by Gareth Adams-King | Oct 26, 2022 | Mortgage News
Rishi Sunak was confirmed as the new UK Prime Minister yesterday (25th October) and the mortgage industry has reacted positively to the news. Lenders have begun to reduce rates as the appointment of a former chancellor seems to have put the economic future in safer hands. Industry experts predict that Sunak’s ‘safe pair of hands’ will help the mortgage market navigate the last few months upheaval and instability and provide a pathway to a stable and sustainable future.
by Gareth Adams-King | Oct 18, 2022 | Mortgage News
The Centre for Economics and Business Research (CEBR) has revised it’s expectations for base rate following the chancellor’s U turn on the mini budget. Previous estimations had base rate reaching 6% but the revised figures now place a peak at closer to 5% for 2023. This is welcome news after a tumultuous few weeks in the mortgage industry and hopefully means mortgage rates will not continue to increase as they have through October.
by Gareth Adams-King | Oct 13, 2022 | Mortgage News
An analysis from Leeds Building society has concluded that housing is less affordable now than in 1999 when rates were around 15% (compared to an average 2 year fixed rate of 6.43% today). This is due to house prices continuing to increase and at present, the average mortgage accounts for 45.1% of disposable income compared to 11.3% in 1999.
by Gareth Adams-King | Sep 30, 2022 | Mortgage News
The Welsh Government has confirmed that LTT (Land Transaction Tax, the equivalent of stamp duty in Wales) has been increased from £180,000 to £225,000 as of 10th October 2022. This means that those buying properties for less than £225,000 will pay no LTT providing it is the only property they own. There has also been a n increase in LTT for homes between £225,000 and £400,000 which has been raised from 3.5% to 6%.
by Gareth Adams-King | Sep 29, 2022 | Mortgage News
The Government’s mini budget introduced Stamp Duty cuts which could save the average homebuyer in England up to £2,500 and first time buyers around £8,750 according to the latest house price statistics. The difficult market conditions following the Bank of England Base rate increase means this is a welcome change for many people looking to get on the property ladder.
Recent Comments