Mortgage Market Weekly Update 23/06

As expected, the Bank of England Monetary Policy Committee voted today to increase interest rates by 0.50% in a further bid to reduce inflation. Based on a £200,000 mortgage over 25 years this equates to an approximate increase of just under £60 per month. Below is an illustration of the Bank of England base rate from 2006 to 2023 showing that the base rate is back within normal parameters following a period of unusually low rates. We believe most lenders have already factored this anticipated rise into their mortgage products and hope to see some stability return to the mortgage market over the coming days and weeks following increased repricing activity.

MORTGAGE WEEKLY UPDATE – 23rd June 2023

Spotlight On: Mortgage Affordability

When referring to ‘mortgage affordability’, many people immediately think of monthly mortgage payments. However, in the mortgage world, this term can also refer to the

Spotlight On: Let to Buy

Let to Buy is simply the process of letting out your existing property to enable you to move forward with a new residential purchase.

Spotlight On: Perenna Bank

A relatively new lender, but one that you may start to hear more and more about, is Perenna Bank. Providing lending of up to 6x

Spotlight On: Foreign Nationals

As Part Exchange enquiries increase and Home Movers continue to lead the way in terms of reservation numbers, many purchasers will already have a mortgage

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MORTGAGES ARE SUBJECT TO STATUS, VALUATION AND LENDER CRITERIA AND ARE NOT AVAILABLE TO PERSONS UNDER THE AGE OF 18.

A BROKER FEE MAY BE PAYABLE UPON MORTGAGE APPLICATION. ANY FEE PAYABLE WILL DEPEND ON YOUR CIRCUMSTANCES. YOUR MORTGAGE ADVISER WILL EXPLAIN ANY FEES APPLICABLE IN YOUR INITIAL APPOINTMENT.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU RE-MORTGAGE.

New Homes Mortgage Helpline is a trading name of The New Homes Group Limited which is registered in England and Wales under company number 2509770, Registered Office is Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN. VAT Registration Number is 500‍ 2481‍ 05.

For activities relating to regulated mortgages and non-investment insurance contracts, The New Homes Group Limited is an appointed representative of Connells Limited which is authorised and regulated by the Financial Conduct Authority.

Connells Limited’s Financial Services Register number is 302221. Most buy-to-let mortgages are not regulated.