Speculation increases that interest rates will fall by the summer
Another hold in interest rates at March’s meeting of the Monetary Policy Committee is further fuelling speculation that the next move in rates will be a reduction, perhaps as early as the summer. Mortgage pricing has crept up since the January sales where lenders offered sub-4per cent five-year fixes. But as inflation continues to fall, and market expectations grow that interest rates will come down, lenders could be in a position to offer cheaper mortgage rates once more. If you’re wondering how this impacts you and your mortgage, look no further. We run through the options available and the action you should be taking now. AWS Private Finance is a whole-of-market mortgage broker which finds the best mortgage and protection for you and your family. Get in touch for more information.
Inflation is expected to dip below the 2 percent target in coming months following Chancellor Jeremy Hunt’s decision to freeze fuel duty in his Spring Budget, combined with Ofgem’s energy price cap. Improved sentiment is feeding through to housing market activity with HMRC reporting an increase in transactions in January, although compared with the same time the previous year transaction levels are 11.9 per cent lower. The Bank of England reports that the number of mortgages approved for house purchases, an indicator of future activity in the market, rose by 7.2 percent in January, while year-on-year that figure was 40.2 percent higher. Read More
With the Bank of England holding interest rates this month at 5.25 per cent, for the fifth meeting in a row, calls are increasing for members of the Monetary Policy Committee (MPC) to start cutting rates. Money markets now suggest there is a 20 per cent chance that rate cutters will start reducing rates in May, the first reduction since the pandemic. Read More
Our client recently set up his own limited building company so only had one year’s worth of accounts. He was buying a new family home and wanted to port his existing mortgage across to avoid paying the early redemption charge. However, his lender rejected the application because his new business did not have enough of a track record of income to satisfy its affordability criteria. Read More
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AWS Financial Services is a trading style of Intra Private Finance Ltd which is authorised and regulated by the Financial Conduct Authority FRN 832376. Intra Private Finance registered address: C/O Ashfield Accountancy, First Floor 33 Chertsey Road, Woking, United Kingdom, GU21 5AJ. Registered in England and Wales. Registered company Number 11464572
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