• Contractor Friendly Lender Accord slashes Buy-to-Let rates

    After the recent base rate cut Accord Mortgages has reduced Buy-to-Let rates across its fixed rate products.

    Accord, The intermediary arm of the Yorkshire Building Society, has reduced fixed rates by 0.3% - outdoing the recent 0.25% base rate cut.

    Accord has also released fresh new remortgage options on 3 and 5 year fixed interest rates.

    Chris Maggs, Accord’s Buy-to-Let commercial manager, said: “We always try to offer brokers and landlords a range of options and good, long-term value for money.

  • Only 18% of Mortgage Borrowers Regularly Overpay

    According to new research by Comparethemarket only 18% of mortgage borrowers regularly overpay on their monthly mortgage payment.

    The research shows that the majority of borrowers hesitate to put extra money towards their mortgage each month - with 58% admitting to having never overpaid.

    Borrowers could save a significant amount through making regular overpayments due to the interest saved by repaying their mortgage quicker.

  • Banks target first time buyers

    Mark Carney, the governor of the Bank of England, clearly confirmed in the wake of the recent cut to the Bank base rate to 0.25 per cent that any banks not passing on the benefit of the cut to customers would be financially penalised by the central bank. As such there has been a proliferation of interest rate cuts over the past week, with many lenders reducing products across the board.

  • Self-build mortgages a cost effective option for contractors?

    There is currently a huge demand for housing in the UK especially in and around the cities such a London and Manchester. This has had a big knock on effect to many contractors looking to purchase their first home or looking to upsize.  Even the higher earning contractor is starting to be priced out of the market. These over inflated prices are causing people to consider building their own home to escape the fast moving market.

  • Will your mortgage rate be cut?

    The Bank of England announced a cut in its base rate to a record low of 0.25% and has indicated a possible further rate cut later in the year.

    In response, lenders are announcing changes to their variable rates. 

    The Bank's governor, Mark Carney, said banks had "no excuse" but to pass on the rate cut.

    However borrowers currently on their lender’s variable rate may have to wait as late as September to benefit from savings.

  • Base Rate cut to 0.25%

    The Bank of England have today cut their Base Rate of interest to 0.25%, following August’s meeting of the Monetary Policy Committee.

    The new rate represents a record low, and is the first rate cut since 2009, following the global recession.

    “Whilst not good news for savers, who will see diminished returns going forwards, it could be the antidote required to prevent a housing market crash” said Andy McBride, Business Development Director at Contractor Mortgages Made Easy.

  • Would a base rate cut improve the UK economy?

    The Monetary Policy Committee of the Bank of England will sit down tomorrow to discuss, amongst many key financial matters, whether a cut to the Bank of England base rate is necessary. It was widely predicted in June that a cut would occur, given the shock the referendum outcome sent through the UK economy. However, a majority of 8-1 voted against such action, but minutes from the meeting confirmed that “most members of the committee expect monetary policy to be loosened in August.”

  • First Time Buyers being priced out of capital as lending soars

    Mortgage lending figures for last month reached a level not seen in June for eight years, according to the Council of Mortgage Lenders.

    Total lending hit £20.7bn, 16% higher than in May and 3% higher than the same period in 2015, to record the highest amount of mortgage lending in June since 2008.

    June 23rd’s EU Referendum accounted for much of the increase, as buyers looked to complete on purchases prior to the nation deciding its fate regarding the European Union.

  • UK house prices down 0.9%

    The average asking price of a property throughout England and Wales has fallen by 0.9% according to figures released today by Rightmove.

    The average price tag of a home listed on the property website now stands at £307,824, down by £2,647 from June.

    Whilst asking prices have stuttered somewhat, Rightmove says it usually expects a drop of 0.4% in July, as many prospective buyers and sellers take time away. Backing up this footnote for July’s drop in prices, it revealed that year-on-year prices have risen 4.5%, compared to the same month in 2015.