Tag: property

Tory voters lost faith in the ability of Rishi Sunak’s party to manage the housing market ahead of the election, figures reveal.

A results breakdown shows the Conservatives haemorrhaging support to Labour and the Liberal Democrats in seats with the most mortgage holders.

It came despite inflation falling to the 2 per cent target and rate cuts expected this summer.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said mortgage holders were ‘unconvinced’ that Sunak’s plan to fix the economy was working.

The Bank of England began to hike rates in late 2021 to bring rising prices under control.

But the mini-budget unveiled by Liz Truss – who has now lost her seat – sent borrowing costs up in September 2022.

Rates are still at a 16-year peak of 5.25 per cent, which has piled on financial pressure.

Read More

The report says: “This marks the fifth consecutive month of rises. These rates remain slightly lower compared to December 2023. The average two-year fixed rate is slightly higher compared to January 2024.”  

Read More

Three more mortgage lenders have announced they are cutting mortgage rates, in another shift downwards for home loan costs.

Barclays, HSBC and Yorkshire Building Society have all reduced their rates, following Santander and Halifax earlier this week. 

Yorkshire BS has cut its mortgage rates by up to 0.2 percentage points.

Both HSBC and Barclays’ rate changes mean they offer some of the lowest interest rates on the market.

HSBC is offering a 4.39 per cent five-year fix to those remortgaging with at least 40 per cent equity in their home. The deal comes with a £998 fee. 

For those buying with a 25 per cent deposit, HSBC is now offering the lowest rate on the market.

Read More

Mortgage rates between 3.5% and 4.5% will be the “new normal” even after base rates begin to fall, says the head of the UK’s biggest home loan lender.  

“We have just come off a decade where mortgages have been in the 1.5% and 2.5% range,” Lloyds Banking Group chief executive Charlie Nunn told Sky News.  

“The expectation that markets have is that interest rates won’t get below 3.5% — and that means that the new normal for mortgages will be in that 3.5% and 4.5% range.”  

Nunn warned that these rates will not come to market until the Bank of England begins a series of base rate cuts.  

The base rate has remained at a 16-year high of 5.25% since last August. The last time the central bank cut rates was in March 2020. 

Read More

High street lender Natwest will cut new business and existing customer rates by up to 0.23%, including purchase and remortgage deals.

On the purchase side, Natwest’s two- and five-year deals will fall by around 0.12% and 0.23%. This includes its fee-free two-year fixed rate at 95% loan to value (LTV), which has fallen from 6.27% to 6.04%.

In its remortgage range, two- and five-year deals will fall by around 0.08% and 0.13%. Its two-year fixed rate at 80% LTV with a £995 fee will go down from 5.66% to 5.53%.

Purchase and remortgage high-value deals will contract by around 0.1% and 0.13% respectively.

Within Natwest’s first-time buyer range, cuts of around 0.05% and 0.06% will apply. An example includes its five-year fixed rate purchase with no fee and £250 cashback at 90% LTV falling to 5.02%.

Read More

With the cost of living continuing to apply mounting pressure onto people’s wallets, many homeowners may be concerned with paying their mortgages.

If you feel that you’re barely struggling with keeping up with your mortgage payments, there are some things you can do to help you manage. Experts at Citizens Advice have highlighted that looking for a new mortgage deal might not be the best option.

They noted that it may be difficult “to find new mortgage deals at the moment”, but this doesn’t mean that you can’t still save money in other ways. It’s important to note that if you have already missed a mortgage payment, you should prioritise paying what you owe as growing debt can result in a lender taking you to court and ultimately lead you to losing your home.

Read More