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Posts with tag mortgage-rate

Buying a home may cost £30,600 more than you think

Filed under: Property, House and Home, Budgeting & Planning

You've finally got your hands on your dream home - or at least one that looks vaguely inhabitable. But as soon as you move in and start decorating and furnishing your new abode you soon realise that the bills just keep rising.

In fact, unforeseen costs mean that buying a home costs up to £30,600 more than people thought and lands many with long-term debt. How do you avoid getting into a financial mess?

Mortgage tips ahead of interest rate decision

Filed under: Mortgages, Property

The Bank of England base rate is widely expected to remain at 0.5% for the 18th consecutive month this week, but that doesn't mean that you can just sit back and relax – especially if you are on a variable-rate mortgage.

Even if the base rate does not rise this month, it is inevitable that interest rates will start to go up at some stage. But when will this happen? And should you act now to protect yourself from higher monthly payments?

One in four Brits fear interest rate hikes


When Bank of England interest rates eventually rise, the effect on consumers' finances could be catastrophic for many borrowers.

Average monthly mortgage repayments could jump by up to £563 if the Bank of England's base rate returns to pre-crunch levels.

Negative equity hell may last four more years as house prices fall

Filed under: Mortgages, Property

Homeowners who bought houses and flats at the peak of the market may face four more years of negative equity, according to the National Housing Federation (NHF).

Its figures suggest that the average buyer paid £216,800 for a home in 2007 – when the market was at its most overblown. And the signs so far are that it could take until 2014 for those who bought at this point to see the value of their homes exceed the purchase price.

Fixed-rate mortgages looking more competitive

Filed under: Mortgages

Competition in the fixed-rate mortgage market is increasing, giving homeowners and buyers keen to protect themselves from higher interest rates some attractive new offers to choose from.

Spanish bank Santander, for example, has this week cut the rates on its two, four and five-year fixed rates by up to 0.24 percentage points, while Leeds building society has launched a five-year deal with a pay rate starting at 3.94%.

Students boost house prices in university towns

Filed under: Property

The arrival of A-level results marks the scramble to fill university places across the UK.

While most first year students get ready to settle into halls, some freshers will join those in the second or third year in renting a room or house off campus, boosting the local market, according to new analysis from Lloyds TSB.

Fixed rate mortgage and credit card rip offs

Filed under: Credit Cards, Mortgages, House and Home

Banks are officially taking us for a ride. Two separate studies out today have revealed the yawning gulf between what it costs banks to offer us mortgages and credit cards, and the astronomical rip-off costs they charge us for them.

The shocking statistics today are around fixed rate mortgages and credit cards.

Second homes boom pricing buyers out

Filed under: Property, House and Home

Who doesn't dream of a second home?

Well at least a quarter of a million people in Britain apparently - because they already have one. Figures from Knight Frank found that second home ownership has soared to 250,000 in the Uk alone. But this isn't always good news.

Interest only remortgage nightmare looms

Filed under: Mortgages, Property

More than one million people who bought a property between 2005 and 2009 did so with an interest-only mortgage, and no repayment vehicle. When it comes to remortgaging these properties, homeowners face a potential nightmare.

The regulator announced plans to crack down on these kinds of mortgages in July, which led to a rash of withdrawals and new rules for people trying to get their hands on them. So what is going to happen to interest-only mortgage holders?

HSBC launches cheapest fixed rate mortgage. Is it time to fix?

Filed under: Mortgages

HSBC has launched its lowest ever rate on a five year fixed rate mortgage, at 3.95%. It comes with the usual caveats of the competitive mortgages at the moment - such as a maximum loan-to-value of 60%, and a booking fee of £599. However, it is an important step for the market.

So is this time to fix?

A third of house sellers slash asking price

Filed under: Property

We're wising up to the new reality of falling houses. Recent figures from Zoopla show that almost a third (32%) of properties on the market have had their asking price reduced at least once since they were first listed.

So just how much are we cutting prices, where are the biggest cuts and why?

Nation confused by finance more than flatpack furniture

Filed under: Credit Cards, Mortgages, Investing, Retirement

Finance, rather than flatpack furniture, is one of the most baffling aspects of modern life, with many people utterly confused about pensions and mortgages - while they find credit cards relatively easy to understand.

A new report from comparison website Confused.com into what Brits find most confusing reveals that 72% of people suffer from confusion over how to make money and use it wisely.

9 out of 10 mortgage products available direct from lenders

Filed under: Mortgages, Property

Nine out of 10 mortgage products are currently available direct from lenders - whereas traditionally mortgage brokers have had the pick of the best deals on the market.

Lenders often offered them better deals than they were able to give to their customers direct, but this has changed. Why?

How to negotiate on a house price

Filed under: Property, House and Home

If the latest house price report that prices are set to fall this year holds true, it looks set to be a buyers' market for some time to come.

But even when the market is flooded with properties and buyers have the upper hand, it pays to do your homework and get prepared to negotiate in order to secure a good deal.

What not to say when showing your house

Filed under: Property, House and Home

In the midst of our tough housing market, sellers need to pull out all the stops to attract potential buyers. This means sprucing up the garden, hiding the clutter and preparing what to say when showing your property.

Of course, what you don't say is just as important as what you do, so what should you consider before opening your mouth?