News

What's the news on the 5.25% Bank Rate and the UK property scene? Well, the Bank of England just bumped the base rate for the 14th time straight to 5.25%. It's the highest since 2008, tacking around £300 extra each month for every £100K borrowed, compared to the pandemic's 0.1% low till the end of 2021. Check the graph below for the rise in owner-occupier mortgage costs by 2023 and 2026. Eye-watering, right? But hey, think about 1979's 17% rate blast and double-digit inflation...

Should I buy a house without a qualified surveyor inspecting the property? Many buyers rely on the lender's "mortgage valuations" to determine the condition of the home they are looking to buy. Many of these "mortgage valuations" are now being completed without a physical inspection. This means that a surveyor will not visit the property, and an automatic assumption assumes that the property is in "average" condition. Here's one reason why you should consider a physical valuation by a qu...

Income Protection – for everyone Interesting data1 has highlighted that although over 50% of married couples rely on both their incomes to cover the expense of their monthly costs, just 13% have purchased income protection (IP). This leaves a huge number of couples and their families vulnerable to financial shocks. And don’t forget stay-at-home parents. In addition, the research cautioned that when applying for protection cover, people tend to focus too much on the breadwinner, ove...

The Bank of England have increased the base rate to 5.25%. This rise should have no impact on the fixed rates that are available. Most fixed rates on offer right now already have a rate rise factored into them. The release of the inflation data on the 16th of August will impact them, though, and what that does to SWAP rates, which influence mortgage pricing. If, as expected, inflation falls, then I suspect we may see more lenders continue to lower rates as we have seen over the past week. I...

There are many ways we can help clients in these uncertain times. To put it simply, it's not just about obtaining business. Sometimes we merely offer advice and reassurance. Our senior adviser, Lisa, met with some first-time buyers looking to buy a property owned by a company. There were several interested parties, so the speed of issuing a mortgage offer was an absolute priority. Lisa submitted their application on a Monday, and the lender instructed the survey immediately, and their mortga...