Households set to pay a record £20,000 each on mortgage interest payments and other borrowing costs over the next five years, new analysis suggests Families will pay out a combined £556billion between now and March 2028 By Katherine Lawton Updated: 07:43 BST, 2 May 2023 Lib Dem leader Sir Ed Davey (pictured) said: ‘It is … Read more
Over 65s hold a record-high £2.6trillion worth of net housing wealth, new research suggests. About £2.2trillion is held as equity by owner-occupiers over 65, many of whom are mortgage-free, the findings by Savills claim. Many of these over 65s would have faced significantly higher interest and mortgage rates when buying a home than seen currently … Read more
Mortgage rates have risen sharply over the past six months, leaving over a million homeowners facing higher monthly payments this year when their existing fixed deal comes to an end. For those with substantial savings in the bank, an offset mortgage could be one way to reduce those costs. We take look at how this … Read more
Better news for homeowners as the best five-year fixed mortgage rate drops to 3.75% – but will deals keep getting cheaper? Platform is the latest lender to cut fixed rate mortgage prices since January Many experts now think rates could fall as low as 3% as lenders fight for business By Fran Ivens For This … Read more
The average home has tumbled almost £15,500 in value since house prices hit a peak in late summer, according to Britain’s biggest building society. The average house now costs £258,297, 5.6 per cent less than the £273,751 recorded in August, but property values remain 12.4 per cent higher than two years ago, according to Nationwide’s … Read more
Average UK property prices increased by 12.6 per cent in the year to October, up from a 9.9 per cent rise seen in the 12 months to September, official figures show. The average UK house price was £296,000 in October, which is £33,000 higher than this time last year and little changed from last month, … Read more
Earn money by spotting a derelict property: Sharp-eyed residents could help themselves to a nice financial reward By Rachel Rickard Straus, Financial Mail On Sunday Published: 21:50 GMT, 10 December 2022 | Updated: 09:51 GMT, 11 December 2022 Sharp-eyed residents could earn themselves a nice financial reward by reporting derelict houses in their neighbourhood to … Read more
Britons are increasingly putting their home buying or moving plans on hold and stashing their cash in fixed term savings as the cost of living crisis bites, new data has revealed. Net mortgage borrowing by individuals fell from £5.9billion in September to £4billion in October, according to the latest Bank of England figures. Mortgage approvals … Read more
Average five-year fixed mortgage rate falls below 6% for the first time in nearly two months as lenders drop their rates from October’s peak Five-year fixed rate average is now 5.95%, down from 6.32% on 1 November Two-year fixed average is 6.13%, down from 6.47% at the start of the month Lenders including Santander have … Read more
When the Bank of England’s Monetary Policy Committee raised its base rate by 0.75 per cent to 3 per cent earlier this month the reaction was muted. Some expected mortgage rates to rise in the wake of the decision, as they have each of the eight times the Bank has increased the base rate since … Read more
More lenders lower their mortgage rates: Natwest cuts interest by up to 0.6% on some deals as borrowing costs for homeowners continue to fall Natwest now offers a 5-year fixed deal for 5.38% down from 5.98% Lenders including HSBC and Virgin Money have also been reducing rates The cost of borrowing has fallen since Liz … Read more
The number of UK residential property transactions increased nearly a third year-on-year in July as buyers tried to outpace mortgage rate rises, official figures show. On a non-seasonally adjusted basis, total transactions came in at 110,970 according to HM Revenue & Customs. This is 32 per cent higher than July last year, and a 7.2 … Read more
The average house price in the UK hit a record high of £289,099 in May, but the market is showing signs of cooling, according to new figures from Halifax. The average price tag for a home jumped by £2,857 month-on-month in May, with prices rising one per cent. This was the eleventh consecutive monthly increase … Read more