Looking to move in 2009?
If you are looking to move in 2009, then now is the time to speak to Mortgage Help Scotland as we can provide Fee-Free impartial mortgage advice on all aspects of moving and remortgaging from the whole of market.
If you require a mortgage quotation or simply wish to chat over some of the fears or questions you may have about moving house and obtaining a new mortgage, then please either call our hotline number on 01324 872296 or request a call back or email info@mortgagehelpscotland.co.uk
Your home may be repossessed if you do not keep up repayments on your mortgage.
The levels and bases of taxation and UK interest rates are subject to change.
The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Mortgage Help Scotland Ltd, is an appointed representative of TenetConnect Services Limited, which is authorised and regulated by the Financial Services Authority (FSA). The FSA is the independent regulator of financial services in the United Kingdom. TenetConnect Services Limited is entered on the FSA register (www.fsa.gov.uk/register) under reference 150643.
Latest News
4th March 2010 - Bank of England holds Base Rate at 0.5%. The Bank of England has maintained interest rates at 0.5%, meaning the base rate has now been held for a year.04th February 2010 - Bank of England hold the Bank Base Rate at 0.5% for the eleventh consecutive month which is great news for mortgage customers.
30th January 2010 - Steve McAvoy comments this month on the mortgage and property market are as follows: -
House prices seem to be rising slightly according to the Nationwide Building Society index as prices rose by 1.2% during January and this latest increase has now pushed the average house price from £162,103 in December to £163,481. The rise also pushed annual house price growth up to 8.6%, compared with 5.9% in December. The building society said that unless there was a fall in property values during February, annual house price inflation was likely to move into double digits next month for the first time since May 2007. Year-on-year prices would move above 10% in February although house prices are still 12.2% lower than their October 2007 cyclical peak.
These house price increases have surprised most commentators however house activity continues to be lower than required to cause enough pent up demand to increase property prices further and we will need the help of mortgage lenders to increase products for those borrowers with less than 25% deposits to push people on to moving house. Some reckon the increased amount of cash rich buyers and a low supply have caused this latest property increase which could mean it will be even harder to predict what happens next as the surprise leap in inflation in December could mean higher interest rates may be required sooner than is widely assumed.
Mortgage Rates are looking likely to remain low as it looks like the Bank of England base rate will not increase until at least the second half of 2010, as the Monetary Policy Committee (MPC) will need to see firmer evidence of economic recovery before it considers increasing the cost of borrowing. I think that fixed rates have now bottomed out and with Skipton BS having recently increased their Standard Variable Rate of mortgage interest, now could be the best time to look at fixed rates whether you are buying or looking to remortgage. Lending activity is likely to remain relatively depressed in 2010 until funding and supply conditions improve and although the housing market stabilized slightly in recent months, lending is still at lower levels than a year ago. Funding conditions for all lenders are improving slowly and the emphasis is on the word slowly.
Some interesting surveys going around just now, for instance, four out of five UK homeowners believe that property values are set to rise over the first half of 2010, according to the latest Zoopla.co.uk housing market sentiment survey.
This is a marked turnaround from just one year ago, which marked the low point for housing market confidence, when only one in five homeowners was optimistic about the house price outlook, said Zoopla. The Treasury select committee has warned that a tightening of monetary policy could threaten property prices but, availability of mortgage funding remains the biggest obstacle to activity. Of those surveyed, 75 per cent claim that it is no easier now to get a mortgage than three months ago, placing the onus on lenders to work to increase confidence and help further lift the transaction volumes. Homeowners said in the survey that the clearest sign of a property market recovery would be evidence of greater market activity in their local area - both in terms of more properties on the market for sale and more transactions taking place.
Property owners predict 0.6% BBR rise in 2010 which is similar to my 0.5% prediction some months ago.
That is all folks for now but I do hope the housing market continues to pick up and that more mortgage products become available which will make life better for buyers and sellers in 2010. Remember if you have any questions or funny stories then please do not hesitate to contact us via our website. Thanks for your time.
7th January 2010 - Bank of England holds Base Rate at 0.5% for the tenth consecutive month.
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