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November 2, 2017
The Bank of England has increased interest rates for the first time in a decade and the race to remortgage before all the best rates disappear is on!
While the 0.25% increase to 0.50% may have minimal effect on the majority of homeowners, for others it could have drastic consequences. Indeed, as the recent Financial Conduct Authority findings revealed, one in six borrowers would struggle if their mortgage repayments were to rise by just £50 a month.
So let’s look at the figures. Based on a 2% tracker on a £200,000 mortgage, monthly payments will rise from £739 to £764 while for a £250,000 mortgage borrowers will see an increase from £924 to £955. However it’s unlikely that today’s increase will be the last. The Bank of England have said any futures UK rate hikes will likely be “at a gradual pace and to a limited extent”. So they will increase, but we shouldn’t see any sudden jarring hikes.
Lenders have already started to act. Many have pulled their lowest rates so it’s never been more important to check your mortgage rate and see if there’s a better one available.
Paula Higgins, chief executive of the Homeowners Alliance says: “Lenders have already started to react to news of a rate rise by withdrawing their best rates, suggesting more rises are to come. If you’re approaching the end of your mortgage term or you’re currently on your lender’s SVR now would be a good time to lock into a deal.”
Groceries? Check.
Winter coat? Check.
Mortgage?! Yes you’ve guessed it, one of the UK’s best loved high street chains is getting ready to launch its first ever mortgage range. Marks & Spencer’s financial offering M&S Bank will reportedly release a range of products for first time buyers and homemovers and will offer ‘competitive rates’. Watch this space.
100% mortgages are dangerous, they said. It’s irresponsible to offer them, they said. Unless, it seems, you’re offering them to students with no income and incomplete qualifications! Yes, Loughborough Building Society has launched a 100% mortgage allowing students to buy their first home and cover the mortgage with rent from housemates.
The mortgage is available up to a maximum of £300,000. However, you’ll only be able to make use of it if you have the financial support from a parent, step-parent or grandparent.
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