Data from the Halifax House Price Index shows that average house prices have increased by 7.6% in the year to November and by 1.2% between October and November. That’s in spite of COVID19 and Brexit drawing ever closer. Can house-price increases continue into 2021 and beyond? Here are some points to consider. The impact of […]
Mortgage
Should You Use Savings To Pay Off Your Mortgage?
If you are fortunate enough to have savings, then it’s important to use it to best effect. Paying down your mortgage is one option, but there are others you should consider first. Building up an emergency fund Emergency funds (or “cash cushions”) are handy at the best of times. Right now, they may literally end […]
Where Now For Mortgage Prisoners?
The Mortgage Market Review took effect in 2014. Over the long term, it may reduce the risk of another 2008. For the present, however, it has led to some people being trapped on expensive mortgages because they are being told that they cannot afford better deals. The plight of these “mortgage prisoners” is well known. […]
Is The Stamp Duty Holiday Still Meaningful?
The Stamp Duty holiday applies to all properties purchased between 8th July 2020 and 31st March 2021 (inclusive). Assuming it closes on schedule, there are basically three months left to complete transactions. This raises the question of whether the Stamp Duty holiday is still meaningful for new buyers (and sellers). New buyers If any buyer […]
What are negative interest rates?
Negative interest rates are when the Bank of England charges banks for holding their deposits. The idea is that these charges will filter through into the banks’ customer-facing products and ultimately encourage spending rather than saving. Negative interest rates have never been used in the UK, but then they haven’t been ruled out either. Here […]
How to Speed up Your Mortgage Application
Mortgage application documents tend to be long, detailed and, frankly, very tedious to complete. It is, however, very advisable to take the time to complete them properly. This will allow the potential lender to go through the checking process in the shortest possible time. When completing the application, remember that there are five key questions […]