Interest-Rates.Info

A woman who bought a house at 25 has revealed she was able to qualify for a home loan by cancelling her Afterpay account.

Bridget Carkeet, now 28, bought a four-bedroom house in Ipswich, 40km south-west of Brisbane, for $500,000 in 2021.

But to qualify for the loan, she had to close down her Afterpay and Zip Pay accounts.

‘They were not really in use but I still had them active,’ she told Daily Mail Australia.

Experts warn a credit card with a $15,000 limit – even if it has nothing outstanding – could cut your potential maximum available loan by $71,000 if it’s not cancelled.

Read More

More people will still be making payments well into the 70s and even 80s, it has been warned, with four in 10 set to pay mortgages well past retirement.

40 year mortgages will see OAPs weighed down with monthly repayments, it has been warned. More people will still be making payments well into the 70s and even 80s, it has been warned, with four in 10 set to pay mortgages well past retirement.

The Bank of England found just under 50 per cent of home loans issued in the fourth quarter of 2023 were for terms of 30 years or more. Pensions minister Steve Webb said he was “genuinely shocked” by the figures this week.

Read More

Since the start of September 2023, the average two-year fixed rate has fallen from 6.70% to 5.76% and the average five-year fixed rate has fallen from 6.19% to 5.34%. T

These average rates have, however, risen from 5.56% and 5.18% respectively since last month.

On a 10-year fixed rate mortgage, the average rate has risen from 5.82% to 5.98% since September 2023. The rate has risen from 5.87% since the start of February 2024.

Read More

Many cultures around the world regard the number seven as lucky, but that is unlikely to be the case at the offices of UK Finance.

Its most recent data for mortgage arrears and possessions — describing the fourth quarter of 2023 — shows a 7% increase for homeowner mortgages for the third time in a row. That brings the total number of houses in this unfortunate position to 93,680.

Read More

The Bank of England held its Bank Rate at 5.25% on 21 March, as was widely expected. It’s the fifth time in a row the Rate has been frozen since it rose to its current level in August last year.

The Rate had previously undergone 14 consecutive rises (between December 2021, when it stood at just 0.1%, and last August). The next interest rate announcement will be on 9 May 2024.

Read More