Articles
Buying, selling and moving home during the pandemic
The COVID-19 pandemic is a human tragedy that is having a growing impact on the global economy, the full consequences of which will be unknown for some time. The UK lockdown has effectively hit the pause button on many aspects of our lives, including the property market.
Bank of England cuts the base rate to almost zero
To help businesses and UK households manage during the global coronavirus outbreak, the Bank of England slashed the base rate twice in as many weeks during the first half of March. In an emergency move, the Bank's Monetary Policy Committee cut the rate from 0.75% to 0.25% on 11 March, then eight days later, it took the unprecedented step of reducing it still further to 0.1%, the lowest level in the history of the bank.
Direct rates offered through lender portals can be costly?
What examples of this can be seen?
Rates offered directly through lender portals can be 0.20% to 0.50% higher than those available through brokers for the very same lenders. This is known as Lender Dual Pricing.
Lender Dual pricing: what it means to the mortgage seeker
First, let’s look at exactly what dual pricing is.
Dual pricing is where lenders offer a different set of rates to those going direct rather than through a broker. Although many lenders have abolished this practice, it has become more common recently. Today, around 70% of mortgage applications are made through brokers.
Bank of England January 2020 base rate meeting
With just one day to go before Brexit, the Bank of England (BoE) met and issued an unpromising forecast.
The central bank opted against a rate cut, though it warned of slow growth following Britain’s departure from the European Union.
The Bank of England’s Monetary Policy Commitee (MPC) voted 7-2 in favour of keeping the base rate at 0.75%.
