Mortgage brokers are claiming a home loan price war is under way, after Nationwide Building Society became the latest lender to lower its rates. From tomorrow, Britain's biggest building society will be reducing rates on selected deals by up to 0.3 percentage points, following cuts by Barclays, HSBC and others last week.
The rise in low-deposit could reflect more positive sentiment surrounding the housing market - but the rates on 5% deposit deals have inched up in the past month.
Labour is planning a raft of policies set to send waves through the property market. We look at what is planned and what homeowners can do to protect themselves and benefit from the changes.
Higher mortgage rates have been battering homeowners for the best part of two years. Labour's campaign promised change for the country - and falling mortgage rates would certainly represent a positive change for many. But how much can the Government really influence interest rates and how likely is it that mortgages will get cheaper?
Fixed mortgage rates are continuing to fall back from their summer peak, with a number of fixed rates deals now less than 5 per cent.
Our calculator allows you to see how different mortgages stack up, compare repayment and interest-only and see how much interest you will pay over the lifetime of a loan.
If Labour's election campaign claims are to be believed, building more homes is at the heart of the new Government's plan to drive growth in the economy. Keir Starmer promised that Labour will back house building from 'day one' to meet its ambitious target of 1.5m homes over the next five years. That means 300,000 homes will need to be built each year - more than double the amount built in 2022-23. Labour says it will do this by cutting planning application delays, helping first-time buyers and building on 'ugly' green belt. So can it be done?
Under the last Labour government, the housing market had a rollercoaster ride. What could happen this time around?
House prices edged up in the year to June according to Halifax, which said a lack of homes for sale was propping up the market.
Mortgage rates have virtually stood still over the past month, with rates staying more or less the same since the start of June. This marks a change from the turbulence seen across the mortgage market during 2022 and 2023. That said, fixed mortgage rates remain slightly higher than they were at the start of February.
Barclays, HSBC and Yorkshire Building Society have all reduced their mortgage rates, following Santander and Halifax earlier this week.
Two more big banks have announced mortgage rate cuts in the latest downward shift for home loan pricing.
I had to pay cash of £105k as you could not get a mortgage for the property in that state. I have gone there every day for over four years doing all the work and slept there as well. I own one other property that I bought when I got married. Can I claim expenses against tax for the property I did up?
House prices rose fastest in more affordable areas in the North and the Midlands, which saw combined growth of 2.4% year on year.
House prices will go up 1.5% or £3,900 this year, but wages are set to go up to meet them according to the property website.
My mortgage is fixed at 1.39% until May 2026 with a £105,000 balance and a remaining term of 12 years. The house is worth around £500,000. I also have £80,000 in a stocks and shares Isa; another £20,000 invested in some individual stocks and £25,000 in cash savings for emergencies and other short-term goals. What's the best way to use my money?
When I bought the home in 2006, my conveyancer failed to notice the details of the leasehold land in the property title - and this error has cost me £40,000.
The online agent is making a comeback - and hoping to attract customers by letting them list their home without paying a penny.
More than half of UK homes are not energy efficient and this is adding thousands of pounds to peoples' bills, a new study by Rightmove has found. At least 18m homes have an EPC of D or below, according to Rightmove, which would equate to 55% of the total housing stock.
Three major lenders have cut mortgage rates in what could be the start of a downward shift in interest rates.
My son would pay me back £400 per month, and the debt would finish when I die. Is this the best way to help him, and what do we need to know before committing?
Speaking on the Property Exchange podcast, Dominic Agace, chief executive of agents Winkworth, claimed Labour's plan to slap VAT on private school fees will create unprecedented competition among families looking to secure a home in areas such as Surrey. Rachel Reeves yesterday vowed to slap VAT on private schools within weeks if Labour wins the election. The shadow chancellor said the measure would be in her first Budget, which could come as early as September.
In April, the average home sold for £281,000, 1.1% more than it was 12 months ago, according to the Office for National Statistics.
The Bank of England has opted once again to hold the base rate at 5.25%, despite inflation falling to the 2% target. We explain what that means for your money.
