Homeowners racing to overpay their mortgage before their loan rate rises could be making a financial mistake costing them hundreds of pounds.
Overpayments allow mortgage holders to put additional cash towards their home loan to pay off the debt faster and reduce their loan size.
One in four homeowners have paid over and above their monthly mortgage costs this year, Barclays disclosed last month.
A record £6.7 billion was spent on mortgage overpayments in the first three months of this
The policy would allow borrowers to submit claims if they believe they were misled by their college.
source site
Markets are pricing in two more interest rate hikes this year in yet more misery for struggling mortgage borrowers.
The Bank of England raised rates by a widely expected 0.25 percentage points yesterday, with some observers thinking there might be another ‘shock and awe’ 0.5 per cent
The Bank of England decided eight to one to raise the interest rate from five percent to 5.25 percent.
This is the 14th time in a row the Bank has decided to increase the base rate in a bid to cool the economy and bring down inflation.
Borrowers are the hardest hit by this increase as interest for repayments on loans and mortgages continues to rise.
Marc von Grundherr, director of Benham and Reeves explained that the rise will
The president has doubled down on legally dubious executive action.
source site
Mortgage borrowers could soon have some relief from rocketing interest rates and the surge in repayments.
Kevin Roberts, managing director of Legal & General Mortgage Services, told Express.co.uk there are signs that rates are levelling off.
He said: “It is too early to tell whether rates are on their way down, but there is good news for borrowers in that swap rates – which are used by lenders to predict future interest rates – are starting to stabilise, dropping by
The Bank of England has upped the base rate for the fourth time since December as it attempts to keep a lid on soaring inflation.
The base rate has risen from 0.75 per cent to 1 per cent, having been previously upped from 0.1 to 0.75 per cent in the previous three successive rises.
This is the first time since February 2009 that the base rate has been at 1 per cent, when it headed downwards following the financial crisis
Since the start of the pandemic, millions of self-employed people have accessed government support schemes such as the Self-Employment Income Support Scheme grant and Bounce Back Loan.
The money allowed them to keep afloat in the most difficult days of the pandemic – and they were told that it would not blemish their credit scores.
But despite the grants and loans not being marked against them officially, it appears they are still causing problems for some when it comes to
