Prospect Tree Mortgages step-by-step guide to the process of purchasing a property in the UK. Knowing the basics Conveyancing ‘Conveyancing’ is the name of the legal process of transferring ownership from one person to another. It is usually carried out by a solicitor or specifically licensed conveyancer. In a nutshell, the conveyancers’ key role is …
Money Saving Tips Saving for a deposit is hard! With house prices continuing to climb and the cost-of-living crisis affecting families all over the UK, it’s no wonder that the average age of a first-time buyer is creeping through the 30s. In its simplest form, to get a mortgage you need three things: You most …
Inflation rates in the UK hit a 40 year high as the CPI (Consumer Price Index) hit 9.1% in the 12 months leading to May. Inflation was last higher in February of 1982 and is now nearly five times higher than the 2% target set by the Bank of England. The cost of living crisis …
Generally, mortgages are a smart way to own a home without paying too much interest. But there are some types of mortgages that you should be very careful when considering, such as variable-rate mortgages. If you’re not sure which type of mortgage is best for you, consult with your broker to get more information and …
The Bank of England has officially announced that the Base Rate is now set at 1.25%. This most recent increase marks the 5th time the Base Rate has been increased since December 2021 when the rate was set at 0.1%. The main driver behind this decision is to help reverse increasing inflation which is currently …
BREAKING: Bank of England Raises Base Rate to 1.25% Read More »
Further interest rate hikes expected from the Bank of England On Thursday 16th of June 2022, the Bank of England will once again meet to discuss interest rates. Analysts are expecting a rise from the current rate of 1% to either 1.25 or 1.5%. If this move is made, then it will the first time …
Further Base Rate hikes expected from The Bank of England Read More »
Dealing with down-valuations What is a down-valuation? A down valuation is when the property valuation comes back showing the value of the property is less than what you have agreed to pay for it. Here’s an example: If you agree to buy a home for £300,000 but it is down valued to £250,000 then you …
