Mortgage brokers are claiming a home loan price war is under way, after Nationwide Building Society became the latest lender to lower its rates. From tomorrow, Britain's biggest building society will be reducing rates on selected deals by up to 0.3 percentage points, following cuts by Barclays, HSBC and others last week.
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Labour promises to keep mortgage rates 'low as possible' - but how much control will the new government have?
Higher mortgage rates have been battering homeowners for the best part of two years. Labour's campaign promised change for the country - and falling mortgage rates would certainly represent a positive change for many. But how much can the Government really influence interest rates and how likely is it that mortgages will get cheaper?
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Labour wants to tackle the housing crisis with 1.5m home building bonanza: Can it really deliver on its promise?
If Labour's election campaign claims are to be believed, building more homes is at the heart of the new Government's plan to drive growth in the economy. Keir Starmer promised that Labour will back house building from 'day one' to meet its ambitious target of 1.5m homes over the next five years. That means 300,000 homes will need to be built each year - more than double the amount built in 2022-23. Labour says it will do this by cutting planning application delays, helping first-time buyers and building on 'ugly' green belt. So can it be done?
What next for mortgage rates? Two and five year fixes have edged up - but major lenders have started a best buy war
Mortgage rates have virtually stood still over the past month, with rates staying more or less the same since the start of June. This marks a change from the turbulence seen across the mortgage market during 2022 and 2023. That said, fixed mortgage rates remain slightly higher than they were at the start of February.
I've done up a wreck of a house and doubled its value - how can I cut the tax I face on the profit? HEATHER ROGERS replies
I had to pay cash of £105k as you could not get a mortgage for the property in that state. I have gone there every day for over four years doing all the work and slept there as well. I own one other property that I bought when I got married. Can I claim expenses against tax for the property I did up?
Should I use my Isa savings to pay off my mortgage when my cheap 1.39% fix ends? What are my best options?
My mortgage is fixed at 1.39% until May 2026 with a £105,000 balance and a remaining term of 12 years. The house is worth around £500,000. I also have £80,000 in a stocks and shares Isa; another £20,000 invested in some individual stocks and £25,000 in cash savings for emergencies and other short-term goals. What's the best way to use my money?
Labour's VAT raid on private schools will see house prices rise up to 20% in popular catchment areas, estate agents warn
Speaking on the Property Exchange podcast, Dominic Agace, chief executive of agents Winkworth, claimed Labour's plan to slap VAT on private school fees will create unprecedented competition among families looking to secure a home in areas such as Surrey. Rachel Reeves yesterday vowed to slap VAT on private schools within weeks if Labour wins the election. The shadow chancellor said the measure would be in her first Budget, which could come as early as September.
My aunt wants to sell my gran's house at a knockdown price to another family member using power of attorney - can we stop her?
The house has been valued at £300,000 plus. However, my mum's sister is trying to sell it to another family member for almost £50,000 less. This seems illegal, as someone holding power of attorney is obligated to act in the best interest of the person they represent. My mum wants to ensure they get the highest possible price for their mother's property to properly cover her care expenses. Lawyer Chris Gilbert of Nalders replies.
Lifetime Isa penalty: More than 185,000 savers fined for taking their OWN money - as lender calls for rise in £450,000 house price cap
More than 185,000 Lifetime Isa savers have been fined for withdrawing their own money, a freedom of information request has uncovered. The proportion of account holders fined for making 'unauthorised withdrawals' has more than doubled in just three years as house prices rise, according to the request made by mortgage lender MPowered.
The first-time buyers' step-by-step guide to getting on the property ladder: From what you can afford to getting the keys
The prospect of buying a home for the first time can be as daunting as it is exciting. For the majority of people it will be the biggest financial decision of their life, and this brings up plenty of questions. But if you understand the process from the beginning, it should make things a little easier. We explain everything from how to work out your budget and find your ideal home, through to applying for your first mortgage and navigating the legal process.
We're buying a house and don't need a mortgage: Do we still have to get a survey done?
My wife and I are thinking of moving house. In previous moves we've had a survey done as per the conditions of getting a mortgage. But that doesn't apply now as we are mortgage free. How do we go about getting a survey done if it's not a requirement of getting a mortgage, and do we have to have one? It's uncharted waters for us, so I would like any advice that you can give.
Off-plan sales drop to decade-low: Why are buyers holding back and what does it mean for housebuilders?
