Latest mortgage news this December
Even though there's snow, we're all eyes on mortgages here. This month banks prove they’re up to the test, cashback mortgages soar, but mortgage applications fall - this and the week's best mortgage rates from consumer journalist Christine Toner.
November 30, 2017
We’re in safe hands…apparently!
Banks have not always had a reputation for being strong and stable, particularly not in the last few years at least. And with Brexit still causing havoc (and panic) in the economy there have been some concerns that the country’s banks and mortgage lenders could be about to wobble. But fear not. The Bank of England has conducted its annual stress testing of the UK banking system and has revealed that for the first time since the Bank of England launched its stress tests in 2014, no bank needs to strengthen its capital position. The BoE says the UK’s banks are “resilient to deep simultaneous recessions in the UK and global economies, large falls in asset prices and a separate stress of misconduct costs”.
In short, we’re ready to *weather* anything so bring it on (err, but don’t please…let’s just have a bit of stability for a while!)
Something for nothing
According to latest figures the number of mortgages available that offer cashback to borrowers has soared by 27% in the last year alone. Moneyfacts say whilst there’s been a slight dip in cashback mortgages since the base rate rise the big increase this year shows borrowers are able to get a little something for nothing.
Charlotte Nelson, finance expert at moneyfacts.co.uk, explains: “Following the recent base rate rise, many borrowers are starting to look at the cost of their mortgage more closely, so it’s great news that there’s been an increase in the number of deals on the market that offer a cash rebate. Even better, borrowers are likely to see more cash than they did a year ago, with the average cashback amount having increased by £41 in the last year to stand at £409 today.”
According to the Bank of England mortgage approvals are now at the lowest they’ve been in almost a year with a total of 64,575 mortgages approved in October. However, Russell Quirk, CEO of emoov.co.uk says things aren’t as bad as they seem….
“While mortgage approvals are at a record low for the year, the HMRC have highlighted this week that actually in terms of property transactions, there has been an increase of 9.2% in October. So the market is still alive and kicking despite continued levels of uncertainty and with more people now owning a home without a mortgage than with one, it’s easy to see why there has been a fall in mortgage approvals.”
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