The Bank of England has indicated a potential reduction in interest rates, following its projection that inflation is likely to dip below 2% in the coming months. This forecast comes even though the Bank has maintained the current borrowing rate at 5.25% for the fourth time in a row. The decision to keep the interest... View...
Significant shifts are underway as leading lenders opting to lower their interest rates. Nationwide Building Society recently announced a dramatic reduction in its interest rates, with cuts reaching up to 0.81 percentage points. This adjustment has brought its most economical offer down to 3.84%, the lowest in the past 8 months. This move by Nationwide... View...
Money Expert, Martin Lewis, has issued a warning to homeowners and advises paying a booking fee to secure the best mortgage deal now amid the cost of living crisis. Returning to our screens, the finance expert calls the current situation a ‘ticking time bomb’ and said homeowners should: “Prepare in advance and... View...
What is an ‘AIP’? An ‘AIP’ is an abbreviation for Agreement in Principle, sometimes called a Mortgage in Principle. It is the first step, and a simple way, to find out how much you can borrow from a lender to buy or remortgage a home, without a full credit check. Think of it as... View...
In previous blogs we have covered letters A to C, D to F and G to O. In this final part we will cover P-Z, and hopefully over the course of these blogs you are now well versed in mortgage terminology. Portability If you have a portable mortgage, you can transfer your borrowing from one... View...
In previous blogs we have covered letters A to C and D to F. In this blog we will cover G to O. Many of these terms are ones you will come across regularly when researching mortgages, and although at first you may not recognise any of them, this helpful series of blogs will have... View...
In the previous blog we covered A to C of mortgage terms you’ll often come across, and their meanings. In this blog we will look at D to F. Defaulting If you miss a mortgage payment and slip into arrears then it is known as ‘defaulting’. If you think this is a possibility, then speak... View...
When you’re shopping around for your mortgage, you’ll often come across words and phrases that you don’t understand. Don’t worry- this happens to everyone. In this article we’ll be running through some of those you’ll come across. APR This stands for Annual Percentage Rate. This is the total cost of your mortgage, including all fees... View...
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You usually pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price when you buy residential property. SDLT only applies to properties over £250,000. There are three rates of stamp duty for residential property, with a standard rate for people who own one property, a surcharge for those who own multiple properties and a relief element for first time buyers.
For more information visit the .Gov website HERE