Families are finding they're stuck in a 'parent trap' when it comes to where they live with many needing to be close to grandparents in order to get help with childcare.
I could have secured a much lower rate had I remortgaged. Instead, I have remained on my lender's standard variable rate costing me tens of thousands in interest.
The house has been valued at £300,000 plus. However, my mum's sister is trying to sell it to another family member for almost £50,000 less. This seems illegal, as someone holding power of attorney is obligated to act in the best interest of the person they represent. My mum wants to ensure they get the highest possible price for their mother's property to properly cover her care expenses. Lawyer Chris Gilbert of Nalders replies.
Average asking prices hardly moved this month, though cheaper areas in the North of England saw bigger growth.
The housing market appears to have slipped into reverse as buyers bide their time in the hope of mortgage rate cuts.
With base rate cuts being pushed later into the year, those buying a home or remortgaging now have a tough call to make when deciding how long to fix their mortgage rate for.
Savers stand to benefit from the 25% cash bonus if they purchase a property of £250,000 or less, but rising house prices have made that more of a challenge.
More than 185,000 Lifetime Isa savers have been fined for withdrawing their own money, a freedom of information request has uncovered. The proportion of account holders fined for making 'unauthorised withdrawals' has more than doubled in just three years as house prices rise, according to the request made by mortgage lender MPowered.
Homeowners coming to the end of fixed-term deals agreed when rates were much cheaper continue to face payment spikes, as the extent of rate increases is revealed.
Rents fell in several cities in the first three months of this year according to new data, which will come as welcome news to tenants following years of constant rises.
Experts said buyers and sellers were still anticipating a cut in the Bank of England's base rate, and predicted a bigger bounce in the market after that.
We work in London and both need to be in the office three days a week. Would a a place by the sea and a train commute still work out cheaper than our £2,200 London flat?
The prospect of buying a home for the first time can be as daunting as it is exciting. For the majority of people it will be the biggest financial decision of their life, and this brings up plenty of questions. But if you understand the process from the beginning, it should make things a little easier. We explain everything from how to work out your budget and find your ideal home, through to applying for your first mortgage and navigating the legal process.
The typical house deposit is now £60,000, but finding the best interest-paying savings account can help first-time buyers get there faster.
My mortgage broker says an agreement in principle will leave a footprint on my credit file, and isn't necessary - but the agent says I need one. Who is right?
My wife and I are thinking of moving house. In previous moves we've had a survey done as per the conditions of getting a mortgage. But that doesn't apply now as we are mortgage free. How do we go about getting a survey done if it's not a requirement of getting a mortgage, and do we have to have one? It's uncharted waters for us, so I would like any advice that you can give.
One in five mortgages for first-time buyers is for a term longer than 35 years - twice that seen just two years ago - and the loans risk future problems and far more interest.
The average house price increased to £264,249 in May, according to the building society - and it said the upcoming election is not set to impact the housing market.
The number of homes on the market has reached the highest level in eight years, according to Zoopla, as sellers return to the market in growing numbers. It said the choice available to home buyers was helping to keep house prices in check, and that they had fallen by 0.1% in the 12 months to April.
The share of new homes being sold before they're built has dropped to a decade-low, according to the estate agent Hamptons. It revealed fewer than a third of new homes sold in England and Wales last year were bought by a buyer before they were built, marking the lowest level since 2013, when the help to buy scheme was introduced. Brand new homes are often advertised for sale before they are completed - and in some cases before construction has even begun.
Homeownership among young adults has risen to a level not seen since 2010, according to new study by the Institute for Fiscal Studies.
She is currently on a low rate and can afford the repayments, but I want to help her pay off some of the mortgage balance. What's the best way and will there be fees and tax involved?
The Bank of England is now likely to make its first base rate cut in August, according to the latest forecasts. The first cut was expected to take place in June, but now looks increasingly unlikely after inflation came in above what was forecast. The Consumer Price Index (CPI) measure of inflation came in at 2.3 per cent in April, higher than market predictions of 2.1 per cent.
