The Bank of England may have kept interest rates unchanged at 0.25% this month, but mortgage rates are not showing a similar trend. Average rates are creeping up, albeit slowly.
New rules are being brought in from April 2017 to charge Inheritance Tax (IHT) on UK residential property held in offshore structures.
The New Year marked a clean sheet for many lenders. They are back to zero on their lending books, and from the lenders we are talking to, they have an appetite to lend – good news for borrowers.
While the base rate has stayed static, the same cannot be said of the money market rates which determine mortgage lending rates. Two and five-year Swap rates have been rising over the last few months.
As the UK Bank of England base rate remains pegged at its new ultra-low 0.25%, much attention has been focused in the first round of economic data showing how the country is faring post referendum.
While macro-economic events affect the mortgage market, there is perhaps a more industry-specific theme currently at play – the move into the final quarter of the year.
Simon Gammon, Managing Partner at Knight Frank Finance, spoke to The Sunday Times on this issue of rising administration fees for mortgage processing.
The Financial Times reported this weekend on the importance of arranging finance prior to looking into buying a house, Simon Gammon gives his thoughts.
August was one of the busiest months we have ever had in terms of re-mortgage activity. This is largely due to the current range of ultra-low rates currently on offer, prompting homeowners to review their mortgage arrangements.
The UK is preparing to leave the EU and the Bank of England has finally broken its seven-year record and moved its base rate to 0.25%. Stock markets are performing relatively well but the pound is considerably weaker. What does all this mean for your mortgage moving forward? And should you consider a fixed rate to protect yourself from possible uncertainties?