FIRST TIME BUYERS MORTGAGE GUIDE
Mortgage Guarantee Scheme Is Extended
First-time buyers may be pleased to hear that in today’s Autumn Statement, the Chancellor revealed that the Mortgage Guarantee Scheme will continue into 2024 and the first half of 2025. Chancellor Jeremy Hunt has just announced that the Mortgage Guarantee Scheme has...
What does the inflation drop mean for mortgages?
Inflation fell to its lowest rate for two years in October, and the latest month-on-month drop was slightly larger than anticipated. What does this mean for the mortgage and property market? Consumer Price Index (CPI) inflation (which relates to goods and services)...
Locations where house prices have risen
Over the past year, we’ve seen house prices decline in general, but some regions of the UK have seen prices move in a positive direction. Read more… Despite average house prices falling by 3.9% over the past year, some areas in the UK have bucked the trend and seen...
House prices went up in October
A slight increase in property prices was seen last month by Halifax, despite sellers being more cautious and buyer demand being down UK house prices went up in October for the first time in six months, according to Halifax. The lender says average house prices rose by...
House prices see a modest fall in September
House prices dipped slightly, and Halifax has described the property market as a ‘buyer’s market’. UK house prices fell in September, but the pace of the monthly decline has slowed, according to Halifax. The lender, who published its latest House Price Index on 6...
First-time buyer numbers drop
Despite fewer people buying their first home, the first-time buyer market still accounts for over half of borrowers. And with house prices decreasing, many people may still have an opportunity to get onto the property ladder. The number of first-time buyers has fallen...
Mortgage interest rates have come down
Good news for home movers and first-time buyers. Major lenders have cut mortgage interest rates, with some fixed rates rates coming down below 5%. Mortgage interest rates have gone down more substantially than we’ve seen recently. Santander, the Bank of Ireland and...
The base rate stays the same
The Bank of England has reviewed the base rate and chosen to keep it where it is. The rate currently stands at 5.25%. If the rate had gone up, this would have been the 15th consecutive rate rise. While anyone on a fixed-rate deal would not have been affected, those on...
House prices fall by an average of £14,000 in a year
UK house prices fell by 4.6% annually and 1.9% in August – the most significant monthly drop since November 2022 – but Halifax says it may be a good thing for potential first-time buyers. Latest figures published in Halifax’s House Price Index show that a typical UK...
Should first-time buyers be worried about negative equity?
If you’ve been saving for a property and you’re almost ready to buy, you may be wondering if now is a good time and if you’re at risk of going into negative equity on your first home. Here’s what you need to know… Last month, banks warned that falling house prices...