Tomorrow, the Bank of England’s Monetary Policy Committee is expected to approve another rise in interest rates, which will be the 13th increase in the past 18 months. The Committee’s primary goal is to combat inflation, and it seems that interest rates will continue to rise if inflation remains an issue. However, this will have …
Mortgage brokers are calling for lenders to provide a minimum of 24 hours notice before withdrawing home loan rates. This request comes after TSB recently discontinued several mortgage products with less than four hours notice. The affected products included two, three, and five-year fixed rate house purchase and remortgage products, as well as certain two-year …
According to Rightmove, the average asking price for houses in the UK dropped by a mere £82 in June, despite the chaotic mortgage rate situation. However, demand from home movers remains strong, as indicated by the 6% increase in buyer demand compared to the same period in 2019. Over the past year, house price growth …
In the current market, mainstream lenders are no longer offering two-year fixed mortgage rates with an interest rate of less than 5%. This is due to the continuous rise in interest rates on home loans. Hanley Economic Building Society is the only lender still offering a two-year fixed rate under 5%, specifically at 4.85%. The …
Homeowners with a £300,000 mortgage are facing a potential increase of £13,200 in their annual payments by the end of this year, compared to 18 months ago. The recent analysis reveals that lenders have been quick to raise their rates and withdraw their mortgage offers in anticipation of the Bank of England potentially raising interest …
Over 100,000 Britons who have fixed rate mortgages that are ending this month are facing a significant increase in monthly repayments. The average two-year fixed rate has more than doubled from 2.59% in June 2021 to 5.90% today. This means that monthly repayments on an average house for a two-year rate taken out today would …