Come On England !!
England’s 2022 World Cup campaign starts today at 1pm against Iran, let’s hope they can lift the nations spirits and bring some early cheer to
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Inflation Jumps To 41 Year High At 11.1%
UK inflation has jumped to a 41 year high in October, rising from 10.1% in September to 11.1% in October. The spiralling cost of energy and food are the main items contributing to high inflation with Bank of England predicted to increase rates by a further 0.5% in an attempt to control the upward trend.
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Swap Rates Falling – Lenders Reducing Mortgage Rates
What Are Swap Rates ? Swap Rates are the interest rate mortgage lenders pay financial institutions to acquire funding for a set period time i.e. 2, 5 and 10 year terms which are used to set the price for mortgage rates offered. Why have swap rates become more volatile ? Volatility and uncertainty drove up swap rates
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BOE Increases Rates By 0.75%
Bank of England (BOE) have today increased their interest rate by 0.75% taking the Base Rate to 3.00% in an attempt to control rising inflation with factors including the ongoing cost-of-living crisis, Putin’s war in Ukraine, Liz Truss’ catastrophic ‘mini-Budget’ and later resignation have all contributed to the rise. Lenders are withdrawing products to re-price
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Inflation Increases Above 10%
After falling to 9.9% in August UK inflation rose again in September to 10.1%. The Office for National Statistics (ONS) stated rising food prices contributed mostly to the upward change between August and September 2022 while a fall in petrol/diesel made the largest downward contribution. The latest figures will likely impact the Bank of England’s
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Fixed Mortgage Rates Hit Highest Level Since 2008 Financial Crisis
Fixed rate mortgages have hit the highest level seen since the 2008 financial crisis with 2-year fixed rate average standing at 6.53% and 5-year fixed rates coming in at 6.36% (data from Moneyfacts). Yesterday the new Chancellor Jeremy Hunt ripped up former Chancellor Kwasi Kwarteng’s mini-Budget after which the cost of borrowing dropped and the
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Chancellor Pledges To Work Closely With Financial Sector On Mortgage Rates
In a meeting with some of the UK’s biggest mortgage lenders today Chancellor Kwasi Kwarteng pledged to work closely with the financial sector to provide the best value on mortgage rates as they continue to rise following his ‘fiscal event’. Over the past 24 hours the average 2 & 5 year fixed rate mortgages breached
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Lenders Withdraw Products & Further Interest Rate Rises Predicted
Yesterday was an day like no other with the vast majority of mortgage lenders withdrawing products because of the increasing cost of money on the money markets (swap rates) following the Chancellors mini-budget last week in which he cut taxes and stamp duty. The negative effects of the mini budge are being met with a
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House Prices Fall For First Time In 2022 – Rightmove
The price of property coming to the market has fallen for the first time this year, down 1.3% in the month to £365,173 (-£4,795) in August, according to Rightmove. However, the property portal said the fall was likely more due to holidays than mortgage and interest rate rises as prices usually drop in August, and
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Stamp Duty Cuts Announced
Chancellor Kwasi Kwarteng cuts Stamp Duty in today’s mini-budget. Under the current system Stamp Duty is NOT paid on the first £125,000 of any property purchase but that figure has been increased to £250,000. The stamp duty threshold for first-time buyers has been increased from £300,000 to £425,000.
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