UK Mortgage & Property Related News
One of the biggest rate increases see the 85% loan to value (LTV) two-year fixed rate switcher – high value residential product with a £1,495 going up by 30 basis points to 4.03%.
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Chief economist Pill says action will be needed to bring down inflation over longer term.
The Bank of England’s chief economist said on Wednesday that plans by Liz Truss for a freeze in energy bills for households and businesses was likely to force the central bank to raise interest rates despite bringing down the rate of inflation in the months ahead.
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Both brokers and clients are increasingly frustrated at last-minute product withdrawals, with brokers feeling personally responsible if a customer loses a deal.
The fact that many lenders are frantically pulling product ranges off the shelves with the promise of a quick relaunch is hardly an industry secret.
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Although starting a new job does make it more difficult to get a mortgage, it’s by no means impossible, but a lot depends on your previous work history, how long you’ve been in your new job and whether or not you have a probationary period.
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Many who don’t have fixed-rate mortgages or whose deals are ending now finding their bills rising rapidly as a result of higher interest rates.
With more rate rises on the table for the rest of the year, now is a good time for homeowners to find a new deal, and for house-seekers to lock down a decent rate.
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Homeowners have suffered a £200-a-month rise in mortgage repayments as the average rate for a two-year fixed-rate deal hit 4.09% – a near 10-year high.
This interest rate is the highest recorded since February 2013, with the rate being just 2.45% a year ago.
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Most brokers in recent years have tended to advise borrowers to take a two- or five-year fixed rate mortgage.
People can sometimes look at longer-term products, for example 10-year fixed rates, with a perception of being stuck with it unless they buy their way out.
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For capital and interest mortgages up to 75% loan-to-value (LTV), NatWest has increased its maximum LTI multiple to 5.5x income for a single applicant earning over £75,000 or joint applicants earning more than £100,000 combined.
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The residential sector was in at second place with 30% of the month’s changes followed by bridging with 23%.
The most searched-for criteria within the BTL sector was once again lending to limited companies followed closely by brokers searching for lenders who would accept first-time landlords.
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The average new two-year fixed rate has increased by 0.14% since the start of this month, and now stood at 4.09%. This is the first time the average figure has broken through 4% since early 2013.
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