Whilst the Renters' Rights Bill doesn't impose rent controls, increasing rent is going to become much more problematic for landlords. Tenants will have nothing to lose and much to gain by appealing s13 notices to the FTT.
I explain more in this blog post
theindependentlandlord.com/renters-rights…
Labour are going to change council tax to a 0.5% value tax?
That’ll put the nail in the coffin of house price growth! 🍿
Depending on the details, this would be a major step in the right direction for affordability improvements. birminghammail.co.uk/news/cost-of-l…
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Do something bold today & nominate someone, under 35, working ANYWHERE within property (maybe even yourself 😉), only 4 DAYS LEFT ➡️resiconf.com/live/en/page/e…#realestate#resitrailblazer
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Mortgage Rate Cuts: Good News for Homebuyers and Those Looking to Remortgage
HSBC and Skipton Building Society have slashed their fixed-rate mortgage rates, following a trend among lenders hoping for a Bank of England interest rate cut this summer. This could be a sign of more reductions to come, offering some relief to mortgage holders feeling the pinch.
HSBC has cut rates across its two, three, and five-year fixed-rate mortgages for both residential and buy-to-let deals. For example, someone remortgaging with a 60% loan-to-value (LTV) could now secure a two-year fixed rate from 4.88% with a £999 fee, or 5.18% with no fee. The five-year equivalent is available from 4.44% with a £999 fee or 4.64% without.
Those with a larger deposit (80% LTV) could benefit from even lower rates: a two-year fix starting at 5.64% or a five-year fix from 5.04%, both with a £999 fee.
Skipton Building Society has also jumped on the bandwagon, reducing rates on selected residential and buy-to-let mortgages. For new home purchases, two-year fixed rates now start at 5.18% and five-year rates at 4.64% (both with fees) for those with a 40% deposit or more.
Remortgage rates have also been reduced, with two-year fixes starting at 5.19% and five-year fixes from 4.65%, both with fees, at 60% LTV.
Skipton’s popular 100% LTV five-year fixed-rate mortgage for first-time buyers remains unchanged at 5.79%.
For buy-to-let borrowers, Skipton now offers two-year fixes from 5.47% and five-year fixes from 4.88% at 60% LTV, though these come with fees.
Why are lenders cutting rates?
Experts believe lenders are anticipating a Bank of England interest rate cut in the near future. Nick Mendes, a broker at John Charcol, explains: "Markets are anticipating reductions in interest rates very soon...Given that until recently most lender repricing has involved increases, there is now potential for bigger reductions."
In other mortgage news:
The number of borrowers with interest-only mortgages has decreased by 5.4% over the past year. Data from @UKFtweets reveals there were 664,000 interest-only mortgages at the end of 2023, compared to 702,000 the previous year. This suggests more homeowners are switching to repayment mortgages to avoid potential difficulties when their mortgage term ends.
Asset values are set to hit their lowest point in many markets this year as most property sectors begin to recover, a new report from M&G Real Estate has claimed propertyweek.com/finance/2024-t…
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