Mortgage Scout

Merry Christmas from all of us at Mortgage Scout 🎄

The Bank of England have announced today that the base rate will continue at 4.75%. Here are Sarah Thompson's thoughts, Mortgage Scout's Managing Director on what that means for you. "With the Bank of England's decision to keep interest rates at 4.75%, the wait continues for a possible reduction, which many homeowners, first-time buyers, and businesses have been anticipating. The ongoing inflationary pressures mean the Bank remains cautious. The current rate environment, 'higher for longer', still puts pressure on households, particularly those with variable rate mortgages or those about to remortgage. "The hope now shifts to 2025, when rate cuts are expected to become more likely if inflation eases. However, this prolonged period of elevated rates means many are facing higher borrowing costs, making it even more crucial for homeowners to review their mortgage deals ahead of time. For those approaching the end of their fixed terms, it's essential to plan ahead and lock in the best possible rate before changes come. "At Mortgage Scout, we strongly recommend that homeowners and potential buyers take action sooner rather than later. Consulting a mortgage advisor can provide clarity on the best options available in this uncertain landscape and ensure that people are prepared for when rates do start to move down. This is a time to stay informed, as the right mortgage decisions now could make a significant difference in the years ahead." #mortgages #bankofengland #interestrates

Read our mortgage predictions for 2025 over on our blog > https://lnkd.in/eSjfrszN #mortgagescout #mortgagebroker #mortgagepredictions #mortgagerates Sarah Thompson

🚨 Breaking News! 🚨 The Bank of England have just announced a reduction in the base rate to 4.75%. Sarah Thompson, Managing Director here at Mortgage Scout, shares her thoughts on what it means: “Great news for first-time buyers and homeowners: the Bank of England’s base rate cut to 4.75% brings potential for more affordable mortgage options. For those on variable rates, this change could mean around £20 in monthly savings. Recent market trends show two-year fixed rates dropping more than five-year options, as many predict further rate cuts into 2025. “While the base rate plays a crucial role, international market dynamics have influenced swap rates, which have seen greater fluidity over the past month. Mortgage rates have already adjusted downward in anticipation, so significant short-term shifts are unlikely. “Despite inflation concerns stemming from the Autumn Budget, current conditions make it an excellent time to buy, especially with stamp duty relief for first-time buyers until the end of March. Now is the perfect moment to take that first step onto the property ladder. At Mortgage Scout, we’ll ensure your mortgage offer is updated to the most competitive rate if market rates fall before your completion.” #bankofengland #mortgages #firsttimebuyers

Following the first The Labour Party Autumn Budget, Sarah Thompson shares her thoughts on what it means for you when it comes to mortgages. “Today’s budget brings a mix of considerations for working people aiming to buy a home. While it avoids direct tax hikes, there are subtle changes, like increased employer National Insurance contributions, that could impact take-home pay in the long term and, ultimately, mortgage affordability. Additionally, while it’s less than ideal that stamp duty thresholds will revert to previous levels in March 2025, buyers still have another five months to take advantage of the current stamp duty relief. This makes buying now an even more strategic choice for those ready to enter the market. “Separately, there’s encouraging news in the form of falling mortgage rates and easing inflation, which could improve affordability in the months ahead. Although these positive trends aren’t directly tied to the budget, they set a promising backdrop for potential buyers. Expectations are high that the Bank of England may also lower the base rate soon, potentially easing mortgage costs further. “One notable absence in the budget is a government-backed buying scheme, like Help to Buy, which could have been a valuable tool for supporting first-time buyers in today’s challenging market. While lenders continue to offer 5% deposit options through their own schemes, a national programme would provide added security for those starting their home-ownership journey. “While the budget may not address every concern for potential buyers, the current environment presents good opportunities for those considering a purchase in the next year. Now really is a great time to explore your options and lock in rates, ensuring stability and taking advantage of any additional rate reductions before completion whilst also ensuring you take the opportunity of reduced stamp duty before it increases back to previous levels in March 2025.” #autumnbudget #mortgages #mortgagescout

Our latest blog shares 5 of the top potential pitfalls when remortgaging, together with suggestions on how to avoid them. Together, we'll make sure your remortgage goes as smoothly as possible! #mortgagescout #mortgagebroker #remortgage #mortgageadvice

Get the latest insights from our Managing Director, Sarah Thompson, as she shares expert advice for first-time buyers. Whether you're just starting your property journey or exploring mortgage options, Sarah’s guidance will help you navigate the current market. #mortgagescout #mortgagebroker #mortgagerates #movinghouse

Our Managing Director, Sarah Thompson, has good news for those wanting to move upmarket! #mortgagescout #mortgagebroker #mortgagerates #movinghouse

Great news for First-Time Buyers, as Nationwide Building Society have just introduced mortgages of up to 6 times' income for qualifying customers! This follows Halifax/Lloyds Banking Group recently launching 5.5x income mortgages for FTB, and replaces Nationwide's existing Helping Hand offer of 5.5x. Nationwide have also extended their Loan to Value bands, now offering loans of up to £750,000 with just a 5% Deposit! What does this all mean? It shows a genuine confidence in the future of the UK Housing Market (and the economy in general) from the country's top 2 lenders, as they will be hoping for rising incomes & house prices and falling interest rates to ensure these mortgages remain affordable for borrowers long-term. Please get in touch if you would like to talk through your mortgage options - send me an email to mleggett@mortgagescout.co.uk to arrange a no-obligation chat! Mortgage Scout https://lnkd.in/eVc_uV-H

Responding to the Bank of England's decision not to change interest rates today, Kevin Shaw, National Sales Managing Director at Leaders Romans Group (our umbrella company), said: "After a reduction in August, the decision not to reduce interest rates further in September was what we’d expected. "The impact of August’s cut has had the desired effect of changing sentiment towards affordability and we’ve seen a very positive revival in the last month. Instructions (supply) and applicant levels (demand) are both up year-on-year (11% and 7% respectively) and this has had a significant impact on sales - which are up 27% year-on-year across the Leaders Romans Group brands. "The Government’s, and the Bank’s, stated aim is to bring interest rates down further this year, and so we hope to see the second drop of the year at the next Monetary Policy Committee on 7 November and perhaps one further reduction before Christmas. "We need more than a single reduction of 0.25% to re-establish confidence across the market. Specifically we face the considerable ‘known unknown’ of the Budget on 30 October. We know that Capital Gains Tax and Inheritance Tax are likely to rise. But we’ve known this for some time and people have planned accordingly. The big questions surround Stamp Duty and other taxes, of which little is known. "A further reduction would bring a substantial benefit to the market – which, as the Government identifies – is crucial to the economic prosperity of the country." #interestrates #mortgagerates #bankofengland #ukpropertymarket