UK mortgage market update with
Вставка
- Опубліковано 28 чер 2024
- Payam from Niche Advice joins me the rising Bank of England base rate and the impact it is having on the mortgage and housing market. We look at current mortgage rates at various loan-to-value (LTV) ratios and compare to 6 weeks ago. He gives his thoughts on the Bank of England removing the requirement for lenders to stress test borrowers' affordability at 3% over the initial interest rate. We also cover the UK Finance's announcement that 6 lenders have agreed to offer mortgages on buildings with fire safety defects. Payam ends our chat by providing tips to first-time buyers, home movers and homeowners remortgaging for how best to operate in current mortgage market.
CONTACT DETAILS
Email: lemuelstudios@gmail.com
Instagram: @SelfInvested_UK
Twitter: @InvestedSelf
LINKS MENTIONED/USED
Niche Advice Limited - / nicheadvicecouk
Mortgages for buildings affected by cladding crisis - www.telegraph.co.uk/property/...
OTHER PLAYLISTS
My Shared Ownership Experience (series) - • My Shared Ownership ex...
Shared Ownership - • Shared Ownership: help...
Help to Buy Equity Loan - • Help to Buy Equity Loa...
CHAPTERS
Intro 00:00
Who is Payam and Niche Advice? 02:15
Bank of England base rate 05:53
Mortgage rate examples 16:37
Mortgage and housing market update 20:40
Bank of England stress test 29:42
Mortgages for cladding crisis 34:53
Tips for current market 42:14
Outro 50:02
ABOUT ME
I'm Lemuel. I'm not a financial advisor. I'm not an expert. I'm just a regular guy that enjoys talking about how we can do better with money.
If you want to learn more about how you can do better with money, then subscribe to the channel and hit the notification bell so you get an alert whenever I upload a video.
DISCLAIMER
This video is not meant to address the specific circumstances of any particular individual. It is created for educational purposes only. You should not rely upon it as legal, financial or professional advice, or a substitute for it. I do not accept any liability whatsoever for errors, omissions or misstatements contained therein. You should consult a suitably qualified professional if you require specific advice or information.
Thank you so much for having me on your channel please stay in touch.
Of course!! Thank you for agreeing to do it and for being patient through all the technical issues!
Omg I love niche advice!! What a great collab
Great discussion gents...instantly subscribed to Niche! keep up the good work Self Invested!
Thank you! Glad you enjoyed it ;) He’s got some great content!
Excellent show and information! As usual @Niche Advice Limited top of his game with some excellent advice. In my personal opinion buying a house is too much of a huge purchase to risk not using a good broker.
Thank you! Yes, Payam was a great guest!
Very useful
Glad to hear it :) Thank you for watching!
Informative as always! 👌
Thank you! 🙏🏿
Great interview! Love this dude
Thanks D! Yh, he’s a great guy to have on
Payam is a great man. So honest and straightforward. I like the bit about the broker/developer relationships as this has happened to me. My credit is impaired but I’m on good wages and have deposited, my current offer extension expired due to the developer taking too long to complete and when I spoke to someone in the sales team who told me the broker manager came down to the site and they had a conversation about my completion and the fact it’s not looking likely. She then said “anyways you might get a better rate this time because your credit might be better”. I was totally confused as I’ve never had a conversation with them about my finances.
Thanks for watching, Ebenezer! Yh, that’s not great for trust and why it’s probably best to find your own broker and solicitor rather than recommendations from the sales team
Nice jumper!!
Thank you 👍🏿 It’s from M&S 😉
Great interview. Can you make an interview with some shared ownership owners with how their rent and mortgage has increased especially since the last 2 years? Would be interesting how much costs increase and how unaffordable it gets from year to year
Thanks, Anthony! I've done quite a few interviews with shared owners (ua-cam.com/play/PLUG_SDz9gLQKqInQrRbCC21S4pZpp4JrN.html). Have you watched already?
@@SelfInvested Yeah those are great but an updated video showing how the recent cost of living crisis and the really high inflation and how it has affected shared ownership owners would be interesting
@@anthonyfaucy2761 I see what you mean. Yes, Shared Ownership rent increases with inflation (usually RPI + 0.5 - 2%) so that is worrying! I’ll see what I can do…
What a joke it is that the higher deposit buyers virtually considered no different to the 95% ltv crowd interest rate wise 🙃 Feels like middle class getting scalped to cover for these small deposit holders… great talk though, love your style and love Payam too 👍
Thanks, Luke! I appreciate the love :) I think the lenders are just hedging their bets, as Payam says. I think things will need to settle before we see significant differences between 90% and 60% LTVs
My remortgage interest rate is 3.75 offered 2 weeks ago on a 90% mortgage do you think this is a good rate??
Are you working with a broker?
Yes its an offer on a 5 year fix but i just feel its a higher rate than expected
@@learninglife3883 Rates are higher at the moment and that rate sounds on market. If you want to have a look at what’s available, you can have a search on MSE’s website to get an idea for yourself: www.moneysavingexpert.com/mortgages/best-buys/
Sort by ‘MSE Total Cost’ and edit details to reflect your situation. Remember, this will only give you an indication of what’s available, it not always the most reliable. But if you see a product which you think is better, then you can share it with your broker and see what he thinks…
Can we have a video on a possibility of a housing crash
Hopefully I’ll get to do a video on this soon, but here’s a great video from PensionCraft with his predictions: ua-cam.com/video/bJjMz-iDTg8/v-deo.html
The UK housing price forecast is at 13:11