Nottingham Letting Agent Property Blog

Some lenders have begun to increase their mortgage rates even though the base rate is still at an all-time low. The Halifax has already announced it will increase its standard variable rate from 3.5% to 3.99% on 1 May, affecting around 850,000 customers. The RBS has also increased its mortgage rate by 0.25% on two mortgage products, affecting around 200,000 customers, and bringing the rate in line with their standard variable rate. Santander is also increasing the interest rate on four of its mortgage products, but the change will only affect new customers. Lenders generally increase their standard variable rates in...

First-time buyers are expected to continue to find it difficult to get financing this year in spite of an increase in the number of cheap deals available to them. There are now 332 deals for those with a 10 % deposit, up from 199 a year ago and 114 two years ago. In spite of this in these experts estimate around half of those who have a 10% deposit and who apply for a loan will be refused. In spite of the fact that high-street banks appear to be encouraging first-time buyers with cash back deals or fee free mortgages, many...