Data from the Bank of England shows the number of people taking out mortgages in February has fallen for the first time in the last year.
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Monthly Archives: March 2014
About 95% of all mortgages are fixed rate with the threat of interest rates rising and homeowners want certainty in the future.
House prices were up 6.8% in January since a year earlier after a lost decade of building leaves the UK with a significant shortfall in homes.
Warnings from the Bank of England that interest rates would rise six fold by 2017 means higher mortgage costs for almost three million households.
This calculator is for those with existing mortgages. After their offer period the mortgage reverts to the variable rate. Depending on the equity in the property, their can receive another mortgage offer at a lower rate, usually for 2 years. We can calculate the level of equity and show the best mortgage rate for different levels of equity.
Almost half a million households in the UK struggle with negative equity with the greatest number in the regions rather than London.
Mortgage lender Halifax reports a 2.4% rise in house prices for February with pressure on the government to cancel Help to Buy scheme.