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Feb 12, 2024 | 
yourmortgage.co.uk | Nick Cheek
Written By: Posted: 12/02/2024 Updated: 12/02/2024 Written By: Nick Cheek Posted: 12/02/2024 Updated: 12/02/2024 First-time buyers in the UK could see the annual cost of their mortgage go up by around £398 per year in 2024, research has shown. According to research from Octane Capital, the annual cost of mortgages for landlords could increase by £367 year-on-year.
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Feb 7, 2024 | 
yourmortgage.co.uk | Nick Cheek
Average mortgage rates across all loan to value (LTV) tiers have continued their downward trend, a report has found. According to Rightmove, the average five-year fixed mortgage rate is now 4.64 per cent, down from 4.77 per cent a year ago. The average two-year fixed mortgage rate stands at 4.97 per cent, a decrease from 5.10 per cent a year ago. At 60 per cent LTV, the average two-year fixed rate is 4.41 per cent, with the lowest rate at 4.17 per cent.
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Feb 2, 2024 | 
yourmoney.com | Nick Cheek
Around 1.1 million households will see a mortgage hike before a potential general election in November. According to research by the Liberal Democrats, which used Financial Conduct Authority (FCA) data, 1.1 million fixed rate terms will end between February and October, and of these, 700,000 fixed rate mortgages will expire between May and October. A typical homeowner will have seen their monthly mortgage interest payments go up by £240, equivalent to a 39% rise.
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Feb 1, 2024 | 
yourmoney.com | Nick Cheek
Written By: Posted: 01/02/2024 Updated: 01/02/2024 Written By: Nick Cheek Posted: 01/02/2024 Updated: 01/02/2024 Overall later life lending came to £2.6bn in 2023, a decrease from £6.2bn in 2022, and in line with similar levels seen in 2016 and 2017. According to the Equity Release Council’s (ERC) latest figures, the year saw 64,448 active customers taking out new places, making use of drawdown reserves or agreeing extensions to existing plans.
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Jan 31, 2024 | 
mortgagesolutions.co.uk | Emma Lunn |Nick Cheek
According to Cifas research, one in six UK adults has exaggerated their earnings to get a mortgage, or knows someone who has done so.
The fraud prevention service found that some people are prepared to dishonestly inflate their earnings by as much as £10,000, and even forge pay slips, in order to buy or remortgage a home.
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Jan 31, 2024 | 
mortgagesolutions.co.uk | Emma Lunn |Nick Cheek
Almost two thirds of first-time buyers are teaming up to purchase a home, according to Halifax.
The bank’s latest House Price Index shows that joint first-time buyers (two or more people) now account for 63 per cent of mortgage completions, while first-time buyers made up more than half of all home loans. High house prices also mean that people are typically 32 when they buy their first property, and there has been an increase in people buying flats rather than houses.
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Jan 30, 2024 | 
mortgagesolutions.co.uk | Nick Cheek
Mortgage Solutions takes its regular weekly look across the Atlantic and examines what’s going on in the US mortgage market.
Average rates in the US mortgage market rose marginally this week but remained well below seven per cent. In its latest Primary Mortgage Market Survey, the Federal Home Loan Mortgage Corporation (Freddie Mac) revealed that 30-year fixed rate mortgages averaged 6.69 per cent, up from last week when they stood at 6.6 per cent.
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Jan 29, 2024 | 
mortgagesolutions.co.uk | Nick Cheek
As part of the Change Makers initiative, Mortgage Solutions spoke to Andrew Montlake (pictured), managing director of Coreco about mental health challenges in the mortgage industry, why the sector must embrace diversity and how he feels to have been nominated as a Change Maker.
Andrew Montlake is a well-known figure in the mortgage industry with over thirty years of experience.
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Jan 29, 2024 | 
mortgagesolutions.co.uk | Nick Cheek
The later life lending space had a difficult 2023 after a record-breaking 2022. However, a panel of industry experts believe the best is yet to come for the sector.
The last 12 months for the later life lending market has been rather like that period of life in general – occasionally upbeat but often uncertain and with a number of aches and pains along the way.
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Jan 29, 2024 | 
mortgagesolutions.co.uk | Nick Cheek
Zoopla’s House Price Index shows that new sales agreed are up 13 per cent on 2023 as the housing market gets off to a strong start in 2024.
House sales agreed – a key measure of market confidence and activity – are up across all regions and countries of the UK in the first three weeks of 2024. According to data from the property portal, the average UK home is now worth £264,400, while in London the average property is worth £536,800.
