March was a pivotal month for the UK property market after a period of hesitancy amongst sellers since the start of 2021 and the third national lockdown.
The stamp duty extension continued to boost sales activity, which increased sharply over the month, particularly in London and the Country markets.
|Overall Cost For Comparison (APR)
|Early Repayment Charge
|2 Year Fix
|3% Years 1 & 2
|5 Year Fix
|5% Years 1 – 5
|2 Year Fix – Offset
|2% Year 1, 1% Year 2
|2 Year Fix – BTL
|1.5% Year 1, 1% Year 2
|2% of loan
Recent research by Capital Economics suggests that the UK bank base rate will remain at 0.10% for the next four years. In this unprecedented interest rate environment it is important to consider the market expectations before choosing a mortgage product. Our mortgage partner set all of their advice against a backdrop of informed interest rate commentary putting you in the most informed position possible before making a decision.
Due to the current overseas travel restrictions, there has been an increase in holiday home purchases in the UK. Our partner has market-leading residential products available for clients looking to rent properties for no longer than sixteen weeks. They also have a semi-exclusive lender who will lend to limited companies and even a ‘bridge to renovate’ option. Here, a property can be purchased and renovated with roll up of interest until ready to rent and then converted to a standard mortgage.
Whether you are coming to the end of your mortgage product or keen to compare your current rate to the best available elsewhere, please contact your adviser who can put you in touch with our mortgage partners.
* Lending criteria restrictions apply to all products, always seek independent advice.
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Past performance is not a guide to future performance and may not be repeated. Capital is at risk; investments and the income from them can fall as well as rise and investors may not get back the amounts originally invested.
Your home may be repossessed if you do not keep up with payments on your mortgage.
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Source: Professional Mortgage Services.
As tax year end approaches, there is still time to make use of your available reliefs and allowances.
This tax year end planning checklist covers the main planning opportunities available to UK resident individuals and will hopefully help to inspire action to reduce tax for the 2023/24 tax year and to plan ahead for 2024/25.
As tax rate band thresholds are changing, understanding the impact on high rate taxpayers and the economy is crucial.
It was recently revealed in the media that the amount we need to enjoy a ‘moderate’ retirement has increased by £8,000 per annum, a 38% increase, in just one year.