When mortgage rates began shooting up, many expected house prices to fall - but they plateaued. Why has this happened, and how are homeowners affording to pay?
Bank of England base rate rate cuts next month now look increasingly unlikely after inflation came in above what was forecast.
I'm due to remortgage later this year. At the moment my mortgage rate is 1.81%, and I'm unlikely to get anything below 4.5% unless rates suddenly drop. This will see my monthly payments go from £762 a month to £918 a month. However, I just received around £100,000 as an inheritance. If I combined this with money I have in savings I could pay off my mortgage when the current deal ends. Most people I know think this is what I should do with the money. But am I being too defensive, and should I consider investing it elsewhere for potentially better returns?
Sales are up thanks to the traditional seasonal uptick, but affordability is still 'stretched' for many buyers, the property portal said.
Estate agents' small print could tie buyers in for many months, exclude buyers who won't use their in-house broker or even make them liable for two sets of selling fees.
My girlfriend and I are looking to buy a home for £250,000. We have only £5,000 in savings. But we have recently seen something about 99 per cent mortgages which look interesting. What lenders offer these deals and what are the hoops we'd have to jump through to get one? Are they much more expensive than other mortgages? For example compared to the mortgaged we might get with a 5 per cent or 10 per cent deposit.
Average mortgage rates have been on the increase since the start of February - and mortgage brokers say today's announcements could mark a change in direction.
House prices climbed by 0.7% between February and March, according to the latest figures from the Office for National Statistics.
We're often led to believe that house prices will always rise over the long-run. That it's one of the safest and soundest investments one can make. Over the last 50 years, the average UK house price has risen from £8,915 in 1974 to £280,660 today, based on the latest Land Registry figures. That represents an average increase of more than 3,048 per cent. If history were to repeat itself and house prices grow by the same levels over the next 50 years, that would mean the average UK home could cost close to £9 million in 2074.
The mortgage valuation said there is 'a lack of owner occupiers living in the immediate area' and my application was turned down. Should I try a different lender?
The challenge of getting on the housing ladder is forcing many to gamble with retirement by taking on ultra-long mortgages, warns former minister Steve Webb.
Homeowners who live in period properties spend an average of £70,000 to keep them looking good, according to a Zoopla. The property portal revealed that period homeowners are spending more than twice as much in upkeep costs compared to non-period households. In total, it estimates that period homeowners fork out close to £70,000 on average in repairs and maintenance during their entire time at a given property.
There is a new property porn series in town - Buying London - which is set to start DDRE Global's founder and boss Daniel Daggers (pictured).
In this six-part series, we look at, how households are coping and if a mortgage crisis is afoot.
Home sellers are having the 'wool pulled over their eyes' by estate agents looking for additional financial kickbacks. Some estate agents are reportedly only putting forward offers from buyers who have been 'financially qualified' by their recommended mortgage broker. These can sometimes be in the form of in-house mortgage advisors or a separate brokerage firm that the estate agent is in partnership with.
My mortgage deal is ending in January 2025. Currently it's in joint names with my husband who has recently become self-employed in April this year. Will my current provider, Lloyd's, or other providers consider re-mortgaging on my single income? Affordability should not be a problem. Also should we consider adding him on the mortgage in name only or leave him off completely?
The Bank of England has now held base rate since last summer and the next move is tipped to be a cut. Our calculator lets you work out what a move up or down could cost you.
The bank won't lend us as much as we thought, but the seller won't reduce the price. What are our options?
The Bank of England has opted once again to hold the base rate at 5.25 per cent. The decision marks its sixth pause in a row, after the Monetary Policy Committee voted to hold the base rate first in September. Prior to that, there had been 14 consecutive base rate hikes since December 2021.
House prices rose by 0.1% in April, according to the latest figures from Halifax, following a 0.9% fall in March.
Estate agents and surveyors are reporting that the usual spring bounce across the property market has failed to materialise.
