Mortgage advice Solihull latest news

Posted: 1st December 2022

Thirty-seven before you can afford to buy your first home.

The cost-of-living crisis was cited by 86% of prospective first-time buyers as their biggest obstacle to purchasing a property in the survey of 2,000 first-time buyers and current homeowners conducted in September for the digital bank.

While the average first-time buyer estimated it would take them 7.5 years to save up enough money for a mortgage deposit, the average time it took existing homeowners who were surveyed to buy their first home was only five years.

77% of first-time buyers reported being concerned about the pressures that inflation and the recession would put on their finances. Nearly 60% claimed that their plans were being delayed due to the difficulty of saving up for a deposit.

Posted: 30th November 2022

A look ahead

The group economist for Investec, Philip Shaw, said at a recent event that "the job is not done." "We think that rates will probably get to 4% early next year, then the Bank of England will say that's enough, and then we will wait and see."

He stated that he believed markets were pricing in a peak of roughly 4.5%. He stated that after the mini budget, peak base rate expectations were in the 6 to 6.25 percent range, which was lower.

According to Shaw, there could be a drop in energy prices and a loosening of the labour market toward the end of the year, which could lead to a decrease in interest rates.

While rates are still rising, the Bank of England is adamant that they don't anticipate them to rise as much as the markets were anticipating when they made their forecasts at the end of October or the beginning of November.

"I think somewhere around 4 percent is reasonable," the author said. "They were signalling rates of 5.25 percent at that stage."

Posted: 14th November 2022

How can we improve our homes to be greener and more energy-efficient?

A higher EPC rating could make your home more valuable, more marketable, or allow you to take advantage of more affordable green mortgages. Additionally, you'll benefit from a cosier, more comfortable living space.

For many homeowners, it's the upfront costs and the ongoing savings that matter. It's crucial to be honest with yourself about your capabilities, the costs involved, and the amount of money you'll be able to save by doing so.

Let's look at some strategies you could use to cut carbon emissions and raise your home's energy efficiency:


Cavity wall insulation, solid wall insulation, loft insulation, solar panels, heat pumps, double glazing, draught insulation, smart thermostats, Energy-saving lighting

Tailored help and support

The Home Energy Saving Tool on the Halifax website helps by giving you a tailored picture of the improvements you can make, and which will be most cost-effective.

Posted: 14th November 2022

According to the Smoove survey, 90% of respondents said that the process of moving home was stressful, with 40% citing the length of the process, 34% citing uncertainty, and a third citing waiting for exchange and completion.

One in four people said that working with their lawyer was stressful.

More than half, or 55%, would be unlikely to move again within the next five years as a result of the unpleasant experience.

Approximately 61% of respondents said they would refer friends and family to their law firm, which Smoove deemed "critical for generating business."

It also stated that a third of homeowners chose their firm based on a recommendation from a friend or family member, followed by an estate agent referral at 31% and a mortgage broker recommendation at 23%.

Posted: 7th November 2022

The Bank of England base rate has risen again in November. The swap rates have come down after the mini-budget shock. House prices are set to fall.

So what has this done to the mortgage and property markets? The increase in the BoE base rate has increased the Standard Variable Rate on a mortgage. The SVR is the interest rate you pay if you aren't in a deal with the lender. Given that 49% of people never look at their mortgage again, most people will be on a SVR.

Unlike the SVR, fixed-term mortgages are linked to bank swap rates. The good news for borrowers is that these have come down over the last few weeks and are filtering through to products on the market.

Who benefits from falling house prices? The ability to enter the housing market isn't really based on the value of properties but is based on affordability. The likely scenario over the next couple of years is that disposable income, and therefore affordability, will cancel out any reductions in property prices.