House prices fall by 5%. Good news for First Timers and Home Movers. According to the Nationwide Building Society, houses on average have fallen by 5.3% in the 12 months to August 2023. If you’re looking to buy your first home or move up the ladder this should be seen as positive news. It may …
Bank of England Base Rate Rises by 0.25% The Bank of England have increased the Base Rate to 5.25%, this is the 14th consecutive rise. At first glance this is not good news, certainly if you have a base rate tracker mortgage, but this is half what experts were predicting until we saw a drop …
Prospect Tree Mortgages have advised many clients how they can buy their rental property from their landlord. With times changing and landlords reassessing their options, now could be the perfect time to see if you are able to buy direct from your landlord. Can private rental tenants ask to buy the house from their landlord? …
The June figures show a fall from 8.7% to 7.9% which was more than expected, experts were forecasting a figure of 8.2%. This is good news for borrowers as it takes the pressure off the Bank of England to increase the base rate as much as they may have done. What does this mean for …
Bear in mind that what you must pay back is a percentage of the property’s current value, not what you paid for it. If house prices are likely to go up over that five-year period, it’s best to pay off the loan quickly. The Government’s Help to Buy Equity Loan scheme is designed to help those …
The business of being a landlord is changing fast. HMRC have made it difficult for Landlords to make a “profit” from rental for Landlords who have a mortgage. With rising interest rates, the gap between payments and rental has closed and in some cases, after tax, the rent may not cover the mortgage. Landlords are …
The Bank of England base rate has been increased to 5.0% following todays meeting of the MPC. We understand that our mortgage customers will be concerned about future increases in their mortgage payments. It has never been more important to speak to us if you have concerns about the affordability of your home going forward. …
What can I do to reduce my monthly mortgage payments? You may have noticed over the last few weeks that mortgage costs and the ‘cost of living’ crisis have been covered extensively in the news. Interest rates are rising and are likely to continue to do so, this means that if you are buying a …
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When Will UK Mortgage Rates Come Down? If you’ve been looking to purchase a property, or anxiously awaiting your mortgage renewal then you’ll likely have asked yourself the question: “When will UK mortgage rates come down?“. Frustratingly, regardless of how long you spend searching the internet for answers, you’re probably as likely to stumble on …
Understanding UK Inflation and it’s Impact on Mortgages Inflation has been a hot topic of conversation lately, and its effects are being felt by everyone, including UK mortgage borrowers. As independent mortgage advisors, Prospect Tree Mortgages understands the concerns and challenges faced by borrowers in today’s economic climate. In this article, we’ll delve into the …
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