Mortgage Strategy’s Top 10 Stories of the Week: 26 June to 30 June

Mortgage Strategy's Top 10 Stories of the Week: 26 June to 30 June

Mortgage Strategy’s top 10 stories of the week from 26 June to 30 June provide an interesting insight into the current state of the mortgage market. Here are the top stories from the week:

1. Mortgage approvals hit a three-month high in May. According to the Bank of England, the number of mortgage approvals rose to 65,000 in May, up from 62,000 in April. This is the highest level since February and suggests that the housing market is continuing to recover.

2. Nationwide announces new mortgage products. Nationwide Building Society has announced a range of new mortgage products, including a five-year fixed rate mortgage and a two-year tracker mortgage. The products are designed to help first-time buyers and those looking to remortgage.

3. Bank of England keeps interest rates on hold. The Bank of England’s Monetary Policy Committee has decided to keep interest rates on hold at 0.5%. This is the lowest rate ever and is likely to remain at this level for some time.

4. Mortgage lenders increase lending criteria. Several major lenders have announced that they are tightening their lending criteria, with some lenders now requiring borrowers to have a minimum deposit of 25%. This is likely to make it more difficult for some borrowers to get a mortgage.

5. Mortgage rates remain low. Despite the recent increase in mortgage approvals, mortgage rates remain low. The average two-year fixed rate mortgage currently stands at 2.75%, while the average five-year fixed rate mortgage is 3.19%.

6. Bank of England warns of economic risks. The Bank of England has warned that there are still risks to the UK economy, including Brexit uncertainty and the potential for a global recession. This could have an impact on the housing market and could lead to further tightening of lending criteria.

7. Property prices continue to rise. According to the latest figures from the Office for National Statistics, property prices in the UK rose by 0.7% in May, taking the average house price to £231,000. This suggests that the housing market is continuing to recover despite economic uncertainty.

8. Buy-to-let mortgages remain popular. Buy-to-let mortgages remain popular with landlords, with lenders offering competitive rates and flexible terms. This suggests that landlords are still confident about investing in property despite economic uncertainty.

9. Government announces stamp duty holiday for first-time buyers. The government has announced a stamp duty holiday for first-time buyers, meaning that they will not have to pay any stamp duty on properties up to £300,000 until 31 March 2021. This could help more people get onto the property ladder.

10. Mortgage lenders launch new products for self-employed borrowers. Several major lenders have launched new products designed specifically for self-employed borrowers, including flexible repayment options and lower deposit requirements. This could make it easier for self-employed borrowers to get a mortgage.

Overall, it has been an interesting week in the mortgage market, with lenders launching new products and the Bank of England warning of economic risks. It is clear that lenders are still keen to lend, but borrowers may find it more difficult to get a mortgage due to tighter lending criteria.

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