Mortgage news uk

Here are some recent mortgage news updates from the UK:

1. Base Rate Cut: The Bank of England cut the base rate to 0.1% in March 2020 in response to the COVID-19 pandemic. This has led to a surge in mortgage applications and a decrease in mortgage rates.

2. Mortgage Holidays: Many lenders have introduced mortgage payment holidays to help borrowers affected by the pandemic. These holidays can last up to 6 months and may be available to borrowers who are experiencing financial difficulties.

3. Stamp Duty Land Tax (SDLT) Holiday: The UK government introduced a temporary SDLT holiday in July 2020, which reduces the rate of SDLT to 0% for properties worth up to £500,000. This is expected to boost the housing market.

4. Mortgage Lending: According to the Council of Mortgage Lenders (CML), mortgage lending in the UK has increased by 10% in the first quarter of 2020 compared to the same period last year.

5. Fixed-Rate Mortgages: Fixed-rate mortgages have become increasingly popular in the UK, with many borrowers opting for fixed rates to protect themselves from rising interest rates.

6. Help to Buy Scheme: The UK government's Help to Buy scheme has been extended until 2023, allowing first-time buyers to purchase a home with a 5% deposit.

7. Mortgage Arrears: According to the Financial Conduct Authority (FCA), the number of mortgage arrears in the UK has increased by 10% in the first quarter of 2020 compared to the same period last year.

8. Interest-Only Mortgages: Interest-only mortgages have become less popular in the UK, with many lenders restricting their availability due to concerns over borrower affordability.

9. Mortgage Brokers: Mortgage brokers have seen an increase in demand for their services, as borrowers seek advice on the best mortgage deals and products.

10. Digital Mortgage Applications: Many lenders are now offering digital mortgage applications, allowing borrowers to apply for a mortgage online and receive a decision in minutes.

Some of the top mortgage lenders in the UK include:

Some of the top mortgage brokers in the UK include:

Please note that mortgage news and products are subject to change, and it's always best to check with a mortgage broker or lender for the latest information and advice.