UK interest rates on hold

There’s potential good news for those with a mortgage as interest rates are put on hold by the Bank of England.

Interest rates were last year raised to 0.75% from 0.5%, but the Bank’s Monetary Policy Committee voted to keep rates as they are due to the timing of our EU withdrawal.

When asked whether interest rates would move up or down when the time is right, the MPC stated that they could move “in either direction”

How this could impact mortgage rates

When the interest rate rose to 0.75% last year, a rise in mortgage rates also followed. This meant that most who were not on a fixed mortgage deal were soon asked to pay more towards their mortgage every month.

As interest rates remain the same, mortgage repayments should also remain the same for the time being.

Need some advice on your mortgage?

If you’re not on a fixed rate deal, it may be a good idea to do so. This should protect you if interest rates raise any further.

Our recommended mortgage broker can talk you through this during a free appointment. Just call 0115 924 3304 or use the form below.

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Mortgage and protection advice is provided through our association with the mortgage brokers at Premier Mortgage Services (Nottingham) Ltd. Their mortgage brokers have been providing advice for over 20 years on all types of mortgages and circumstances.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home. 

Buy To Let Mortgage Nottingham

Buy to let mortgage advice

Are you looking for a buy to let mortgage in Nottingham? Whether you’re a first time or experienced Landlord, we can advise on almost every deal available.

A buy to let mortgage is different from a normal residential mortgage. Lenders will usually require a higher deposit (usually 25% or higher) and fees are also likely to be higher.

Buy to let mortgage information

You can look to apply for a buy to let mortgage under the following circumstances:

  • You want to rent your property out to tenants
  • You can afford to take a financial risk on an investment
  • You already own your own home, with our without an existing mortgage
  • You have a good credit report
  • You will typically have an income of £25,000 or over

How much can you borrow on a buy to let mortgage?

Knowing how much you can borrow can vary wildly depending on your own financial circumstances. We would always recommend talking to our recommended broker to find out how much you can borrow on a buy to let mortgage. The initial advice is free of charge. To chat, call 0115 924 3304. Alternatively use the form at the bottom of this page to ask any questions. Our recommended mortgage broker works on behalf of Premier Mortgage Services.

What else do you need to think about?

A buy to let mortgage can be a risk. It is likely that your investment property will never have tenants 100 percent of the time. When the property is unoccupied it is likely that you will have to pay for the mortgage out of your own pocket. When you do have tenants renting your property we would always advise to keep some rental income aside for these situations.

You may also need to spend additional money on conducting repairs or on regular property maintenance.

Don’t just stick to mortgage comparison websites

Mortgage brokers such as the ones who work with Walton & Allen Estate Agents are whole of market. This means that they can compare almost every mortgage deal available. Some comparison sites are limited and brokers also have access to exclusive deals which these sites do not have. It’s worth getting a second opinion for free.

Talk to a mortgage broker today

You can gain free initial advice by calling 0115 924 3304. There we will be able to answer any questions you may have and book an appointment for you if necessary. You can also fill in your details here to arrange a callback.

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Mortgage and protection advice is provided through our association with the mortgage brokers at Premier Mortgage Services (Nottingham) Ltd. Their mortgage brokers have been providing advice for over 20 years on all types of mortgages and circumstances. By submitting your details through this page you accept that we will pass your information to Premier Mortgage Services. We will never share your details with anyone else without your permission.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home. 

Mortgage without a deposit

You can get a mortgage without a deposit in Nottingham

These days it is unusual for any lender to offer a mortgage without a deposit. However, Lloyds bank has stepped up and is now offering a new deal to help first time buyers.

Sometimes called a 100% mortgage, the first time buyer will not need to have saved a deposit when they apply. There is a catch though, and one of their family members must have 10% of the purchase price in their Lloyds savings account.

The property will still be in the first time buyer’s name and will still legally own the property.

What are the repayments like for a mortgage without a deposit?

Generally 100% mortgages can cost more. The interest rate is fairly high compared to other fixed deals and at the time of writing is 2.99%.

The mortgage deal is fixed for three years which means payments will never change throughout this time. The family member will also get their savings back at the end of the three years, as long as all repayments are made throughout the term. The savings cannot legally be retrieved until this time.

What does this mean for first time buyers?

Saving for a deposit is often one of the biggest hurdles for those looking to get onto the property ladder. Lloyds have stated that this mortgage deal is part of a £30bn commitment to help first time buyers.

Other lenders such as Barclays are also offering great deals for those looking to buy their first home, however most of those require at least a 5% deposit.

Is this the right mortgage deal for you?

