Sam Agate Mortgage Broker

03/11/2022

Bank of England hikes interest rate by 75bps to 3%
By Becky Bellamy 3rd November 2022 12:05 pm
The Bank of England (BoE) has increased the base rate by 75 basis points to 3%.

The Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the bank rate by 0.75 percentage points, to 3%. The members in the minority voted to increase the bank rate by 0.5 percentage points to 2.75% and by 0.25 percentage points to 2.5%.

The increase marks the biggest since 1989 and the eighth time the bank has hiked rates.

Last year in November the base rate was just 0.1%.

The Office for National Statistics’ latest data shows that inflation increased from 9.9% in August back to 10.1% in September.

The Bank of England says inflation is “projected to pick up to around 11% in 2022 Q4, lower than was expected in August, reflecting the impact of the energy price guarantee”.

In September, the bank increased the base rate by 50 basis points to 2.25%.

The next MPC meeting is scheduled on 15 December.

The bank’s decision comes a day after the Federal Reserve in the US also confirmed it will increase interest rates by 0.75 percentage points for the fourth time in a row.

The Federal Reserve’s latest increase brings the federal funds rate to between 3.75% and 4% after sitting at 0% for more than a year during the pandemic.

By Becky Bellamy 3rd November 2022 12:05 pm

16/06/2022

Bank warns of inflation rising to 11% after split vote to lift rate, for fifth time in a row, by 0.25 points

05/05/2022

03/02/2022

Central bank moves on borrowing costs with first back-to-back rise since 2004 as rate increases from 0.25%

16/12/2021

The Bank of England base rate has risen from 0.1% to 0.25% after the majority of the Monetary Policy Committee (MPC) today voted in favour of raising the rate. The base rate is used by the Bank to charge other banks and lenders when they borrow money – and influences what borrowers pay and savers ...

04/11/2021

The Bank of England (BoE) has held its base rate at 0.1% despite expectations that there could have been a rise.

24/06/2021

Happy to be supporting Caterham Valley For You countryside story trail Make sure you share your selfies on your trail outside our office with us by tagging us https://caterhamvalley.co.uk/countryside-story-trail/

21/04/2021

Please contact us if you would like to find out your Maximum borrowing as a First Time Buyer using the new Helping Hand Scheme.

Nationwide Building Society has increased its maximum loan-to-income (LTI) ratio for first-time buyers, through the launch of ‘Helping Hand’.

20/04/2021

A new government-backed mortgage scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit.

19/04/2021

HSBC UK has confirmed its participation in the Mortgage Guarantee Scheme, with products on offer including 2 and 5-year fixes

16/04/2021

Halifax to start 95% lending from Monday
By Leah Milner 15th April 2021 2:29 pm
Halifax has revealed it will be launching its 95 per cent LTV deals on Monday with help from the government’s Mortgage Guarantee Scheme.
The lender has just shared details of the rates and says that borrowers will need an “enhanced credit score” to qualify.
It will be offering a two-year fixed rate.
Alternatively, borrowers can fix for five years.
As well as launching new deals for borrowers with a 5 per cent deposit, Halifax is cutting a number of rates for first-time buyers and home movers with large deposits.
The new 95 per cent LTV deals will be available for purchase only and not for remortgage.
Fees cannot be added to the loan if they take the LTV above 95 per cent.
Borrowers can be first-time buyers or home movers, but those purchasing new-build homes are excluded.
It must be the applicant’s only residence and they must not have an interest in any other property such as a buy-to-let or holiday home.
The maximum loan is £500,000.
The mortgage cannot be combined with any other schemes such as shared ownership, shared equity or right to buy.
A maximum income multiple of 4.49x will apply.
Credit commitments will be deducted in the affordability calculation even when the borrower intends to repay them before completion.

By Leah Milner 15th April 2021 2:29 pm