What Will Happen to Mortgage Rates in the UK?
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Published 2024-03-05
We also wanted to look closer at the 99% & 100% mortgages.
The timestamps below are indicators of what was discussed - you can use them to skip to a particular area of interest.
๐ VIDEO TIMESTAMPS โณ
00:00 Introduction
01:51 Rate stability & positive signs
02:13 Repricing to support new & existing mortgage customers
04:45 Increased number of first-time buyers
05:49 The 99% & 100% mortgage
08:22 Rent as part of affordability assessment at Skipton
09:39 Lending on properties with cladding
11:14 External impacts on mortgage lending
12:53 Top tip - stress test yourself
13:36 Rate expectations
๐To find out more about Skipton mortgage products
๐www.skipton.co.uk/mortgages
๐Or speak to our recommended mortgage brokers ๐www.moveiq.co.uk/tools/buying/mortgage-quote/
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All Comments (15)
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๐ GET PHIL SPENCER'S ADVICE DIRECT TO YOUR INBOX โ ๐ www.moveiq.co.uk/newsletter-signup
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40 year mortgages and 0% mortgages, anything to keep house prices climbing, rather than address the underlying issues in the housing market!
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With the market dynamics and potential shifts, understanding how mortgage rates impact our financial decisions is crucial.
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Iโve been paying my mortgages down , I have stopped buying houses Iโm not even looking now the rates have gone to high and made it not worth buying thereโs not enough profit so buying back my equity is the best way to go for me, Ps you might say put the rents up, but tenants just donโt have the money so I keep things fair
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Very interesting infoโฆ.. and a very clean and shiny table!!
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Thank you, interesting
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Think the difference now in terms of absolute interest rate is that the mortgage as a multiple of salary is much higher so although the rates were higher historically the actual burden on people is much worse now
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"40 increase in first time buyers, what do you put that down to" - blood sucking RENT is the answer
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Commercial rates have just started rising again, no signs the BoE will reduce base rates. A million plus coming off their near zero rate this year. Just entered a recession. Looking grim for house prices, need to drop another 10%+ to bring buyers en masse back to the market.
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Hi Phil great video some more good common sense ๐ Regards Christopher Barker
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If Labour win the general election and if (itโs a big if) they free up planning and lots more houses are built, this may well drive down house prices. I personally think this would be a good thing for the country BUT it makes me very worried for young people/FTBs with 99/100% mortgages.
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Isnโt the deposit to protect the lender from negative equity and owners walking away. Not necessarily about affordability. In recessionary times itโs not a good idea. Iโve heard of family years ago taking 100% mortgages and known of more than 100% for kitting out the property. Seems crazy at the time but the crazy boom in housing prices killed off that risk. I could be wrong but weโll never see the % increases that owners had 20/30 years ago.
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100% mortgage in a falling housing, tread very carefully.
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Interest rate cuts = unemployment
