But now the FCA wants to change rules to allow lenders to relax checks for mortgage prisoners if they pass a number of conditions, based on whether they are with an active or unactive lender. There are 120,000 customers with firms that are unregulated and a further 20,000 mortgage customers with firms that are no longer lending. For the further 10,000 who are with active lenders the FCA has already agreed a deal which means they can move to a better rate with their existing lender as long as they are up to date with payments, have two years left on their mortgage and up to £10,000 to pay off. If the FCA goes ahead with the rule change for mortgage prisoners it means the remaining 140,000 would be able to apply for a new home loan under an easier affordability test. This test would look at whether their new mortgage costs are more affordable than their current one. In theory it would allow people to move to a cheaper mortgage, although it may not apply to all the 140,000 … [Read more...] about Up to 140,000 mortgage prisoners to get better home loan deal under rule change
Best remortgage deals uk
Brexit is battering the UK property market, pushing it to its weakest level in more than six years, with almost half of surveyors reporting that sellers and buyers are sitting tight because of political uncertainty. The Royal Institution of Chartered Surveyors (Rics) said its monthly indicators for demand, supply and prices fell to multiyear lows in November. The number of people looking for a new home fell again, with many surveyors attributing this to Brexit uncertainty. The net balance of -21%, down from -15% in October, was the lowest since September 2017. Weaker demand dragged down property prices. The price balance slipped to -11% in November from -10% in October, marking the lowest reading since September 2012. House prices have been falling in London, the south-east and East Anglia, while in the south-west, east Midlands and north-east they have been broadly flat. There were price rises in Northern Ireland, Scotland, West Midlands, Wales, Yorkshire and Humber and the … [Read more...] about UK property market at weakest since 2012 as Brexit takes toll – Rics
THE average two-year fixed mortgage rate has fallen for the first time in a year to 2.49 per cent. This is the first times average rates have dropped since their record low of 2.20 per cent in October 2017. It means now could be the time to remortgage, to lock in low rates. This is especially true for anyone sitting on a standard variable rate mortgage - where the average interest rate has reached 4.89 per cent. Charlotte Nelson, finance expert at comparison service Moneyfacts, said: "[This is] the first time the Moneyfacts UK Mortgage Trends Treasury Report has recorded a reduction to the average mortgage rate since the November 2017 base rate rise. "Many would have assumed that the average rate would have increased in the aftermath of the base rate rise this August, however the opposite seems to be the case. "Providers have started to reignite competition in the market to attract remortgage customers and retain their mortgage books." Homeowners may wish to move fast, as … [Read more...] about Two-year mortgage deals fall for the first time in a year – is now the time to fix your mortgage?
Spectator Money 24 July 2018 4:26 PM 24 July 2018 4:26 PM Share Twitter Facebook LinkedIn Email Whatsapp If you’re looking to take your first steps onto the property ladder, this week’s Best Buys – from data supplied by moneyfacts.co.uk – might help you along the way. See also Best BuysMoneyBlog Most Popular ReadRecentRead Don’t blame the Tories for a Brexit ‘no deal’ Brendan O'Neill Let funerals be sad Colin Brazier Forget the ‘Beatles’: here’s what happens to most British jihadi suspects Isabel Hardman Rewriting Kipling for the modern age Rod Liddle I was wrong about Boris Johnson Rod Liddle Jean-Claude drunker Jean Quatremer Recent Watch: Brexiteers MPs round on Olly Robbins at select committee Steerpike Best Buys: First time … [Read more...] about Best Buys: First time buyer mortgage rates
The Bank of England has frozen interest rates at 0.5 per cent, giving homeowners and buyers a few more months to consider switching to a fixed-rate mortgage, if they haven't done so already. UK interest rates rose in November last year for the first time in a decade, from a historic low of 0.25 per cent to 0.5 per cent. Another interest rate rise of 0.25 per cent was widely expected to take interest rates to 0.75 per cent this month. However, disruption caused by the "Beast from the East" that hit this March led to the economy growing by just 0.1 per cent in the first three months of the year. Experts predict that this slowdown will be temporary, so an interest rate rise is expected towards the end of this year, followed by two more increases in 2019 and 2020. “Although there is a great deal of speculation about future rises it is important not to get carried away. Any rise should be gradual and it will likely remain a good time for borrowers to assess … [Read more...] about Bank of England holds UK interest rates at 0.5 per cent. What does it mean for my mortgage?