Tag: mortgage

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What the interest rate rise means for your mortgage, debt and savings

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The Bank of England has increased interest rates to 0.25% from the historical low of 0.1% in an attempt to tackle rising inflation in the UK, but what does that mean for the public? Only if you have a variable rate m...

CEO of US mortgage company fires 900 employees on a Zoom call – video

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The chief executive of a US mortgage company has drawn criticism after he reportedly fired 900 employees on a Zoom call. 'I come to you with not great news,' Vishal Garg, CEO of Better.com, is heard saying at the begi...

UK mortgage approvals at lowest level since mid-2020

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The number of mortgages approved for UK house purchases fell to its lowest level in 16 months in October as the “distortive effect” of the stamp duty holiday came to an end. Figures from the Bank of England showed tha...

Homebuyers offered 40-year fixed-rate mortgage by UK lender

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A mortgage offering fixed monthly payments for 40 years was launched this week – and it could mean that some homebuyers will be able to borrow more money than with a standard deal. The Flexi Fixed for Term deal from ...

Homeowners face biggest hike in mortgage costs since 2008

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Homeowners face the biggest rise in mortgage costs since the financial crisis, with the amount of interest they pay set to jump by 13% in 2023, data from the government’s independent forecasting unit suggests. Politi...

Mortgage lenders need to warm up to energy-efficient homes

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If you want to live in an energy inefficient home, expect to pay more for your mortgage. Or perhaps the implied message in the government’s net zero documents was starker: you won’t even get a mortgage unless you brin...

What are the tax and mortgage implications if I buy a flat with my son?

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Q My 30-year-old son is paying so much in rent that he is struggling to save a big enough deposit to buy his first flat. I have some spare cash and am happy to help by providing a big deposit. Probably, he will get a ...

Should I downsize or not and what’s best in regard to my £70,000 mortgage?

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Q I am a 56-year-old man with nine years left on my £70,000 mortgage. The mortgage is split so that £20,000 is on a repayment basis and the remaining £50,000 is interest only. I reckon I could sell my house for £225,0...

Halifax latest to slash mortgage rate amid flurry of rate cutting

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Halifax has fired the latest salvo in the price war between mortgage lenders with the launch of a two-year fixed-rate deal priced at 0.83%. The announcement of the ultra-low rate, which is available via mortgage broke...

UK mortgage price war hots up with 0.94% fixed-rate deal

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UK mortgage borrowers now have the choice of two loans with interest rates fixed at 0.94% for two years as the price war between lenders heats up. HSBC and TSB are offering the ultra-low rate, which undercuts the prev...

Should we continue making mortgage overpayments or decrease the term?

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Q Our current mortgage deal is due to expire in September. We have 17 years left on the term and a £160,000 amount outstanding. At present, our monthly payment amounts to £1,050 a month. However, for the past 12 month...

UK stamp duty holiday extension prompts rise in mortgage demand

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Rishi Sunak’s six-month extension of the government’s stamp duty holiday prompted a fresh surge in demand for home loans, according to the latest figures from the Bank of England. Threadneedle Street data showed that ...

I was told I couldn’t get a mortgage because I’m abroad but is that the case?

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Q I want to get a residential mortgage and have a deposit of about £75,000. I am self-employed, a UK resident and earn – and pay tax on – all of my earnings in the UK. However, I am currently in Asia and am mostly pai...

Mortgage competition hots up and rates fall to under 1%. For some

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It appears to be a golden time for borrowers – or some of them, at least. Homebuyers are being offered mortgages with interest rates below 1% for the first time in almost four years. Now experts say they could fall ev...

Covid furlough payment to help staff lost me mortgage

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I desperately need some help after Santander declined our remortgage application. I have never earned more than I do now and business is booming. But our application has been refused because the company I part-own rec...

Should we clear an inheritance tax bill with a mortgage or in instalments?

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Q I wonder if you can help me. My brother and I have inherited my late parents’ house and due to the size of the estate we’re left with an inheritance tax bill of £242,000. We have paid £101,000 of it but still have a...

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