News

Rightmove Offers Optimistic Data for Housing Market as Flat Purchases Rise

Rightmove Offers Optimistic Data for Housing Market as Flat Purchases Rise

The housing market has shown resilience in the face of rising interest rates. The same happened during the lockdowns of the pandemic when sales boomed as buyers sought more space to live. The demand for more space indoors and outdoors of a property during the pandemic was called The Race for Space. Country living took over as many left behind the city lifestyle to have larger homes and gardens. Now, the market is finding a new demand as flats become popular again.

Housing Market Resilience Remains but Affordability Issues Rise for Home Buyers and Homeowners

Housing Market Resilience Remains but Affordability Issues Rise for Home Buyers and Homeowners

Experts had predicted that the UK housing market would lose traction and begin to decline, but resilience has remained. This is good in some ways and will be a letdown in others. Of course, those that have been shut out of the housing market due to affordability are likely hoping for house prices to drop. It is the only way they can reach the property ladder now that rising interest rates have made borrowing more expensive than it has been in over a decade. For the economy, a strong housing market could keep a recession at bay, and for homeowners retaining property value would be important. 

Avoiding Paying Too Much as a Homeowner Starts with Understanding Remortgaging

Avoiding Paying Too Much as a Homeowner Starts with Understanding Remortgaging

According to several reports over the years, many homeowners are unaware of what a remortgage is or what benefits it could offer. This shows that despite experts encouraging all homeowners to shop for a remortgage early, many are missing out. Unfortunately, in the current economy, if a homeowner is unaware of remortgaging and they come to the end of their mortgage term without the knowledge of what to expect they could be in shock and the hit to their household budget could take a long time to repair. 

Keeping a Pandemic Bought Dream Home from Becoming a Financial Nightmare

Keeping a Pandemic Bought Dream Home from Becoming a Financial Nightmare

The UK housing market has remained resilient due to the strong hopes of those yearning to become homeowners. The ability to own a home used to be an easier dream to make come true than it is today. New homeowners are older than in years before due to the difficulty in saving for a deposit, qualifying for a purchase, and the higher costs of starter homes. However, when the pandemic impact to the economy caused the Bank of England’s Monetary Policy Committee (MPC) to lower the standard base rate to an over 300-year historic low rate of almost zero, the cost of borrowing had not been cheaper in centuries and homeownership dreams came true.

Remortgage Could Save Homeowners Hundreds Per Month and Shield Against Rate Hikes

Remortgage Could Save Homeowners Hundreds Per Month and Shield Against Rate Hikes

Due to the possible higher repayment costs when a homeowner’s mortgage term ends, experts are encouraging all homeowners to consider shopping for a remortgage. Many are coming to the end of their term and will be losing the low fixed interest rate they secured when lenders were offering historically low mortgage rates. Due to the pandemic, the Bank of England’s Monetary Policy Committee (MPC) lowered the standard base interest rate to an all-time over 300 year low of 0.1%. With that low base rate, came offers from lenders that were in themselves also historic lows and borrowing became cheaper than could have been imagined only years prior.

Homeowners Caught Unaware Could Pay on Rates Three Times More Than Necessary

Homeowners Caught Unaware Could Pay on Rates Three Times More Than Necessary

Experts are encouraging homeowners to prepare for higher repayments and to do so they should get familiar with their current mortgage deal and start shopping for a remortgage sooner rather than later. Many homeowners are simply happy to get a mortgage and their property. Focus quickly moves on to planning their move and turning their house into a home. It would be easy to forget about the details of their mortgage loan and many do. 

Obligation Free Remortgage Quotations

Get a Quote »