It was inevitable that it was going to happen, it was just a question of when. We believe that rates will be increased this Friday for Product Transfers Product Transfer rates are the deals that existing Halifax mortgage customers have access to which are available without any further underwriting. Since Halifax announced that their standard variable rate (SVR) was increasing on 1st April 2012 from 3.5% to 3.99% the lender has been inundated with Product Transfer submissions to secure these relatively attractive rates ahead of the SVR increase. We are expecting the Product Transfer deals to increase between 0.3% and 0.5% and this will be across the range from fixed rates to tracker rates. Other lender news this week Woolwich have withdrawn their product range for re-pricing due to huge demand.
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.
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.
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?
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