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...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...
...The Nationwide Index, for example, is based on mortgages approved in the month, while the official house price index tracks prices of completed transactions....
...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...
...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....
...Brexit and mortgage regulatory changes also played a role, according to Richard Donnell, executive director at property consultancy Houseful....
...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.”...
...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...
...In the UK Finance figures, buy-to-let loans or remortgages were down by 53 per cent....
...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.”...
...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...
...“What it does is give those people who can get hold of mortgage finance a bit more confidence to be able to do so....
...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...
...With Andrew Montlake, managing director of Coreco mortgage brokers, mortgage advisor Dan Knott, aka Dan Does Mortgages, and Rachael Sinclair, managing director for mortgages at Nationwide....
...director at trade body UK Finance....
...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 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...
...Listeners should do their own research before making any decisions about their mortgages or their finances in general....
...This prompted some lenders to increase their mortgage rates in February....
...When Tory ministers can no longer afford to pay their mortgages, you know the cost of living crisis has entered new territory....
...In the bank’s previous quarterly results in February, it set aside £450mn to cover the costs of an industry-wide probe of potential car finance mis-selling....
...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....
...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,...
...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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