SnowFinancial

The rate of inflation in the UK has fallen sharply to 4.6 per cent in the year to October, down from 6.7 per cent the month before.

It has dropped to the lowest level in two years, with the slowdown coming after energy prices soared last year.

The number of mortgage products available is creeping up, with the options for those with lower deposits of five per cent or 10 per cent at their highest level since before the mini-Budget last year, according to Moneyfacts, while average rates are continuing to retreat from their summer highs.

This bodes well for new buyers looking to get a foot on the property ladder, who may find the combination of easing house prices, positive wage growth and improving mortgage rates improves the affordability crunch and makes it easier to secure a mortgage.

YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT. A FEE MAY BE CHARGED FOR MORTGAGE ADVICE. THE EXACT AMOUNT WILL DEPEND ON YOUR CIRCUMSTANCES

Interest rate remains at 5.25 per cent

Since December 2021, the BoE has hiked the base rate 14 times to combat high inflation. While inflation remained unmoved at 6.7% in September, the slowing UK jobs market has led the BoE to hold rates steady.

The outlook for the rest of the year looks more positive, with inflation expected to drop to 5% by the end of this year. However, the Bank of England has downgraded its economic forecasts for the UK in 2024 with zero growth expected, but this forecast could change in the future.

There’s some good news for mortgage holders, particularly those on variable-rate mortgages, as a base rate rise usually leads to increased rates. It would mean that their interest payments will remain stable, which can be a relief.

If you have a fixed-rate mortgage, rates have already been falling ahead of today’s decision, so your mortgage could get cheaper.

Some fixed-rate mortgages have recently fallen below 5%, but this is still high compared to historic standards.

If you’re looking to get on the property ladder, the outlook is concerning as it’s become more expensive to buy your own home – and prices have recently fallen.

If you’re a homeowner with a remortgage due in the next 6 months:

Get in touch with us today to start looking for your new mortgage deal. You could lock in a new rate ready for your renewal and we will do all the leg work for you to ensure we find the most suitable product for your needs.

Don’t underestimate the power of using a broker; we have access to exclusive rates not available on the high street, which could save you a lot of money over time.

How would your business cope if a key employee were unable to work?

According to research by Legal and General 59%* of the UK’s small businesses think they would cease trading in less than a year, should a key employee die or be diagnosed with a critical illness and unable to work.

Is it time to consider your business protection insurance options?

Call us to talk to our team about your options.

*https://www.legalandgeneral.com/landg-assets/adviser/files/protection/state-of-the-nation/state_of_the_nation_2021_report.pdf

The Bank of England’s Monetary Policy Committee is meeting in August to decide on interest rates. If you’re worried about how this could affect mortgage rate when it comes to remortgaging, reach out and let’s have a chat.

The Bank of England base rate has increased for the 13th time in a row to 5.00%

But what does this mean for you?

If you’re thinking of moving:

It’s likely to be more expensive to borrow money, so aim to increase your deposit as much as possible so you can access the lower rates available when it comes to buying your new home.

If you’re a homeowner with a remortgage due in the next 6 months:

Get in touch with us today to start looking for your new mortgage deal. You could lock in a new rate ready for your renewal and we will do all the leg work for you to ensure we find the most suitable product for your needs.

Don’t underestimate the power of using a broker; we have access to exclusive rates not available on the high street, which could save you a lot of money over time.

YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT. A FEE MAY BE CHARGED FOR MORTGAGE ADVICE. THE EXACT AMOUNT WILL DEPEND ON YOUR CIRCUMSTANCES

Buy-to-let mortgages could need as low as a 25% deposit, so if you’re keen to invest in property and have enough money accumulated for a deposit, get in touch today. [[email protected] / 07865341495]

SOME BUY TO LET MORTGAGE ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

A FEE MAY BE CHARGED FOR MORTGAGE ADVICE. THE EXACT AMOUNT WILL DEPEND ON YOUR CIRCUMSTANCES.

Don’t allow a change in your circumstances to leave you unable to meet payments…especially your mortgage payments.

Talk to our team about how you can become covered by a specialist insurance product.

Contact us to find out more

*https://www.moneyadviceservice.org.uk/en/articles/emergency-savings-how-much-is-enough%23how-to-build-up-your-fund

**https://www.legalandgeneral.com/landg-assets/adviser/files/protection/sales-aid/deadline-to-breadline-report-2020.pdf

If you or someone you know is a first-time buyer your bank statements are a crucial part of evidencing your financial stability to be able to take on a mortgage:
Inside Jokes Avoid adding joke references to transferred money. If you’re splitting a pizza, or booking a holiday, make sure that’s what it says on the account.
Cash Gifting In the lead up to applying for a mortgage, be careful of sudden balance drops even through gifting cash- reassure your lender of your financial stability.
Frequent Flutters An occasional dabble in the lottery shouldn’t spark concern, but large amounts dedicated to gambling may cause concern for your lender.
New job A new job is great! But make sure your new employer provides you with a letter stating your expected salary to avoid any uncertainty surrounding your income.
Deposit Paper Trail If you’ve been gifted your deposit, or a sum towards it, make sure you keep a record of bank accounts it has passed through and where it came from to avoid delays in processing your application.
Get in touch to discuss preparing for your mortgage application [[phone] and/or [email]]

YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

A FEE MAY BE CHARGED FOR MORTGAGE ADVICE. THE EXACT AMOUNT WILL DEPEND ON YOUR CIRCUMSTANCES.

The Bank of England is under pressure to keep inflation in check, but what does that mean for you as a consumer? As your adviser, I can help you understand the impact of rising interest rates on your financial goals. Speak to us today.

YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT. A FEE MAY BE CHARGED FOR MORTGAGE ADVICE. THE EXACT AMOUNT WILL DEPEND ON YOUR CIRCUMSTANCES

The Bank of England base rate has increased for the 12th time in a row to 4.50%

But what does this mean for you?

If you’re thinking of moving:

It’s likely to be more expensive to borrow money, so aim to increase your deposit as much as possible so you can access the lower rates available when it comes to buying your new home.

If you’re a homeowner with a remortgage due in the next 6 months:

Get in touch with us today to start looking for your new mortgage deal. You could lock in a new rate ready for your renewal and we will do all the leg work for you to ensure we find the most suitable product for your needs.

Don’t underestimate the power of using a broker; we have access to exclusive rates not available on the high street, which could save you a lot of money over time.

[email protected] / 07865341496

YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT. A FEE MAY BE CHARGED FOR MORTGAGE ADVICE. THE EXACT AMOUNT WILL DEPEND ON YOUR CIRCUMSTANCES