News & insights - Remortgage

The easing of planning laws is likely to prompt more homeowners to consider improving their properties rather than moving.

Homeowners with leasehold properties could find it easier to buy the freehold or extend their leases, under changes to the leasehold system proposed by the Law Commission.

Nationwide, Britain’s biggest building society, has reduced the maximum amount it will lend so that it can “continue to lend responsibly”.

The Bank of England has held the base rate at 0.1% in June, despite speculation that rates could fall into negative territory to help shore up the economy.

After re-introducing many of their deals for homebuyers with small deposits after lockdown rules eased, several lenders this week pulled their first-time buyer mortgages again temporarily.

Several lenders have recently reduced their mortgage rates, benefiting homeowners looking to remortgage so they can reduce their monthly outgoings.

Homeowners who have taken mortgage payment holidays to help them weather the financial impact of coronavirus may be able to extend their breaks by three months, the Financial Conduct Authority (FCA) has confirmed.

The Bank of England is reviewing whether to cut interest rates to less than zero to help stimulate an economic recovery, but has said it won’t act until it has fully assessed the impact of doing so.

Now that the property market has restarted again, lenders are busy working through the backlog of mortgage applications they put on hold when physical valuations had to cease during lockdown.

There are lots of reasons you might not have switched your mortgage yet, but are they actually myths? We look at the top reasons why you may not have remortgaged yet and why it might be a good idea...

Recent weeks have proved a rollercoaster ride for the mortgage market, with several lenders withdrawing products and then expanding their ranges.

The Bank’s Monetary Policy Committee voted unanimously to hold the rate at its current record low, to help support economic activity during the coronavirus pandemic.

Some mortgage lenders have announced changes to their affordability criteria to give more clarity for those who have been furloughed due to coronavirus, or those who receive a variable income which includes bonuses.

Lenders have gradually started to expand their mortgage ranges, after temporarily withdrawing some of their products when the lockdown was introduced.

Lenders have now given over 1.6 million payment holidays to support customers affected by the coronavirus outbreak.

More than 1.2m homeowners have been offered mortgage payment holidays by their lenders to help them weather the financial impact of coronavirus.

Keeping mortgage costs to a minimum is likely to be a priority for most people during this difficult time and moving to a new deal with the same lender may be one way to reduce monthly payments.

Taking a break from mortgage payments won’t affect your credit rating, credit reference agencies have confirmed, providing peace of mind for those struggling financially due to the coronavirus outbreak.

The Bank of England cut the base rate again on Thursday to just 0.1%, its lowest ever level, in a bid to support the economy during the coronavirus crisis.

The Government has announced that homeowners struggling with mortgage costs may be able to claim a three month “holiday” from their payments.

Nationwide, the UK’s largest building society, will soon re-enter the interest-only mortgage market - but only high earners will be eligible.

Although much of this week’s Budget speech focused on measures to protect people and businesses from the economic impact of the coronavirus, there were several announcements on property.

The Bank of England slashed the base rate by half a percentage point to just 0.25% on Wednesday to help shore up the economy during the coronavirus outbreak.

Paying off your mortgage early is a pretty appealing prospect for most people, so it’s little wonder that many of us plough any cash we don’t have an immediate need for back into our homes.

The Financial Times reported this weekend on the increasing number of borrowers looking to split their mortgages to suit their financial circumstances.