With the Bank of England holding interest rates in September 2024, first-time buyers face a key decision: buy now or wait for lower mortgage rates. As housing prices rise and rental costs remain high, acting sooner could be wise. In this post, we explore why buying now may benefit first-time buyers.
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Get the latest mortgage and financial news along with expert opinions and advice on the current mortgage market.
Avoid the Stamp Duty Increases and Move Home Before Christmas!
Changes to Stamp Duty Land Tax are on their way, set to take effect on March 31, 2025. The temporary increases to the benchmarks that were introduced in September 2022 are coming to an end.
These changes will affect everyone who is planning to move home. First-time buyers will see the biggest impact from the rule changes.
What Are You Waiting For? Why You Shouldn’t Wait to Buy a Property
Ultimately, pinpointing the “ideal” moment to purchase doesn’t really exist. What truly matters are the fundamental factors: having a deposit, sufficient borrowing capacity, and viable properties on the market. If you possess your deposit, your income meets the requirements, and suitable properties are available, what’s holding you back from making the leap?
The Mortgage Market: Navigating Tough Mortgage Rates
Between now and the conclusion of 2024, over 1.4 million households will reach the conclusion of their mortgage fixed rate. If you find yourself in this category, it’s advisable to consult with an independent mortgage advisor.
23 January 2023 Read more...
Tier 2 Visa Mortgage required / First Time Buyer and First Time Landlord
Navigating his circumstances proved to be quite challenging, to put it mildly, given that he was both a first-time buyer (a relatively straightforward category) and a first-time landlord. This dual status significantly limited his options in terms of lenders, as being new to both roles considerably narrowed down the pool of available options.
16 December 2022 Read more...
EPC Regulation Changes Bring New Challenges for Landlords
Disbursements are the various costs incurred for carrying out the legal work in relation to buying or remortgaging your home. Most home buyers instruct a solicitor to handle all the legal work for them. The alternative is to hire a conveyancing solicitor. In both cases, the individual will quote the buyer for the services they … Continue reading “EPC Regulation Changes Bring New Challenges for Landlords”
12 December 2022 Read more...
Does your visa status preclude you from getting a mortgage?
Lender: Regional Building Society Product: 5yr fixed Rate: 4.89% Mortgage Adviser: https://themortgagebroker.co.uk/about/meet-the-team/the-mortgage-broker-scotland/fiona-simpson/ Client name: Akin Mortgage Application date: 21st September 2022 Akin was introduced to me via an estate agent that I look after. Akin and his partner were first time buyers and had struggled to get a mortgage approval before being introduced to The … Continue reading “Does your visa status preclude you from getting a mortgage?”
Income in US Dollars and a boat mooring – Is a mortgage possible?
Lender: A regional building society Product: 2 Year fixed rate Rate: 4.54% Mortgage Adviser: https://themortgagebroker.co.uk/about/meet-the-team/caroline-bignell/ Client name: Louis Mortgage Application date: 22/09/2022 The client had been referred to me from an existing client of mine as he was struggling to get a mortgage based on his personal situation. The difficulty in getting a mortgage was … Continue reading “Income in US Dollars and a boat mooring – Is a mortgage possible?”
12 December 2022 Read more...
Tier 2 Visa Mortgage required / First Time buyer and First Time Landlord
Lender: Specialist Mortgage Lender Product: Tracker rate Rate: 5.29%5.29% Mortgage Adviser: Jo Smerdon Profile: https://themortgagebroker.co.uk/about/meet-the-team/jo-smerdon/ Client name: Mr Fung Mortgage Application date: 22nd Dec 2022 This sounded like a near impossible case to place based on the clients’ criteria and it didn’t surprise us at head office that he came to us after being turned … Continue reading “Tier 2 Visa Mortgage required / First Time buyer and First Time Landlord”
5 December 2022 Read more...
Mortgage using solely maintenance income
Lender: Regional Building Society Product: 2 Year discounted rate Rate: A variable rate, currently 6.04%, with a discount of 2.50% giving a current rate payable of 3.54% for a period of 24 months Mortgage Adviser: Craig Leigh Profile: https://themortgagebroker.co.uk/about/meet-the-team/craig-leigh/ Client name: Charlotte Mortgage Application date: 30/10/2022 Charlotte approached us for some advice as she was … Continue reading “Mortgage using solely maintenance income”