Although this may look like a great helping hand, it may not be the best mortgage deal for you personally. Your absolute best option is to always speak to a mortgage advisor first of all to see which deals are available based on your own financial circumstances. Booking an initial chat over the phone or in person with our mortgage advisor is free of charge. You can talk to someone today by calling 0115 924 3304 or leave a message below to find out more.

You can contact me for marketing purposes via:

EmailTelephone

Mortgage and protection advice is provided through our association with the mortgage brokers at Premier Mortgage Services (Nottingham) Ltd. Their mortgage brokers have been providing advice for over 20 years on all types of mortgages and circumstances.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home. 

Buy to let fixed mortgages cheaper than a year ago

Buy to let mortgages now cheaper than last year

It has been revealed that most buy to let fixed mortgages are now cheaper than a year ago. Some are down by as much as £29 per month on a typical mortgage of £150,000.

Landlords who have chosen a 5 year fixed deal have seen the biggest drop in costs. This is pleasing for most Landlords as 5 year deals have slowly been gaining popularity over the last few years.

Most Landlords choose to go for a mortgage deal with 50, 60 or 75 per cent of the property value. Savings were calculated as £8 per month at 50%, £29 at 60% and £21 at 75%.

Those Landlords who were looking at a 2 year fixed mortgage deal didn’t make as much of a saving. However, those on a mortgage deal at 65 per cent of the property value made an average saving of £11 per month.

Landlords encouraged to act now

Landlords are being encouraged to act now if they are looking to remortgage soon. Interest rates could change with Brexit so serious thought should be given, particularly from those looking at 5 year buy to let deals.

Nottingham buy to let market

In recent months, Nottingham has been rated as the best city for buy to let investments. This is reportedly down to the large student population where particular areas in NG1 and NG7 can produce very high gross yields. Rental values have also risen dramatically across the city in the last twelve months – Great news for Landlords.

Want to check on your buy to let mortgage deal?

Do you want to check how much you could potentially save on your buy to let mortgage deal? Perhaps you are coming up to the end of your term and need to compare the mortgage market? Talk to our mortgage broker today by calling 0115 924 3304 or by using the form below.

You can also see what we do for Landlords here.

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Mortgage Approvals for Buying Increase Dramatically

Mortgage approvals for those buying houses have hit the highest level since January 2018. This is according to The Times.

Bank of England data shows that in October banks approved 67,086 home loans. This is up 2% on a monthly basis.

Previously remortgage levels had dominated the market but these remained fairly flat at 49,399. This highlights the fact that more first time buyers are also looking for properties.

How does this affect those looking to sell?

Despite uncertainty with Breixt, these figures show that property purchases remain fairly unaffected. If you were waiting on Brexit to put your house on the market then there may now be no reason to wait at all.

Along with mortgage deals going up, Rightmove also report that property sales agreed are also up by 1%. People are still looking to buy and deals are still going through.

In addition to this, house prices in Nottingham are also up 3.7% on this time last year.

Find out how much your property is worth and how quickly you can sell

Interested in knowing the facts about selling before the end of 2018? Call us now on 0115 924 3304 or use the form below to ask any questions.

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We also have an instant valuation tool to find out how much your property is worth.

Compare the Best Mortgage Deals

Compare the best mortgage deals and rates with our recommended brokers

Are you looking to compare the best mortgage deals? We have a highly qualified team of recommended mortgage brokers who can compare the whole of the market for you. This means they should be able to find one of the best deals available to you, based on your own finances.

How does comparing the best mortgage deals work?

Our recommended mortgage brokers will have a quick initial chat with you. This should last no longer than 10-15 minutes and is free of charge with no obligation to use their services. During this time they will ask you about your current finances, including your average monthly income. You can talk to them over the phone, in person at our Estate Agency branch or in the comfort of your own home. Just call 0115 924 3304 or use the form below.

How do our mortgage brokers compare the whole of the market?

Our recommended mortgage brokers will be able to compare almost every mortgage deal available using their dedicated system. They may also have some special unique mortgage deals only available to brokers which could save you some money. They will help you choose a deal which could benefit you most and should be able to save you money over the whole mortgage term.

Do I need to have found a property before I receive mortgage advice?

Absolutely not! Most buyers come to us before they have really begun their property search. The advice given by our mortgage brokers will help you find your maximum affordable purchase price. You can also receive an Agreement in Principle which will help you prove to an Estate Agent that you can afford to buy the property you make an offer on.

What if I have an existing mortgage?

We can also help you with finding one of the best remortgage deals. We would always advise to shop around before you agree to stick with your existing mortgage lender. Talk to us today to see if we can save you any money. Just call 0115 924 3304.

Compare buy to let mortgage deals

If you’re looking to get a buy to let mortgage then we can also help you compare deals. Whether you’re buying your first investment property or looking to increase your portfolio, we can help! Buy to let mortgages are perfect for those looking to rent their property out, although you are likely to need a higher deposit. Whilst you are looking for buy to let mortgage advice, why not chat to our Lettings Team? They will provide you with advice on the maximum monthly rental figures you can achieve.