The share of new homes being sold before they're built has dropped to a decade-low, according to the estate agent Hamptons. It revealed fewer than a third of new homes sold in England and Wales last year were bought by a buyer before they were built, marking the lowest level since 2013, when the help to buy scheme was introduced. Brand new homes are often advertised for sale before they are completed - and in some cases before construction has even begun.
When will interest rates fall? Forecasts on when base rate will be cut - and what borrowers and savers should do
The Bank of England is now likely to make its first base rate cut in August, according to the latest forecasts. The first cut was expected to take place in June, but now looks increasingly unlikely after inflation came in above what was forecast. The Consumer Price Index (CPI) measure of inflation came in at 2.3 per cent in April, higher than market predictions of 2.1 per cent.
I need to remortgage this year and just inherited £100k: Should I pay it off or invest the money?
I'm due to remortgage later this year. At the moment my mortgage rate is 1.81%, and I'm unlikely to get anything below 4.5% unless rates suddenly drop. This will see my monthly payments go from £762 a month to £918 a month. However, I just received around £100,000 as an inheritance. If I combined this with money I have in savings I could pay off my mortgage when the current deal ends. Most people I know think this is what I should do with the money. But am I being too defensive, and should I consider investing it elsewhere for potentially better returns?
Can we really buy a house with a 1% deposit? We're interested in a 99% mortgage - is it too good to be true... DAVID HOLLINGWORTH replies
My girlfriend and I are looking to buy a home for £250,000. We have only £5,000 in savings. But we have recently seen something about 99 per cent mortgages which look interesting. What lenders offer these deals and what are the hoops we'd have to jump through to get one? Are they much more expensive than other mortgages? For example compared to the mortgaged we might get with a 5 per cent or 10 per cent deposit.
How much have house prices risen in YOUR neighbourhood since the eve of the financial crash in 2007: Use our interactive map to find out...
We're often led to believe that house prices will always rise over the long-run. That it's one of the safest and soundest investments one can make. Over the last 50 years, the average UK house price has risen from £8,915 in 1974 to £280,660 today, based on the latest Land Registry figures. That represents an average increase of more than 3,048 per cent. If history were to repeat itself and house prices grow by the same levels over the next 50 years, that would mean the average UK home could cost close to £9 million in 2074.
Are period properties worth the hassle? They are in hot demand but owners spend TWICE as much on repairs and maintenance
Homeowners who live in period properties spend an average of £70,000 to keep them looking good, according to a Zoopla. The property portal revealed that period homeowners are spending more than twice as much in upkeep costs compared to non-period households. In total, it estimates that period homeowners fork out close to £70,000 on average in repairs and maintenance during their entire time at a given property.
Some sneaky estate agents are only putting forward offers from buyers who use their in-house mortgage broker, experts warn
Home sellers are having the 'wool pulled over their eyes' by estate agents looking for additional financial kickbacks. Some estate agents are reportedly only putting forward offers from buyers who have been 'financially qualified' by their recommended mortgage broker. These can sometimes be in the form of in-house mortgage advisors or a separate brokerage firm that the estate agent is in partnership with.
My husband has just gone self-employed: Will this cause a problem when we remortgage? DAVID HOLLINGWORTH replies
My mortgage deal is ending in January 2025. Currently it's in joint names with my husband who has recently become self-employed in April this year. Will my current provider, Lloyd's, or other providers consider re-mortgaging on my single income? Affordability should not be a problem. Also should we consider adding him on the mortgage in name only or leave him off completely?
Failing to remortgage in time could cost homeowners £278 a month: New study shows a third of households admit to slipping onto SVR
Homeowners are paying unnecessary costs by forgetting to renew their mortgage deal in time, new research has shown. Almost a third of homeowners have let their mortgage slip onto their lender's standard variable rate for at least a month after their fixed rate deal ended, according to a study by the personal finance website, Finder. The standard variable rate (SVR) is a bank or building society's more expensive 'default' rate that borrowers revert to once their initial deal ends.
Homeowners dealt fresh blow as experts warn mortgage rates could pass six per cent again next week
Homeowners have been dealt a fresh blow after experts warned key mortgage rates could surge above 6 per cent again as early as next week. More than 20 lenders have hiked their mortgage rates this week, pulling some of the most competitive home loans from the market, including several deals below 5 per cent. The cost of borrowing has been surging since Bank of England officials signalled last week that a long-awaited cut in rates would be delayed further. Santander yesterday increased its mortgage rates by up to 0.26 percentage points for the second time in four days. The move follows increases at NatWest, Halifax and Nationwide, which also pushed up the prices of their fixed-rate purchase and remortgage deals by up to 0.25 percentage points.
