Mortgage Strategy’s Top 10 Stories of the Week: 22 May to 26 May
This week, Mortgage Strategy has been keeping up with the latest news and developments in the mortgage industry. Here are the top 10 stories of the week from 22 May to 26 May.
1. Bank of England announces new mortgage lending rules: The Bank of England has announced new rules that will require lenders to assess borrowers’ ability to repay their mortgages over a longer period of time. The new rules are designed to make sure that borrowers are not taking on too much debt.
2. Nationwide launches new mortgage product: Nationwide has launched a new mortgage product that allows borrowers to switch from a variable rate to a fixed rate after two years. This could be beneficial for those looking for more stability in their mortgage payments.
3. FCA announces new affordability rules: The Financial Conduct Authority (FCA) has announced new affordability rules that will require lenders to assess borrowers’ ability to repay their mortgages over a five-year period. This is designed to ensure that borrowers are not taking on too much debt.
4. Santander launches new mortgage product: Santander has launched a new mortgage product that allows borrowers to switch from a variable rate to a fixed rate after two years. This could be beneficial for those looking for more stability in their mortgage payments.
5. Halifax launches new mortgage product: Halifax has launched a new mortgage product that allows borrowers to switch from a variable rate to a fixed rate after two years. This could be beneficial for those looking for more stability in their mortgage payments.
6. Mortgage rates remain low: Mortgage rates remain low, with the average two-year fixed rate mortgage at 1.51%. This could be beneficial for those looking to take out a mortgage or remortgage in the near future.
7. Government announces new Help to Buy scheme: The government has announced a new Help to Buy scheme that will help first-time buyers get onto the property ladder. The scheme will provide up to 20% of the purchase price of a property as an interest-free loan.
8. Mortgage lenders launch new products: Several mortgage lenders have launched new products this week, including Nationwide, Santander and Halifax. These products could be beneficial for those looking for more stability in their mortgage payments.
9. Mortgage market remains competitive: The mortgage market remains competitive, with lenders offering attractive rates and products. This could be beneficial for those looking to take out a mortgage or remortgage in the near future.
10. Bank of England keeps interest rates on hold: The Bank of England has kept interest rates on hold at 0.75%. This could be beneficial for those looking to take out a mortgage or remortgage in the near future.