Rightmove keep a close eye on the mortgage rates lenders offer to borrowers – including when they change, and what this could mean if you’re thinking of moving.
They look at what’s happening from week to week, but it can take much longer before changes to rates are big enough to make a significant impact on monthly mortgage repayments.
In most cases, lenders will base the amount that you can borrow calculated on 4 or4.5 times your single or joint salary. However, there are a number of Lenders who offer First Time Buyers lending based on 5.5 times salary. This means that potentially, subject to meeting the eligibility criteria, you could borrow up to 20% more using one of these deals.
Yesterday’s inflation rise from 2.0% to 2.2% may have dealt a sharp blow to hopes of a Bank of England base rate cut in September, but lenders are still cutting their rates in a bid to woo landlords.
We wanted to share some of the lovely 5-star Google Reviews that we have received over the past couple of months
The Bank of England (BoE) has announced it will reduce the Base Rate to 5% this month, a reduction of 0.25%, and the first cut in four years. The Base Rate had been held at 5.25% since August 2023, after 14 consecutive rises.
This week Rightmove spoke exclusively to Sir Keir Starmer about Labour’s housing promises, asking him how they would help home-movers. You can read what he said here.
Now that a Labour government has been confirmed, we take a closer look at what they’ve pledged to do for the housing market.
Adapted from an article by James Gard, of Morningstar.com, 13 June, 2024 August seems more likely than June for a rate cut, but there is still a chance the Bank wrongfoots market consensus The Bank of England is expected to hold interest rates at 5.25% when it meets next week, following a no-change decision on May 8. Unlike May’s meeting, June 20’s decision will just be accompanied by a brief statement rather than the full monetary policy report and press briefing. So if there is no change to interest rates this week, there will be little guidance on when this is likely to happen. Alongside the statement, one clue will come from the voting patterns: last month seven members of the Monetary Policy Committee voted to hold, while two voted for a cut. It’s likely that more of the MPC join the cut cohort, but probably not enough to force a decision. Money markets, as measured by overnight index swaps, suggest that August 1 is still the most likely date for the Bank of England to make its first rate cut since 2020. August seems more likely from the point of view of the Bank’s calendar; the quarterly monetary policy report and press conference give policymakers more scope to explain decisions. Contact Us For further details about the mortgage and protection products we offer as a fully independent mortgage broker, or any other mortgage information, book your FREE CONSULTATION with one of our expert Mortgage and Protection Advisers. Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511 Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888 Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023 Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888
We are delighted to be celebrating 16 years since Phil Clark founded Bristol Mortgages Online.
Over those years Phil has helped thousands of clients, get onto the property ladder, move house, remortgage, develop their investment portfolios and ensure that they are fully protected.
Bristol Mortgages Online have been supporters of The Brightwell for the past few years. They were one of the first businesses to join The Brightwell 100, the Charity’s Corporate Network.
The sales market continues to record increasing levels of activity. The number of sales being agreed is higher year-on-year across all regions and countries of the UK. The flow of new supply into the market is growing faster than sales as market confidence improves. House prices are broadly static, falling 0.1% over the last 12 months. They will continue to be kept in check by rising supply.