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 […]
Inflation Increases Above 10% Read More »
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
Fixed Mortgage Rates Hit Highest Level Since 2008 Financial Crisis Read More »
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
Chancellor Pledges To Work Closely With Financial Sector On Mortgage Rates Read More »
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
Lenders Withdraw Products & Further Interest Rate Rises Predicted Read More »
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
House Prices Fall For First Time In 2022 – Rightmove Read More »
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.
Stamp Duty Cuts Announced Read More »
The Bank Of England (BOE) have today increased the Base Rate by 0.5% to 2.25%
BOE Increase Rates By 0.5% Read More »
Lenders start to increase lending with 90% products launched this week.
90% Lending Returns Read More »