Get mortgage advice today

Call 0115 924 3304 and ask to speak to our broker, or arrange an appointment. Alternatively you can use this form below.

You can contact me for marketing purposes via:

EmailTelephone

Mortgage and Protection advice is provided through our association with the mortgage brokers at Premier Mortgage Services (Nottingham) Ltd. Depending on your circumstances a fee of between 0 – 1.5% of the loan amount may be payable.  A typical fee is £350.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

A Brief History of Mortgage Rates

When looking at a new mortgage deal it is easy to forget that interest rates used to be a lot higher. It has been almost 10 years since rates dropped massively from 5.5% in 2007 to 0.5% in 2009.

We take a look at historic interest rates and the factors which affected them.

18th and 19th century mortgage rates

Interest rates stayed at around 4% or 5% throughout most of the 18th century. As we moved into the 19th century there was a bit more volatility. Interest rates moved anywhere between 4% and 10%. This was also similar to the beginning of the 20th century.

1979

Margaret Thatcher’s government raised interest rates to a whopping 17%. This was great for savers but not good for those with mortgages. The reason for this was to try to combat inflation. Interest rates lowered a large amount throughout the start of the 1980s but started to rise again towards the end of the decade. This was mainly due to rising house prices.

1997

After a landslide victory for the Labour party, Chancellor Gordon Brown made the Bank of England independent from political control. Interest rates began to dip from 7.25% down to 4% by 2002.

The mid 2000s

Interest rates were raised once more amongst fears that the economy was over inflating. Mortgage rates rose from 3.5% in 2003 to 5.75% by 2007.

2007 to 2018

The global financial crisis saw the base interest rate drop to the lowest point in 300 years. Rates fell to 0.5% in March 2009 and then fell even lower to 0.25% in August 2016.

2017

The base rate rose for the first time in almost 10 years, back to 0.5%. This affected many who were on variable rate or tracker mortgages. Those who were or still are on fixed mortgage deals were not affected at the time.

Looking toward the future

Interest rates are still very low compared to previous years. They may stay the same for a while or could increase slightly. Many people looking to get new mortgage deals are looking for longer fixed rate deals which will secure their interest rate for 2, 5 or even 10 years. This means that whatever happens their mortgage payments should stay the same for this term.

We would always suggest talking to a mortgage broker as some deals may be better for you than others, based on your financial circumstances.

You can talk to our trusted mortgage brokers by calling 0115 924 3304. Alternatively, you can use the form below to get some free initial advice.

You can contact me for marketing purposes via:

EmailTelephone

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Full list of interest rates

Below is a full list of mortgage interest rates throughout previous years.

Bank of England base rate 1979-2017

Bank rate at year end (%)*
197917
198014
198114.375
198210
19839.0625
19849.5
198511.375
198610.875
19878.375
198812.875
198914.875
199013.875
199110.375
19926.875
19935.375
19946.125
19956.375
19965.9375
19977.25
19986.25
19995.5
20006
20014
20024
20033.75
20044.75
20054.5
20065
20075.5
20082
20090.5
20100.5
20110.5
20120.5
20130.5
20140.5
20150.5
20160.25
20170.5

 

 

Mortgage Advice Arnold, Nottingham

Walton & Allen offer mortgage advice Arnold

Are you looking for mortgage advice in Arnold, Nottingham? Perhaps you are looking to buy a house in Woodthorpe, Daybrook, Bestwood, Mapperley, Sherwood or other surrounding areas?

Walton & Allen offer free initial mortgage advice which compares the whole of the mortgage market. This means the mortgage brokers we work with can look at almost every deal available, based on your financial circumstances.

You can contact our mortgage advisors by calling 0115 9243304 or by popping into our offices in the Lace Market, Nottingham.

How does mortgage advice in Arnold work?

So, how does our mortgage advice Arnold work?

An initial appointment with our mortgage brokers is free of charge. You can chat to the broker over the phone, at our Nottingham office or in the comfort of your own home.

By providing our trusted mortgage broker with a small amount of information they can compare the market. They will then be able to recommend a suitable one for you personally. This recommendation may be down to the monthly payments, the deposit amount available or perhaps your credit score.

Once you choose a deal that suits you we can help you apply for this and follow it through to completion. We’ll always be around to advise you along the way and will provide you with updates as and when we receive these from the mortgage lender.

What will you need for your mortgage  advice appointment?

It would be ideal if you can provide our mortgage broker with 3 months payslips to begin the process. We will also need to know if you have any credit card debts or loans. Another key thing lenders like to know is your average monthly spending.

