MORTGAGE rates on two-year fixed deals have significantly dropped across the market over the past six months - and first-time buyers should consider locking in now. The average two-year fixed mortgage rate has fallen by 0.04 per cent, from 2.53 per cent in August 2018 to 2.49 per cent now, analysis has found. Moneyfacts.co.uk also found that the amount some lenders charge to take out a two-year fixed-rate deal has also fallen - from £1,105 in August 2018 to £1,029 now. This is despite the Bank of England base rate having increased from 0.5 per cent to 0.75 per cent in August last year. The comparison service firm reckons that strong competition from lenders to attract first-time buyers - who are seen as the "lifeblood" of the mortgage and property market - has pushed the overall rates on offer on two-year fixes down. For borrowers with deposits of 20 per cent to 30 per cent, two-year fixed mortgage rates have typically increased since last August. What's the difference … [Read more...] about Mortgage rates for first-time buyers at a six month low as lenders battle to attract new customers
20 year home mortgage rates
HOUSE sales are expected to slump in the next three months as surveyors' expectations fall to their lowest in 20 years. Around three in 10 (28 per cent) more surveyors quizzed by the Royal Institution of Chartered Surveyors (Rics) say they expect sales numbers to fall in the next three months rather than rise. It's the most downbeat forecast since records began in 1999. Sales expectations for the next three months are now either flat, with no change predicted, or negative, indicating falling sales, across all parts of the UK. London and the south east are expected to be hardest hit, with more surveyors predicting sales will fall rather than rise (at 41 per cent and 40 per cent respectively). The picture is also bleak in Northern Ireland and Scotland with more surveyors expecting falling sales than rising sales (21 per cent and 23 per cent respectively). How to find the best mortgageFINDING the right mortgage is all about your individual circumstances. Here's some advice on what you … [Read more...] about We are headed for the worst house price slump in 20 years in EVERY part of the UK
THE average two-year fixed mortgage rate has fallen for the first time in a year to 2.49 per cent. This is the first times average rates have dropped since their record low of 2.20 per cent in October 2017. It means now could be the time to remortgage, to lock in low rates. This is especially true for anyone sitting on a standard variable rate mortgage - where the average interest rate has reached 4.89 per cent. Charlotte Nelson, finance expert at comparison service Moneyfacts, said: "[This is] the first time the Moneyfacts UK Mortgage Trends Treasury Report has recorded a reduction to the average mortgage rate since the November 2017 base rate rise. "Many would have assumed that the average rate would have increased in the aftermath of the base rate rise this August, however the opposite seems to be the case. "Providers have started to reignite competition in the market to attract remortgage customers and retain their mortgage books." Homeowners may wish to move fast, as … [Read more...] about Two-year mortgage deals fall for the first time in a year – is now the time to fix your mortgage?
HOMEOWNERS face a possible mortgage rate rise if the Bank of England decides to raise the base rate another 0.25 per cent. Experts are predicting that another rise could be on the horizon, bringing the base rate up to 0.75 per cent from 0.5 per cent. This means that the 3.7million borrowers who are on variable and tracker mortgages could see their monthly bills go up as lenders look to pass on the costs. In fact, mortgage-holders could see their bills go up by as much as £264 if the rate does rise. The base rate is set by the Bank of England and used by banks and building societies as a guide to calculate interest rates but that don't have to follow it. Mark Carney, governor of the Bank of England, hinted in February that the base rate was likely to go up in May this year. What is the base rate?SIMPLY put, it’s the country’s official borrowing rate, and is the rate the Bank of England lends to all the other banks in the UKIt is incredibly important as it a … [Read more...] about What a Bank of England rate rise could mean for you and how it affects your savings and mortgages
Ulster Bank has introduced a 2.3pc two-year fixed rate, cut its seven-year rate and opened up its market-leading four-year rate to all borrowers. The reduced rates apply to new and existing customers. Mortgage rates here, particularly variable ones, are the highest in the eurozone, which was first exposed in this newspaper four years ago. Home-loan lending rates here are almost double those in the rest of the euro currency area. But a mortgage war over the past two years has seen lending costs in this country come down dramatically. Ulster Bank has now put it up to its rivals with the new 2.3pc two-year rate, which is available to all borrowers, irrespective of how much equity their have in their homes, or how big their mortgage deposit. Most low rates are restricted to those with low loan to values. The new two-year rate will mean a customer with a €300,000 mortgage over 20 years on a variable rate of 4.3pc will save €305 a month. Over a year this works out at a saving … [Read more...] about Ulster Bank ups ante over home loans with 2.3pc mortgage rate