Industry News
Base Rate Drops to 1.5%… we’re almost there
Te Bank of England has dropped the base rate by another .5% to the lowest point in 315 years. This is also the lowest it’s been since the Bank of England inception in 1694.
As with the previous 4 decreases since October, there are mixed reactions. Steve Radley, chief economist of manufacturers’ association EEF says: “Whilst [...]
100% Mortgages for First Time Buyers
The governement has announced an extra £100 million will be pleged to tempt up to 18,000 First Time Buyers to buy empty new builds. Forming part of the Government’s £400 million HomeBuy Direct scheme, households with incomes less than £60,000 are helped to purchase new homes sitting empty after the housing bubble burst.
15% of the [...]
The Homeowner Mortgage Support Scheme
Announced on December 3rd, the Homeowner Mortgage Support Scheme has been introduced by the government to provide homeowners with more assurances that they will be able to remain in their homes if they experience a temporary fall in income.
The scheme allows lenders to lower a borrower’s current monthly mortgage payments, with the deferred payments added [...]
Mortgage Lenders Not Dropping Rates?!
It has come to light that first time buyers and people who have recently remortgaged are still being charged up to and above 6% interest despite the recent base rate drops. That is now 3 times the official Bank of England interest rate!
The vast majority of deals reflecting the base rate changes require a minimum [...]
Here We Go Again! Base Rate Drops to 2.0%!
The Bank of England has done it again. Following on the .5% drop in October and the 1.5% drop in November, they have decreased the rate again by 1%. This is great news for borrowers but not the best for savers…
Borrowers with tracker or variable rate mortgages will probably see their monthly payments decrease to [...]