The typical homeowner is paying £2,829 more on their mortgage each year than they were in 2022 thanks to rocketing interest rates.
Read MoreBriton’s average annual mortgage bill soars £2,800 in just two years due to rocketing rates
Tag: bank of england
Interest rates will go down gradually, says Bank of England
The Bank of England has warned economic and global trade uncertainty has “intensified” as it held UK interest rates at 4.5%.
Read MoreInflation rises to 3% – what it means for your mortgage, pension and more
Inflation has risen again after falling in last month’s reading – it is at the highest level in 10 months
Read MoreSome mortgage rates cut below 4% as competition picks up
Two major lenders launched mortgage deals on Thursday with interest rates of less than 4%, as competition picks up in the sector.
Read MoreAdvice for first-time buyers facing ‘stiff competition’ for homes
First-time buyers are being urged to save ‘that little bit extra’ for a deposit as analysis showed there was tough competition for the homes in their price range.
Read MoreMortgage price wars heat up as five major lenders cut interest rates after Bank of England decision
Yorkshire Building Society, Halifax, Santander, and Virgin Money have all unveiled rate cuts across their product ranges.
Read MoreInterest rates: What does a 0.25% cut mean for your mortgage, savings and bills?
The Bank of England (BoE) have today announced their base rate is to be cut 25 basis points, leaving the Bank Rate – what we might simply call the interest rate – at 4.5 per cent, the lowest it has been in the UK since mid-June 2023.
Read MoreWill UK Mortgages Get Cheaper in 2025?
Earlier this week we published an outlook for UK house prices. Now we look at mortgages, a key driver of housing market activity. Without the £1.7 trillion of mortgage finance, the whole ecosystem can’t function effectively. And that financing suddenly got more expensive in 2022 after a rapid increase in interest rates. While mortgage rates started to fall in 2024, there are some risks to the narrative that affordability will improve significantly this year. A surprise curveball has come from the UK government bond market in recent weeks.
Read MoreUK households set to wake up to £500-per-month hike in mortgage
UK households have been warned MILLIONS could see hikes to their mortgage repayments over the next three years.
Read MoreBudget fallout triggers surprise fall in mortgage approvals
The number of mortgage approvals made to home buyers dipped in November, although it remained above the monthly average seen over the past year, according to Bank of England figures.
Some 65,700 mortgage approvals for house purchases were recorded in November. That’s some 2,400 lower than October but above the previous 12-month average of 60,400.
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