The 99% Mortgage is Here!
Coreco | Monty's Mortgage Blog
by Monty
15h ago
99% mortgages are here! This morning has seen the release of one of the most innovative products for some time, with Accord / Yorkshire Building Society launching an interesting new mortgage product available for First-Time Buyers with just a £5,000 deposit. Available up to £500,000 this means that some borrowers will be able to get a 99% mortgage. The full details of the scheme are as follows: The product is a five-year fixed rate at 5.99% Available to first-time buyers only Minimum deposit requirement £5,000 Maximum property value £500,000 Available on a capital and interest basis only Maxi ..read more
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Bank of England Base Rate – March 2024
Coreco | Monty's Mortgage Blog
by Monty
1w ago
The Bank of England have today announced that they will be leaving the Bank of England Base Rate unchanged at 5.25% for the fourth consecutive month. The Monetary Policy Committee (MPC) voted by a majority of 8–1 to maintain Bank Rate at 5.25%. One member preferred to reduce Bank Rate by 0.25 percentage points, to 5%. This decision comes after yesterday’s announcement that inflation had fallen by a larger than anticipated amount to 3.4% in the 12 months to February 2024, down from 4.0% in January. The largest downward contributions to the monthly change came from food, and restaurants and cafe ..read more
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The Budget 2024 – What was in it and what does it mean for housing?
Coreco | Monty's Mortgage Blog
by Monty
3w ago
Earlier this afternoon Chancellor Jeremy Hunt stepped into the limelight to deliver one of his most important budgets, trying to tread a fine line between delivering what the country needs and can afford, versus an increasingly desperate attempt to get voters onside before a General Election. In the run-up to this, there had been an ocean of leaks about what could be in the budget, testing the ground to gage opinion, with a big emphasis on tax cuts and various schemes to help the housing market, including a will-they or wont-they debate on 99% mortgages and the introduction of a British ISA, a ..read more
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Inflation, House Prices and 99% Mortgages
Coreco | Monty's Mortgage Blog
by Monty
1M ago
Welcome to the shiny, busy and brand-new year! It is back to business with a vengeance! The mortgage market is a dynamic place to be, and just when you think everything is going in one direction, there can be a sudden turn in the other direction. January saw a strong start in the levels of new enquiries for both Estate Agents and Mortgage Brokers, as prospective buyers look to finally make that move that they may have put on hold for some time now. They have been stirred into action by softer prices and easing mortgage rates, knowing that given a continued lack of supply, prices look set to re ..read more
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Bank of England Base Rate – February 2024
Coreco | Monty's Mortgage Blog
by Monty
2M ago
The Bank of England has just left the base rate on hold at 5.25%. In today’s decision, the Bank of England’s choice to keep the base rate unchanged, while cautious, might be a missed opportunity to invigorate the economy and ease the anxiety of mortgage holders across the country. The current financial landscape, fraught with uncertainties, may have benefited from a more assertive action in the form of a rate cut, especially as there is an expectation that inflation will soon fall to its 2 percent target. The Bank says this could be met by April. Holding the rate steady, though seemingly prude ..read more
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A New Mortgage World
Coreco | Monty's Mortgage Blog
by Monty
3M ago
As we finally approach the end of a long, challenging year in the mortgage world, the question on everyone’s lips is, “What next?”. I must say I have got progressively more optimistic over the past days, despite the lack of movement from the Bank of England and Governor Andrew Bailey’s continued rhetoric that rates are set to stay high. Whilst it was no surprise that there was no change in the Bank Base Rate last week, it was a surprise that three members of the committee voted for a further rise! This does beggar belief and makes you wonder whether they know something we don’t, or that they a ..read more
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Inflation Falls = Rate Falls?
Coreco | Monty's Mortgage Blog
by Monty
4M ago
Are we about to see mortgage rates fall even further from lenders as five-year fixes edge towards, and potentially soon below the 4.5 per cent figure? Two-year fixes are now under the 5 per cent level for the first time, falling to around the 4.80 per cent level. That is the question after some much-needed good news for the market last week as annual consumer price index inflation fell to 4.6 per cent, from 6.7 per cent in September, according to the Office for National Statistics (ONS). This was a slightly bigger fall than expected, mainly driven by energy prices, as there had been an expecte ..read more
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Bank of England Base Rate Decision – November 2023
Coreco | Monty's Mortgage Blog
by Monty
5M ago
Bank Base November 2023 The Bank of England Monetary Policy Committee has decided to hold the Bank Base interest rate at 5.25% for the second time in a row, after 14 consecutive rises before that. The decision was not as close as last months, with six members of the Monetary Policy Committee voting to keep the rate the same; whilst the other three wanted a further increase. You could almost hear the collective sigh of relief from mortgage borrowers across the country as the Bank of England sensibly decided to keep interest rates on hold once more. They do now seem to be heeding the warnings fr ..read more
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Bank of England Base Rate Decision – September 2023
Coreco | Monty's Mortgage Blog
by Monty
6M ago
The Monetary Policy Committee of the Bank of England today announced that they are holding the Bank Base Rate at 5.25%, ending a long run of consecutive rate rises that began in November 2021. The vote was a close one at 5-4. Andrew Montlake, MD at mortgage brokers Coreco, commented, “Common sense has finally prevailed and this pause for breath to buy time to analyse further data will be welcomed by many. “There really is no point in heaping further misery on mortgage borrowers who have been hammered enough already. “We have already seen that inflation, and most importantly core inflation, has ..read more
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Inflation falls – September 2023
Coreco | Monty's Mortgage Blog
by Monty
6M ago
There was some good news today in the fight against inflation as the very latest data showed that despite a feared increase last month, driven mainly by fuel costs, the headline Consumer Price Index (CPI) is 6.7%, which is a slight decrease from 6.8% in July. What is more important is that the core inflation figure also fell to 6.2% down from 6.9% in July. This should translate into better news for interest rates and mortgage holders over time. This is a set of figures that many had crossed their fingers for and the fall in core inflation will come as a relief to Government and the public ..read more
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