Get your mortgage advice today

Based on this information, why not call us today on 0115 9243304? Alternatively you can use the form below to request your advice. At the same time, why not look at available properties for sale in Arnold?

You can contact me for marketing purposes via:

EmailTelephone

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Mortgage and Protection advice is provided through our association with Premier Mortgage Services (Nottingham) Ltd. They have decades of combined experience working to find some of the best mortgage deals available to you.

What do we offer with our mortgage advice in Arnold?

We cater for almost every mortgage need, including, but not limited to:

  • Self employed mortgage advice
  • First time buyer advice
  • Remortgage advice
  • Buy to let mortgage advice
  • Help to buy
  • Limited company mortgage advice
  • Any complicated situations

However easy or complicated your situation is, our mortgage broker will do everything they can to try and help. You may still be able to get a deal whether you are free of debt or if you have a CCJ or credit card debt.

First time buyer mortgage advice in Arnold

We are very happy to help if you are a first time buyer looking to buy your first home. If you have no idea how to apply for a mortgage then our mortgage brokers will explain everything to you, and run you through the whole process. There’s no need to worry about a thing. They’ll then look at some of the best options for first time buyers and for you as an individual (or couple). Whilst you’re chatting about your first time mortgage, why not chat to our sales team about first time buyer schemes and see which first time buyer properties we have available to buy?

Walton & Allen now works with Premier Mortgage Services

We now recommend Premier Mortgage Services for Mortgage Advice in Nottingham

Walton & Allen are pleased to announce they are now using the services of mortgage brokers Premier Mortgage Services to continue to provide an excellent mortgage advice service throughout Nottingham.

Clients will now be able to choose to receive mortgage advice at their offices in Stapleford, as well as our Estate Agency in Nottingham, or at the client’s own home.

About Premier Mortgage Services

Premier Mortgage Services have been trading over 26 years and provide whole of market mortgage advice, much like Walton & Allen Financial Services. This means they are able to compare the whole of the mortgage market to find one of the best mortgage deals available for you. They may also have access to exclusive mortgage deals which individual banks may not be able to offer.

They can deal with

  • Standard mortgage advice
  • Self employed mortgages
  • Buy to let mortgages
  • First time buyer mortgages
  • Adverse lending
  • Good affordability stretch
  • Remortgage advice
  • Moving house mortgage advice
  • And much more!

Premier are also experts in protection, whether you’re looking to insure you and your family or protect yourself from not being able to work.

Need mortgage advice?

Call Premier Mortgage Services on 0115 924 3304 or use the form below to arrange an appointment. You can chat either over the phone, over email, in one of our offices or at your own home, all at a time that is convenient for yourself. All mortgage brokers at Premier are here to help you and are not affiliated with any particular lender!

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EmailTelephone

How does it work?

When looking to receive mortgage advice, the following will happen.

  • The brokers at Premier Mortgage Services will work out how much you should be able to borrow based on your personal financial circumstances
  • They will then produce an ‘Agreement in Principle’ which will help you to make offers on properties with an estate agent such as ourselves
  • Once an offer on a property has been accepted they will apply for your mortgage and see it through to completion
  • They’ll answer any questions you may have a long the way
  • They can also offer protection to save you if a sale falls through, or if you lose your job and cannot pay your mortgage once you are moved in

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

mortgage advice

Bank of England raises interest rates: What does this mean for mortgages?

Mortgage rates rise to the highest rate since 2009

The Bank of England has raised interest rates from 0.5% to 0.75%, the highest rate since 2009. The base rate is set by the Bank of England and is used by banks to calculate interest rates, although it is not compulsory to follow it.

Although this is not a huge increase, this is just another expense for home owners who have already had to take on hikes in council tax and energy prices.

What does a rise in interest rates mean for mortgages?

The rise in interest rates will immediately affect over three and a half million mortgages where monthly repayments are likely to rise. This is if these mortgage deals are on a tracker or variable rate.

Royal Bank of Scotland, Natwest and Ulster Bank have all put up their variable mortgage rates with immediate effect. Barclays have said they will up their rates on 1st September 2018.

How can you avoid a rise in your mortgage payments?

If you’re on a fixed rate mortgage currently then there is no need to panic. Your mortgage payments should remain the same until the end of your contract term.

If you are on a tracker or variable rate and your mortgage payments have risen then you may be able to move to a fixed deal. Check your mortgage deal though to see if there will be a fee to do so.

What are your next steps?

If you’re confused about any of this, or just want to look at a great fixed deal for yourself, why not talk to our mortgage broker? There’s no fee to chat and we can compare the whole of the market to find one of the best deals for you. Call 0115 9243304 or use the form below to leave us a message.

You can contact me for marketing purposes via:

EmailTelephone

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.