The Bank of England has once again announced an increase in interest rates. The 3rd in 4 months. If you are putting off reviewing your mortgage or you are coming off a special rate in the next few months then now is the time to act. Analysts are predicting worse to come.
Mortgage prisoner is a term heard more often these days, what does it mean? Simply put it refers to those borrowers who cannot due to either current lender restrictions or affordability requirements switch to a different product or lender for a better deal.
Following the financial crisis, stricter affordability requirements for mortgages were introduced. The changes introduced in 2014 made it significantly more difficult for borrowers to obtain a mortgage, those that could often weren't able to buy a house in the price range they wanted. The BoE is now considering changes.
I get quite a few questions and comments from people who want to purchase a property with issues, whether that be interior condition, dry or wet rot, structural concerns and so on. How easy is it to get a mortgage in these circumstances? Well, it depends.
In February 2022 the Bank of England increased interest rates for the 2nd time this year. What few are talking about is the impact on the mortgage stress rates banks need to apply.
An interesting property located in Bathgate. A ranch style with its own unique decor is on the market for £2.5m, currently owned (maybe) by previous Love Island contestant Anton Danyluk.
When it comes to mortgages, what is a flying freehold? It's explained here.
A question received on Buy To Let, the visitor has been struggling to get a BTL mortgage with lenders insisting that he provides proof of his own income and outgoings, why?
The money charity produced monthly statistics on the various financial elements of the UK population. They have been doing this since 2005 and makes quite interesting reading. Here is the latest form from December 2021.
Happy new year to all visitors, I hope your mortgage-related year is a good one.
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