The average first-time buyer would have to save half of their earnings for almost a decade to afford a deposit, new analysis by the Home Builders Federation (HBF) has revealed.
Read MoreFirst-time buyers face a decade of saving for a deposit
Category: Mortgage
Surge in mortgage borrowers aged 70 and over
Nearly £2 billion in mortgages were taken out by borrowers over 70 in the year to April, according to a study of Financial Conduct Authority data by TWM Solicitors.
Read MoreLenders cut mortgage costs despite Bank decision to freeze base rate
Mortgage lenders are cutting rates despite the Bank of England decision yesterday to hold the base interest rate at 5%.
The Bank’s Monetary Policy Committee voted by a majority of 8–1 to maintain the rate at 5% after making a cut of 0.25% last month.
Read MoreMortgage rates: When will UK interest rates fall again?
The Bank of England has kept interest rates on hold at 5%, but a further cut is expected later in the year.
Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK.
The first drop in rates for more than four years came in August, but borrowing costs remain high.
Read MoreInterest rates held at 5% but ‘on the path down’
Interest rates are “now gradually on the path down”, the Bank of England governor has said after borrowing costs were held at 5%.
Read MoreBase rate held – but with mortgage rates falling, should you fix now or wait?
Fixed-rate mortgage deals have gotten cheaper in recent weeks – and brokers say rates could still come down a bit more, despite the Bank of England’s decision to hold the base rate at 5%. So what, if anything, should you do about it?
Read MoreSantander data throws new light on first time buyer hotspots
Santander UK has identified the top rising neighbourhoods that first-time buyers are choosing to purchase in, as moving further away from family, friends and familiar places to get onto the property ladder becomes more common.
Read MoreShould I stick with my tracker mortgage with rates falling or move to a cheaper fix? DAVID HOLLINGWORTH replies
I’m on a Natwest tracker mortgage but can switch to a new deal.
I owe £31,000 to be repaid over the next five years and 10 months. It’s 6.04 per cent but will come down after the latest base rate cut from the Bank of England.
I earn £3,000 a month so have been making massive overpayment. Would I be better off staying on a tracker or fixing?
Read MoreJoint mortgages being used as ‘weapons’ for domestic abuse in ‘hidden crime’, charity warns
Joint mortgages can be used as a “weapon” by domestic abusers against their current or former partners, a charity has warned.
A report by Surviving Economic Abuse (SEA) said survivors of domestic abuse have been left with mortgage arrears, low credit ratings, and housing and economic insecurity.
Read MoreMortgage rates finally fall for first-time buyers – best deals compared
First-time home buyers and those with smaller deposits have received welcome relief after mortgage rates finally began to fall.
Nationwide, HSBC and NatWest cut their fixed rates on Friday amid “frenetic” competition between big-name mortgage providers. TSB did so for the second time in a week in a rare move.
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