Homeowners are paying unnecessary costs by forgetting to renew their mortgage deal in time, new research has shown. Almost a third of homeowners have let their mortgage slip onto their lender's standard variable rate for at least a month after their fixed rate deal ended, according to a study by the personal finance website, Finder. The standard variable rate (SVR) is a bank or building society's more expensive 'default' rate that borrowers revert to once their initial deal ends.
Many mortgage borrowers are continuing to opt for two-year fixed deals in the hope that interest rates will be lower when they next come to remortgage. Is that still the right move?
Lenders continue to increase interest on their home loans, meaning borrowers may miss out on the cheapest deals unless they act quickly.
Homeowners have been dealt a fresh blow after experts warned key mortgage rates could surge above 6 per cent again as early as next week. More than 20 lenders have hiked their mortgage rates this week, pulling some of the most competitive home loans from the market, including several deals below 5 per cent. The cost of borrowing has been surging since Bank of England officials signalled last week that a long-awaited cut in rates would be delayed further. Santander yesterday increased its mortgage rates by up to 0.26 percentage points for the second time in four days. The move follows increases at NatWest, Halifax and Nationwide, which also pushed up the prices of their fixed-rate purchase and remortgage deals by up to 0.25 percentage points.
My £32,000 mortgage is on a fixed rate for five years, ending in March 2025 by which time I will have about 18 months remaining on the term. Do I have any option other than an SVR?
The Government is coming under increasing pressure to reform stamp duty to help reinvigorate the market and help first-time buyers.
Three major mortgage lenders have increased their rates this week in yet another blow to homeowners and house buyers. A number of best buys have disappeared from the market, meaning the lowest rates available to borrowers have ticked up. The moves have followed a flurry of changes across the market, which saw more than 20 lenders up rates last week alone.
These are the ten local authority areas that have seen the biggest property price booms since March 2020, when the first lockdown began.
Many of the cheapest mortgage deals on the market are vanishing, dashing hopes of homeowners that rates might be about to fall.
Average property asking prices have risen for the four consecutive month, according to Rightmove. The average newly listed property rose by 1.1 per cent in April to £372,324 up from £355,177 in December. The latest increase means the average newly listed property is being priced only £570 below the peak in asking prices recorded in May last year.
The property portal has revealed there are 20% more homes on the market than this time last year. What does that mean for buyers and sellers?
Five mortgage lenders have announced they are increasing rates in the latest blow to home buyers and anyone looking to remortgage.
I currently own a one bed leasehold flat in London and I'm looking to take a two-month sabbatical to go traveling in July. I'm planning to rent my flat out on AirBnb while I'm away. I'm wondering if I need to inform my mortgage lender or the freeholder? Actually for that matter, do I need to inform my insurer? Also, will I need to pay tax on the income and if so can I use the government's rent a room allowance?
Being mortgage-free is attractive and would remove rate uncertainty - but staircasing would lower the rent. Which is the better option?
With the help of data from Finder, we crunch the numbers on predicted mortgage costs and house price rises in the coming decades. Will homeowners still be better off?
I am divorced but still living with my ex-partner and two dependents. We've put the property on the market twice and are unable to sell unless we accept £70,000 less than what we paid for it. Neither of us can afford a property outright on our own, so we are stuck. Could we get a second mortgage in our joint names?
My son and his girlfriend have been declined a mortgage twice. Their credit score is not a problem but they've been declined on the grounds of inadequate lift provision.
We're trapped on a high mortgage rate and it is giving us sleepless nights. Should we refinance our own home to try and get out of this buy-to-let nightmare?
My Mortgage is with Mortgages PLC which has now informed me that I still have £60.314.87 to pay off. I am 69 years old. I was under the impression I had been paying extra.
I was thinking of taking £50,000 out of the flat I own to put down as a deposit towards a 100,000 house I would buy.
I have received enough money to put an £85,000 deposit down on a £120,000 home. As I am nearing retirement, what is the chance of getting a mortgage for the rest?
My daughter has split with her partner, three years into a 10-year fixed mortgage with Halifax. Can she port the loan, and what are the rules around that?
My daughter is currently living in London and is hoping to get on the property ladder somewhere around the London area.
