Dear Reader,
I hope this blog finds you well. As part of my commitment to keeping you informed about the latest developments in the mortgage industry, I’m pleased to share some key updates and insights from the past month.
1. Mortgage Rate Changes: Several major lenders, including Halifax and Virgin Money, have announced changes to their mortgage rates. Halifax has reduced its residential fixed-rate offers by up to 0.31%, while Virgin Money has made further rate adjustments. These changes could impact your mortgage payments, so it’s worth reviewing your current rate and considering if a switch might be beneficial.
2. First-Time Buyer Support: Leeds Building Society has launched a new mortgage product aimed at first-time buyers. This initiative is designed to make it easier for new buyers to enter the property market, offering competitive rates and flexible terms. If you know someone looking to buy their first home, this could be a great opportunity for them.
3. Buy-to-Let Market: The buy-to-let market continues to face challenges, but there are positive developments as well. LendInvest and CHL Mortgages have cut landlord rates by up to 0.25%. If you’re considering expanding your property portfolio, now might be a good time to explore these options.
4. House Building Activity: There has been a noticeable decline in house building activity during February. This could affect the availability of new homes and potentially drive up property prices. Staying informed about these trends can help you make better decisions regarding your property investments.
5. Market Predictions: Looking ahead, mortgage rates are expected to remain relatively high, ranging between 4% and 5.5% throughout 2025. However, if the economy slows down and inflation cools, we might see a gradual decline in rates. The housing market is predicted to experience moderate growth in home sales as buyers adjust to higher prices and mortgage rates.
If you have any questions about how these updates might affect your mortgage or if you’re considering any changes, please don’t hesitate to reach out. I’m here to help you navigate these developments and ensure you make the best decisions for your financial future.
Best regards,
Ross Stisi
