The mortgage market affordability test
First-time buyers may get a boost from the recent announcement that the Bank of England will no loner expect lenders to check if they can afford mortgage payments at higher interest rates – but experts do not expect it to lead to a mortgage free-for-all. From 1 August, banks and building societies will no longer be […]
Interest Rates go up again!
The Bank of England has increased the base rate by 25 basis points to 1.25% The increase marks the fifth base rate rise since December 2021 after a decade of historic lows. The Monetary Policy Committee minutes say that UK GDP was weaker than expected in April, partly reflecting a further decline in Test and […]
Are you prepared for rising Interest rates?
Homeowners are being given a stern warning about imminent possible skyrocketing mortgage rate increases. Money expert Martin Lewis handed out his advice during his ‘big briefing’ segment of his TV show, stating that “UK interest rate rises are coming and are coming soon.” “Everyone with a mortgage you need to check now if you’re on […]