Oct 30, 2024 · The Office for Budget Responsibility has increased forecasts for both house prices and future mortgage rates compared to its March predictions. In its latest Economic and Fiscal Outlook, published today, the independent body says it expects average interest rates on outstanding mortgages to rise from around 3.7 per

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Jan 3, 2025 · First-time buyers have bounced back during 2024 as positive developments including successive falls in Bank Base Rate have boosted their affordability potential. While the latest analysis from Yorkshire Building Society supports this view, according to YBS’s group economist Max Shepherd, the Government’s Budget

Mar 29, 2018 · Black Wednesday September 1992 The UK’s withdrawal from the European Exchange Rate Mechanism on 16 September 1992 meant a rise in the base interest rate from 10 per cent to 12 per cent at 10.30am on that day; later that day there was a promise from John Major’s government to raise the rate further to 15 per cent.

Nov 13, 2024 · Barclays is the latest major lender to confirm rate increases across its mortgage product range. Changes which come into effect from 14 November include, on residential purchase only, the 3.96% Premier two year fixed £899 product fee, 60% LTV, Min loan £5k, Max loan £2m, increasing to 4.30% The 4.12% five-year fixed

Jan 3, 2025 · Thousands of mortgage applicants are facing the emotional toll of being locked out of the ‘broken’ mainstream market. This is according to new research published in Together’s Residential Property Market Report. Back in 2022, in the aftermath of the Covid crisis, 19% of non-standard mortgage applicants – those that

Oct 30, 2024 · Chancellor Rachel Reeves has increased the stamp duty surcharge on second homes and investment properties from 3% to 5%, effective from tomorrow. Announced in today’s Autumn Budget, Reeves stated: "In our manifesto we committed to reforming stamp duty land tax to raise revenue while supporting those buying their

Oct 21, 2024 · The Bank of England is about to begin a series of rate cuts that will lead the base rate to hit 2.75% next November, according to Goldman Sachs. The forecast is an upgrade by the US investment bank, which last month said the UK central bank would settle at a 3% interest rate by September 2025. It says that “rapidly

Oct 8, 2024 · Halifax has launched a further advance affordability calculator. The move comes after the lender streamlined further advance applications on its broker hub last month. It says the feature comes as a new option on its existing mortgage affordability calculator, which allows intermediaries to “quickly check the maximum

Jan 3, 2025 · Mortgage approvals for house purchases fell by 2,400 to 65,700 in November from the previous month, according to the Bank of England. However, the central bank points out that this figure remains above the previous 12-month average of 60,400 in its latest Money and Credit report. Remortgages to a new lender slipped