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Viewing entries posted in November 2017

House of Lords debate rental payments as proof affordability

Posted by MMB Finance Swindon and Gloucester on 27 November 2017

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The second reading of the Creditworthiness Assessment Bill took place last week in the House of Lords, setting out plans to include rental payments in consumers' credit scores. The Bill states that all firms carrying on credit-related regulated activities, including mortgage lending and providing credit scores, should be required to “take into account rental payment history and council tax payment history when assessing a borrower’s creditworthiness”.

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House price growth rebounds to 5.4%: ONS

Posted by MMB Finance Swindon and Gloucester on 14 November 2017

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Average house prices increased by 5.4% in the year to September 2017, up from 4.8% in August, according to the latest ONS and Land Registry house price index. This brought the average UK house price to £226,000 - £11,000 higher than in September 2016 and £1,000 higher than in August.

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BoE projections show Bank Rate of 1% by 2020

Posted by MMB Finance Swindon and Gloucester on 3 November 2017

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The Bank of England's November Inflation Report, released today, shows the market-implied path for Bank Rate reaching 1% by 2020. Expectations for the path of Bank Rate have risen to 0.7% from 0.5% for Q4 2018 and to 0.9% from 0.7% by the end of 2019.

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How would a interest rate rise impact your mortgage?

Posted by MMB Finance Swindon and Gloucester on 1 November 2017

The Bank of England's monetary policy committee is due to meet this Thursday, November 2, with almost all experts now predicting that they will vote through a rise in the base rate of interest, for the first time in a decade. This would push the base rate back up to 0.5 per cent, where it had sat since March 2009, having been cut to 0.25 per cent last year in the wake of the Brexit vote. With 43 per cent of homeowners on variable or tracker mortgages, this opens up the possibility that millions of households will see their monthly expenditure increase in the run up to Christmas. Many of these homeowners will never have known rates to rise above the historic low of 0.5 per cent.

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