UK Mortgage & Property Related News
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.
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Four out of every 10 first-time buyers have had their first attempt at getting a mortgage turned down.
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First-time buyers can claim a stamp duty discount when buying a home. But the threshold at which you start paying is set to change from £425,000 to £300,000 on April 1.
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Getting that first foot on the UK property ladder can feel like an uphill struggle for first-time buyers with their dream home seeming tantalisingly out of reach.
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First-time buyers are rushing to purchase homes before the stamp duty they need to pay rises.
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First Homes launched in 2021 to help local first-time buyers and key workers onto the property ladder by offering new-build homes at a 30% – 50% discount.Â
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First-time buyers who are still living at home with parents are able to get onto the property ladder four-and-a-half years sooner than their renting counterparts, research from a broker found.
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As first-time buyers currently make up over a third of mortgage activity, Miller Countrywide estate agency is encouraging anyone aspiring to buy their first home to do their research and look at all the options available to help them take their first step onto the property ladder.
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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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Whilst affordability remains the biggest stumbling block for those wishing to get onto the property ladder, interest rates have reduced and there are plenty of mortgage options available for first time buyers, according to financial service Defaqto.
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