100% mortgages return to the market. Are they a solution for first-time buyers?
Aspiring homeowners who are struggling to save a deposit could now make use of 100% mortgages as they return to the market. While they could be valuable, there are some drawbacks to weigh up. Mortgages that don’t require a deposit have been available in the past. However, they’ve been absent from the market for several […]
Mortgage repayments are costing first-time buyers 39% of their take-home pay
Mortgage repayments are accounting for a larger proportion of household expenses as interest rates rise. If you’re searching for your first home, understanding what is affordable is essential for managing your budget. Over the last year, the Bank of England has increased its base interest rate to tackle surging inflation. As of March 2023, the […]
Almost half of homeowners are worried about rising mortgage bills. Here’s what you can do
Interest rates are rising for the first time in more than a decade, and it may be affecting your mortgage repayments. If you’re worried about how you’ll keep up with your financial commitments, it’s important to be proactive. In response to rising inflation, the Bank of England (BoE) has increased the base interest rate several […]
How to assess your affordability when taking out a mortgage
As house prices reach record highs, assessing affordability when you’re buying is more important than ever. It can help you search for properties within your budget and ensure your long-term finances are secure. Over the 12 months to August 2022, the average house price increased by 11.5%, according to the Halifax House Price Index data. […]
Mortgage lenders are told they can scrap affordability rules. Here’s why it’s still important to assess your budget
The Bank of England’s (BoE) decision to scrap some affordability tests for people taking out a mortgage could mean you’re able to borrow higher sums. However, it’s still crucial that you have confidence in your budget and don’t overextend yourself. From 1 August 2022, lenders won’t have to carry out affordability tests that assess how […]
The 3 different types of mortgages and what they mean for your interest rate
How interest is calculated when you take a mortgage could affect your repayments now and in the future. Whether you’re hoping to buy your first home, are ready to move, or your current mortgage deal has ended, understanding your options is important. If you’ve been paying a mortgage over the last decade, you will have […]
6 insightful figures that highlight the challenges first-time buyers are facing
The challenges of getting on the property ladder are well known. As property prices rise, young people are struggling to save the deposits they need to purchase their first home and pass affordability checks. These six figures highlight some of the obstacles that first-time buyers need to overcome. 1. Competition is high as the number […]
What does a property budget of £275,000 buy you around the UK?
House prices are soaring. According to the Halifax house price index, the average property in the UK now costs £276,759 after experiencing annual growth of 9.7%. The type of property that would buy you around the UK varies hugely, so what could you buy if you had the average budget? London: A studio flat with […]
Interest rates are rising. What does it mean for your mortgage?
At the end of 2021, the Bank of England (BoE) raised its base interest rate from 0.1% to 0.25%. Then, the Bank increased the rate further in February to 0.5%, and now it has increased again to 0.75%. While the changes may seem small, they can have a significant effect on your mortgage – and […]
