The UK mortgage market is constantly evolving, with new economic factors shaping the landscape. As of the start of 2023, there are several notable updates to the UK mortgage market that potential buyers and homeowners should be aware of.

Interview with Mortgage Advisor Miriam Nawagamuwa CeMAP  

One of the biggest changes is the increase in interest rates. The Bank of England has been hiking its base rate since 2021 to 4%, the highest in 14 years. Mortgage rates have risen substantially, making borrowing more expensive. However, there are still competitive rates available for those with good credit scores and larger deposits or equity.

In addition to interest rates, the UK mortgage market is also seeing increased competition among lenders. More and more online-only banks are entering the market, offering lower rates and faster application processes. This is good news for borrowers, given them more options to choose from when shopping for the best mortgage deal.

Stricter lending and affordability checks have been introduced following the Financial Conduct Authority's (FCA) lending review in 2022. Mortgage lenders now consider borrowers' regular expenditure and other financial commitments when assessing affordability. In the past, banks lent based on a simple multiple of salary. The tough new criteria means that some borrowers may find it harder to secure a mortgage or re-mortgage, but ensures that lenders are lending responsibly and not overstretching borrowers. 

The lending ‘stress test’ bar has also been raised on buy-to-let mortgages, pushing more investors into higher yielding HMO’s, holiday lets and serviced accommodation.

Regulators do not want a repeat of the 2008 financial crisis largely caused by banks lending recklessly to borrowers with a poor credit history.

Finally, the government's Help to Buy scheme will end in March 2023. This scheme allowed first-time buyers to purchase a home with just a 5% deposit, with the government providing a loan of up to 20% (or 40% in London) of the property value.

Overall, the UK mortgage market is a complex and ever-changing landscape. It's essential for potential buyers and homeowners to keep up to date with the latest developments and to seek professional advice before making any significant financial decisions. With the right knowledge and support, it's possible to navigate the market and secure a mortgage that meets your needs and financial goals.

How to contact Miriam:

Miriam Nawagamuwa CeMAP
Mortgage and Protection Advisor
Larkin Financial Services Ltd
miriam.nawagamuwa@larkinfinancial.co.uk
https://www.larkinfinancial.co.uk

Need more help with your money, finances, or debt?

I want to show you how can you:
Not only survive, but thrive in a recession or depression?
Get control of your finances and spending?
Save and invest for your future?
Learn about money and finance?

To help you, I am running a free training webinar.  

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free. 

Join me online on my free live training Wednesday at 8.00PM. 

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #moneymakingideas #recurringincome #bankfailure #siliconvalleybank

The UK mortgage market is constantly evolving, with new economic factors shaping the landscape. As of the start of 2023, there are several notable updates to the UK mortgage market that potential buyers and homeowners should be aware of.
Interview with Mortgage Advisor Miriam Nawagamuwa CeMAP  
One of the biggest changes is the increase in interest rates. The Bank of England has been hiking its base rate since 2021 to 4%, the highest in 14 years. Mortgage rates have risen substantially, making borrowing more expensive. However, there are still competitive rates available for those with good credit scores and larger deposits or equity.
In addition to interest rates, the UK mortgage market is also seeing increased competition among lenders. More and more online-only banks are entering the market, offering lower rates and faster application processes. This is good news for borrowers, given them more options to choose from when shopping for the best mortgage deal.
Stricter lending and affordability checks have been introduced following the Financial Conduct Authority's (FCA) lending review in 2022. Mortgage lenders now consider borrowers' regular expenditure and other financial commitments when assessing affordability. In the past, banks lent based on a simple multiple of salary. The tough new criteria means that some borrowers may find it harder to secure a mortgage or re-mortgage, but ensures that lenders are lending responsibly and not overstretching borrowers. 
The lending ‘stress test’ bar has also been raised on buy-to-let mortgages, pushing more investors into higher yielding HMO’s, holiday lets and serviced accommodation.
Regulators do not want a repeat of the 2008 financial crisis largely caused by banks lending recklessly to borrowers with a poor credit history.
Finally, the government's Help to Buy scheme will end in March 2023. This scheme allowed first-time buyers to purchase a home with just a 5% deposit, with the government providing a loan of up to 20% (or 40% in London) of the property value.
Overall, the UK mortgage market is a complex and ever-changing landscape. It's essential for potential buyers and homeowners to keep up to date with the latest developments and to seek professional advice before making any significant financial decisions. With the right knowledge and support, it's possible to navigate the market and secure a mortgage that meets your needs and financial goals.
How to contact Miriam:
Miriam Nawagamuwa CeMAP Mortgage and Protection Advisor Larkin Financial Services Ltd <a href="mailto:miriam.nawagamuwa@larkinfinancial.co.uk">miriam.nawagamuwa@larkinfinancial.co.uk </a><a href="https://www.larkinfinancial.co.uk">https://www.larkinfinancial.co.uk</a>
Need more help with your money, finances, or debt?
I want to show you how can you:
<ul>
<li aria-level="1">Not only survive, but thrive in a recession or depression?</li>
<li aria-level="1">Get control of your finances and spending?</li>
<li aria-level="1">Save and invest for your future?</li>
<li aria-level="1">Learn about money and finance?</li>
</ul>
To help you, I am running a <a href="https://contexttraining.aweb.page/p/a38e68bf-ff99-4d03-99cd-de7a44d9fe99">free training webinar</a>.  
3 Steps To Success Money Management!
I want to take you to the next level, help you get control of your money, learn how to invest and become financially free. 
Join me online on my free live training Wednesday at 8.00PM. 
Places are limited, so <a href="https://contexttraining.aweb.page/p/a38e68bf-ff99-4d03-99cd-de7a44d9fe99">register now</a> below to avoid disappointment.
<a href="https://bit.ly/3QPp8IH">https://bit.ly/3QPp8IH</a>
#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #moneymakingideas #recurringincome #bankfailure #siliconvalleybank

Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness.  Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy and property business.  Money Tips will help you save, make and accumulate more money whether you are a business owner, entrepreneur, employee or still searching for your vocation.   For more tips and information visit Mondeytipsdaily.com. The Information given in this podcast is for your entertainment and should not be construed as financial advice. As always, take independent financial advice before making any investment decisions.

Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness.&nbsp; Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy and property business.&nbsp; Money Tips will help you save, make and accumulate more money whether you are a business owner, entrepreneur, employee or still searching for your vocation. &nbsp; For more tips and information visit Mondeytipsdaily.com. The Information given in this podcast is for your entertainment and should not be construed as financial advice. As always, take independent financial advice before making any investment decisions.

Money Tips Podcast

Welcome to Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness. 

Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy and property business. 

Money Tips will help you save, make and accumulate more money whether you are a business owner, entrepreneur, employee or still searching for your vocation.  

For more tips and information visit Mondeytipsdaily.com. The Information given in this podcast is for your entertainment and should not be construed as financial advice. As always, take independent financial advice before making any investment decisions.

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