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...House prices in Wales, Northern Ireland, the North West and the East Midlands have all grown by more than 40 per cent since 2016, ONS data shows....
...reduce their monthly payments may decide to lengthen their loan terms — in December the number of remortgages with terms longer than 30 years was 24 per cent higher than one year earlier, according to UK Finance...
...Simon Gammon, managing partner at broker Knight Frank Finance, said: “The recovery in housing market activity is taking hold despite an uncertain start to the year for mortgage rates.”...
...The Nationwide Index, for example, is based on mortgages approved in the month, while the official house price index tracks prices of completed transactions....
...director at trade body UK Finance....
...Simon Gammon, managing partner at Knight Frank Finance, said: “Demand for mortgages to buy homes has been rising since the new year and momentum will continue to build into the summer.”...
...In the UK Finance figures, buy-to-let loans or remortgages were down by 53 per cent....
...Matthew Graham, a mortgage rates expert at industry website Mortgage News Daily, said that while some lenders do offer lower than average rates, often in combination with some high upfront costs, “it’s literally...
...But Chris Sykes, consultant at broker Private Finance, said the minimum five-year fix would allow borrowers time to work through any short-term fluctuations in property prices and for the mortgage balance...
...The share of UK mortgages in arrears rose to the highest level since 2016 in the last three months of 2023, according to Bank of England data underlining the impact of high mortgage rates on household finances...
...“What it does is give those people who can get hold of mortgage finance a bit more confidence to be able to do so....
...Could long-term mortgages with rates fixed for a decade or more be the answer? A Big Read investigates....
...Simon Gammon, managing partner at broker Knight Frank Finance, said: “At 1.23 per cent, the proportion of loan balances in arrears is still very low, but the pace at which it is rising will be a source of...
...The problem from the perspective of a markets and finance blog is that mortgage-market dynamics hinge on quantifiable and measurable metrics, whereas the UK rental market is more like a prisoner’s dilemma...
...Over the past few years UK policymakers have explored the idea of mortgages with an interest rate locked in for the term of the loan, along the lines of long-term products offered in countries like the US...
...The BoE said January’s “effective” interest rate — a measure of the weighted average cost — on newly drawn mortgages fell 9 basis points, to 5.19 per cent....
...is undermining the stability of the West Bank....
...As better fixed-rate deals become available, it is easier for buyers to plan their finances: the share of those taking out variable, tracker or discount mortgages fell from 36 per cent in November 2022,...
...A fifth of rented homes in Scotland, the north-west, East Midlands and West Midlands are located in markets where the average rent is £1,000 a month....
...Mortgage origination volume looks set to grow again in 2024 after falling to its lowest level in nearly 30 years, according to the Mortgage Bankers Association....
.../ From John Barstow, Pulborough, West Sussex, UK...
...This prompted some lenders to increase their mortgage rates in February....
...Tomer Aboody, director of property lender MT Finance, said high inflation and interest rates had weighed on the property market last year, but “better sentiment is expected with encouraging prospects for...
...The increase reflects broader growth of the country’s mortgage market. Central bank figures published this month show the total mortgage portfolio of Russian banks increased by 34.5 per cent last year....
...That’s why they have to react so quickly,” said Simon Gammon, a mortgage broker at Knight Frank. At the end of 2023 there was a rally in bond markets that prompted lenders to lower mortgage rates....
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