I want to help my daughter buy her first home by giving her the money she needs for a deposit. Are there mortgages for older people to help raise the money she needs?
We live in the South of England where similar houses to the one we rent cost almost £500,000. How can my family make the move from renting to owning?
We used the Help to Buy loan to buy our home in 2020, which is around £80,000. We want to repay it but are wondering if we should instead pay our mortgage to save interest.
I'm worried about remortgaging as I don't have a great credit history, and what's more worrisome is that I have no endowment to pay it off when it ends.
Is it better to pay as large a deposit as possible upfront to reduce the size of the mortgage, or to use a smaller deposit?
If we ported the mortgage, we would both avoid early repayment charges and I could keep our current low rate on my next home. Do I need my ex's approval to do it?
I purchased with myself and my brother in-law. I had put down all the deposit for the house and make all the payments but he was put on a joint application to try and boost what we can borrow.
I find myself in a fortunate position where my savings now exceed the remaining amount on my mortgage. I'm trying to decide what the best thing is to do financially.
We have £35,000 left to pay, and could clear the balance with our savings and some family help. The alternative is to remortgage on to a higher rate. Should we do it?
The problem wasn't discovered in the survey when she bought the house, and now we are worried she might struggle to remortgage or sell it.
I wonder if you could give some advice regarding a mortgage my son has with Nationwide.
Should I cash in my 25% tax free lump sum from direct contribution pension, in order to reduce the amount of interest I would have to pay on the mortgage?
I took out a five-year fixed rate mortgage with Santander four years ago. My circumstances have changed and now I need to move.
I want to take advantage of high fixed-term savings rates, and then pay the money back in to my mortgage plus interest in a few years' time. Is that possible?
My daughter is terrified of losing her home, which she bought 15 years ago when she and her husband were newly married.
I'm 56 and my wife is 54 - and finally, we are ready to buy a home. However, mortgage brokers say there is nothing available because of our age. Is that right?
As we both plan to buy a new property, would it be possible for one of us to port the deal to a new mortgage and avoid an early repayment charge?
Mortgage rate cuts are about to STOP, warn experts
Experts are warning that mortgage rates are about to stop falling, after the surprise jump in inflation reported on Wednesday.
What are your rights if your new-build goes wrong?
DEAN DUNHAM on what to do if there is a problem with YOUR property
Santander launches new best buy mortgages:
Rates edge closer to 4% on two-year fixes.
What next for mortgage rates in 2024 - and how long should you fix for?
Fixed mortgage rates are continuing to fall back from last summer's peak.
Do mortgages have an age limit? I'm 65 and rent but just got an inheritance
DAVID HOLLINGWORTH replies
Should you fix your mortgage now or wait for rates to fall back?
All you need to know as inflation rises to 4%
House prices record fastest annual fall since 2011, ONS figures show
The typical home was worth £285,000 in November, which was £6,000 lower than a year earlier.
Four more major banks cut mortgage rates
When will two-year fixes go below 4%?
Property asking prices rise 1.3% in January as Rightmove reports busy start to the year
Property asking prices went up in January, according to Rightmove
House prices will RISE 3% in 2024, says property firm as it backtracks on prediction of 4% fall
Estate agent Knight Frank had previously predicted a 4% fall.
Stamp duty should be repaid for owners who insulate homes, MPs urge Hunt
MPs and think tanks are urging ministers to back a 'Rebate to Renovate' tax refund scheme.
My home has fallen in price and I need to move
Should I let it or sell at a loss?
Blink-and-you'll-miss-it mortgage deal
Co-op Bank pulls best buy rates three days after launch.
It's a tough time to be a first-time buyer
Here's what they need to know about getting a mortgage
Why a bigger mortgage deposit doesn't lower your rate as much as it once did
Cash rich buyers with big deposits finding they're not getting the preferential rates they once were.
Barclays and Santander next major lenders to cut mortgage rates
The latest lenders to announce cuts to their mortgage rates, including sub-4% offers.
Work out mortgage costs and check what the real best deal taking into account rates and fees. You can either use one part to work out a single mortgage costs, or both to compare loans
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