David Burrows

England

Deputy Group Editor at Mortgage Strategy Magazine

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Articles

Housing costs ‘soared’ under uncontrolled migration: PM – Mortgage Strategy

2 days ago | mortgagestrategy.co.uk | Roger Baird |David Burrows

The Prime Minister said that housing costs “soared” under “Britain’s failed experiment in open borders that saw migration soar to one million a year”. Keir Starmer was speaking at a press conference this morning ahead of the publication of the Immigration White Paper, which will set out ways to curb migration. He pointed out that “uncontrolled” net migration reached nearly one million in the year ending June 2023 — four times the levels seen in 2019. Last year, net migration stood at 728,000.
Average two-year fix falls to lowest rate since 2022: Moneyfacts – Mortgage Strategy

2 days ago | mortgagestrategy.co.uk | David Burrows |Roger Baird

The average two-year fixed mortgage rate has fallen to its lowest point since the start of September 2022, before the Truss‘mini-Budget’. This is according to the latest Moneyfacts UK Mortgage Trends Treasury Report which reveals that the average two- and five-year fixed rates were last lower in September 2022 (4.24%) and November 2024 (5.09%) respectively.
Week sees more lenders dropping rates: Moneyfacts – Mortgage Strategy

5 days ago | mortgagestrategy.co.uk | David Burrows

The fixed rate cutting momentum on mortgages continued this week, with numerous lenders making cuts, including high street names. Moneyfacts finance expert Rachel Springall points out that overall, the reductions pushed the average two-year fixed rate lower to 5.14%, however the average five-year fixed rate was unchanged at 5.10% week-on-week, despite dropping slightly midweek.
BoE drive to fight inflation ‘unwavering’ despite rate cut: Bailey – Mortgage Strategy

5 days ago | mortgagestrategy.co.uk | Roger Baird |David Burrows

Bank of England governor Andrew Bailey said the central bank’s resolve to drive down inflation is “unwavering” despite yesterday’s quarter-point rate cut. “Our commitment to the 2% inflation target is unwavering,” said Bailey in a speech at the Reykjavík Economic Conference in Iceland this morning. The governor’s comments come after the Bank’s rate-setting Monetary Policy Committee voted to cut the base rate by 0.25% to 4.25% yesterday, the second reduction in the cost of money this year.
UK Finance reveals how family support impacts FTB market – Mortgage Strategy

5 days ago | mortgagestrategy.co.uk | David Burrows

New data from UK Finance emphasises the impact of family financial support in the first-time buyer (FTB) market – typically referred to as the ‘Bank of Mum and Dad’. UK Finance looked at assisted and unassisted buyers in terms of deposits, age, household income and purchase price in 2024 and found marked differences across these in each region of the UK.
Santander, Together and Gatehouse chop rates following BoE cut – Mortgage Strategy

5 days ago | mortgagestrategy.co.uk | David Burrows |Becky Bellamy |Roger Baird

Following the recent Bank of England base rate cut – by 0.25% from 4.50% to 4.25%, more lenders continue to tweak rates in response. Santander has confirmed that for existing customers from 3 June tracker products will go down by 0.25%. This includes the Follow-on Rate, which will go down by 0.25% to 7.50%.
Metro Bank posts net loans down 6% to £8.5bn in Q1 – Mortgage Strategy

6 days ago | mortgagestrategy.co.uk | Roger Baird |Becky Bellamy |David Burrows

Metro Bank posted first-quarter net loans down 6% to £8.5bn, from the previous three months. The challenger bank said the fall reflected a £584m unsecured personal loan portfolio sale to an undisclosed party in February, in a market statement. Its net loans are 28% down from a year ago after several portfolio disposals. The lender said that it “continues to strategically reposition its balance sheet towards higher yielding corporate, commercial and SME lending and specialist mortgages”.
Royal London Equity Release launches new broker portal – Mortgage Strategy

6 days ago | mortgagestrategy.co.uk | Becky Bellamy |David Burrows |Roger Baird

Royal London Equity Release has launched a new broker portal to streamline the case management process for advisers. The portal allows for adjustments, improvements, and troubleshooting. It also includes instant quote-to-application where advisers can generate and download key facts illustrations (KFIs) instantly and move straight to application, removing the previous 24-hour delay.
Rate reaction: Three-way split highlights MPC divide – Mortgage Strategy

6 days ago | mortgagestrategy.co.uk | Roger Baird |David Burrows

The decision by the Bank of England to cut the base rate by 0.25% to 4.25%, highlights a three-way divide among policymakers caused by shifting global trade. The Bank’s rate-setting Monetary Policy Committee voted in a 5-2-2 split to cut rates, with Swati Dhingra and Alan Taylor pressing for a larger 0.5%, while Catherine L Mann and Huw Pill were happy with the status quo.
What savings does BoE cut brings to borrowers? – Mortgage Strategy

6 days ago | mortgagestrategy.co.uk | David Burrows |Becky Bellamy

Data from UK Finance shows how the Bank of England’s decision to cut rates by 0.25% to 4.25% will impact UK homeowners with outstanding residential mortgages. This figures below show the average monthly payments and interest rates for various different mortgage types. Tracker – average balance outstanding £139,042.