Another blow for homeowners and buyers as three major high street mortgage lenders increase rates
Three major mortgage lenders have increased their rates this week in yet another blow to homeowners and house buyers. A number of best buys have disappeared from the market, meaning the lowest rates available to borrowers have ticked up. The moves have followed a flurry of changes across the market, which saw more than 20 lenders up rates last week alone.
Large family houses are hot property: Top-of-the-ladder rebound for homes that cost £683k on average drives up asking prices, says Rightmove
Average property asking prices have risen for the four consecutive month, according to Rightmove. The average newly listed property rose by 1.1 per cent in April to £372,324 up from £355,177 in December. The latest increase means the average newly listed property is being priced only £570 below the peak in asking prices recorded in May last year.
I want to let my flat on Airbnb while I go travelling: Will this breach my lease, mortgage and home insurance - and do I need to tell them?
I currently own a one bed leasehold flat in London and I'm looking to take a two-month sabbatical to go traveling in July. I'm planning to rent my flat out on AirBnb while I'm away. I'm wondering if I need to inform my mortgage lender or the freeholder? Actually for that matter, do I need to inform my insurer? Also, will I need to pay tax on the income and if so can I use the government's rent a room allowance?
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I'm living with my ex as we can't afford to buy alone: Can we get another joint mortgage tso one can move out? DAVID HOLLINGWORTH replies
I am divorced but still living with my ex-partner and two dependents. We've put the property on the market twice and are unable to sell unless we accept £70,000 less than what we paid for it. Neither of us can afford a property outright on our own, so we are stuck. Could we get a second mortgage in our joint names?
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PROPERTY: DON'T MISS
- Mortgage rate cuts are about to STOP, warn experts Experts are warning that mortgage rates are about to stop falling, after the surprise jump in inflation reported on Wednesday.
- What are your rights if your new-build goes wrong? DEAN DUNHAM on what to do if there is a problem with YOUR property
- Santander launches new best buy mortgages: Rates edge closer to 4% on two-year fixes.
- What next for mortgage rates in 2024 - and how long should you fix for? Fixed mortgage rates are continuing to fall back from last summer's peak.
- Do mortgages have an age limit? I'm 65 and rent but just got an inheritance DAVID HOLLINGWORTH replies
- Should you fix your mortgage now or wait for rates to fall back? All you need to know as inflation rises to 4%
- House prices record fastest annual fall since 2011, ONS figures show The typical home was worth £285,000 in November, which was £6,000 lower than a year earlier.
- Four more major banks cut mortgage rates When will two-year fixes go below 4%?
- Property asking prices rise 1.3% in January as Rightmove reports busy start to the year Property asking prices went up in January, according to Rightmove
- House prices will RISE 3% in 2024, says property firm as it backtracks on prediction of 4% fall Estate agent Knight Frank had previously predicted a 4% fall.
- Stamp duty should be repaid for owners who insulate homes, MPs urge Hunt MPs and think tanks are urging ministers to back a 'Rebate to Renovate' tax refund scheme.
- My home has fallen in price and I need to move Should I let it or sell at a loss?
- Blink-and-you'll-miss-it mortgage deal Co-op Bank pulls best buy rates three days after launch.
- It's a tough time to be a first-time buyer Here's what they need to know about getting a mortgage
- Why a bigger mortgage deposit doesn't lower your rate as much as it once did Cash rich buyers with big deposits finding they're not getting the preferential rates they once were.
- Barclays and Santander next major lenders to cut mortgage rates The latest lenders to announce cuts to their mortgage rates, including sub-4% offers.
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- Can we switch our mortgage rate before it starts? We think we could now get a cheaper deal
- Property asking prices slip, says Rightmove, as house sellers list lower to attract cautious buyers
- Is Airbnb against the rules of YOUR mortgage? NatWest now allows short-term lets... but many don't
- Barclays and Halifax announce fresh mortgage rate cuts
- More first-time buyers in danger of paying mortgages into retirement: What to know about longer terms
- Property market flat as buyers and sellers 'sit on the fence awaiting first rate cut' latest Rics survey reveals
- Who is new housing minister Matthew Pennycook - and can he build Labour's 300,000 homes a year?
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