The Mortgage Desk

Happy New Year!

After a cold spell both with our weather here in the UK and the economic uncertainty we are here to share the financial news from this month so far on our journal.

Let’s start with the well followed mortgage rates which continue to fall week on week despite the economic uncertainty. There was a 0.05% fall in the average rates for 2 year fixed term mortgages & a 0.04% drop on the average 5 year fixed term mortgage in the past week alone. This shows that despite all of the current economic problems things are still moving and lenders are still wanting to trust consumers.

Another report this week is that financial regulators are looking at easing mortgage rules to help buyers and to keep the market moving. The report in The Financial Times shared that the regulator is looking at including previous rental payments in the affordability checks which would be a huge help to first time buyers struggling to get on the property ladder. Watch this space…

And finally a reminder that the stamp duty holiday imposed in 2022 will end in April this year, where the threashold for paying UK stamp duty, currently at £250,000 will revert back to 125,000. This means that if you’re looking to purchase under the current threashold now is the time. Contact us today to discuss how we can help you move forward before the deadline ends.

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