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Did you know? The Mortgage Charter brings help for borrowers. The majority of UK lenders have signed a government charter to support borrowers. The charter includes allowing borrowers to contact their lender for help without impacting their credit file and enabling borrowers whose payments are up to date to switch when their fixed term ends without another affordability check. Mortgage holders approaching the end of a fixed rate term will now have the chance to lock into a new de...

How have increased mortgage rates affected the monthly cost compared to twelve months ago? Based on a purchase price of £150,000 with a 10% deposit twelve months ago, Nationwide offered a five-year fixed rate at 2.84%. Based on a 30-year mortgage term, the monthly cost would have been £557. Today Nationwide offers a five-year fixed rate of 5.79%, increasing the monthly cost to circa £791. Increasing your deposit by 15% would reduce the monthly cost today to £621. If you buy now and...

The first step to home buying has to be getting your Agreement in Principle! 💸 It’s all too tempting searching Rightmove and finding the house you love, only to then find out you can't get the money to buy it in the first place! Your agreement in principle confirms your ability to borrow money based on your credit file. It lets estate agents know you are serious and ready to buy, putting you in the best position you can be to make an offer on the house you love 🏡💚 Are you...

From March 2020, when the UK was placed in lockdown (Covid), to May 2023, UK property prices increased on average by £59,871. Today they have fallen on average by £6,694 from their peak in September 2022. In other words, if you owned your home before the boom created by Covid, your home is still, on average, worth £53,177 more than it was in February 2020. Property prices in the UK have returned back to where they were in September 2022. The local property market remains active, and Augus...

A Buy-to-Let mortgage is necessary for renting out property. It’s different from regular mortgages in aspects like affordability and deposits. Lenders analyse your income and expenses, including projected rental income to ensure it covers mortgage interest even if rates rise. Buy-to-let mortgages require around a 25% deposit, compared to 5% for residential mortgages. Some lenders may accept 20%, but rates could be higher. For more information call the Mortgage Hub to speak to our team of ...