
When it comes to purchasing a property, most people require a mortgage to finance their dream home. However, taking on a mortgage is a significant financial commitment that necessitates meticulous financial planning and consideration. One of the key factors to...
What mortgage can i afford?
When considering purchasing a property, one of the most crucial questions to address is, "What mortgage can I afford?" This query lies at the heart of prudent financial planning, guiding individuals towards a housing arrangement that aligns with their budget and...