Profile cover photo
Profile photo
We Know Mortgages Ltd
8 followers -
Mortgage broker based in Manchester city centre. We give mortgage advice to all areas in Manchester. Speak to one of mortgage advisers.
Mortgage broker based in Manchester city centre. We give mortgage advice to all areas in Manchester. Speak to one of mortgage advisers.

8 followers
About
Posts

Is now the time to fix?

It’s one of the most difficult decisions to make when taking out a mortgage - should you fix or not? There are of course benefits to both. Fixing your mortgage rate gives you the security of knowing what you’re paying each month, making it easier to budget and plan ahead. Meanwhile opting for a variable rate often means you’ll get a better rate - albeit with the risk that it might change.

Over the last few years borrowers opting for variable rates have certainly benefited from doing so. Rates have been at a record low for a decade. Indeed, last month saw the first interest rise since 2007. That’s mean those borrowers whose mortgage rates track the Bank of England base rate have seen their mortgage repayments fall.

That being said of course the record low interest rate environment has meant even fixes have hit rock bottom levels.

But with rates not on the rise - albeit slowly - is now the time to fix for a longer period?

While some economists are predicting we’ll have several more rate rises in 2018 the Bank of England has made it clear it’s not in a hurry to raise rates again. The general consensus is we shouldn’t see another rise until perhaps next August or September and any rise will again be modest.

Despite this fixes are certainly becoming more popular. According to Paragon Mortgages almost 90% of all mortgages cases are fixed rate products and the amount of five year products reached an all-time high, at 39% of all mortgages written.

If you’re looking for security and stability now could be a good time to tie in to a good deal.
Call into see us at We Know Mortgages to see how we can help you find the perfect mortgage for you.

A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

#macnhester #mortgage #broker
Add a comment...

What the Stamp Duty changes mean for you?

Last month chancellor Philip Hammond announced during his Budget speech that Stamp Duty would be scrapped for first time buyers purchasing a property up to £300,000. Furthermore, first timers looking to buy in more expensive areas will pay no duty on the first £300,000 of properties up to the value of £500,000.

This is big news for first time buyers, many of whom often cite Stamp Duty as a hurdle in their plans to get onto the property ladder. Buying a property is an expensive business and having to come up with a few extra thousand pounds is often a step too far for many buyers.

Before these announcement buyers purchasing a property up to £300,000 would pay £5,000. That’s a fair chunk of change to save!

Following Mr Hammond’s announcement we’ve seen lenders quick to react. Indeed, one high street lender recently made a return to the 95% LTV market. Its clear lenders are expecting the number of first time buyer borrowers to surge and are aiming to cater for them.

If you’re looking to get onto the property ladder and you’re not sure what options are available to you or how much you can borrow come and speak to us today.

A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

#manchester #mortgage #broker
Add a comment...

Stamp Duty Hopes

With just days to go until Chancellor Philip Hammond unveils his Budget speculation is mounting that a Stamp Duty holiday may be on the cards. The Chancellor is under pressure to cut the tax for first time buyers in order to help more borrowers get on the property ladder. And several recent studies have shown just how much of an obstacle Stamp Duty actually is.

A report by the Centre for Economics and Business Research revealed Stamp Duty is preventing a staggering number of house purchases a year. The study claimed an extra 146,000 sales could have taken place over the past five years had buyers not been deterred by the tax.

Meanwhile a study by the specialist bank Aldermore found one in five people who have bought a house within the last three years would be willing to buy again if Stamp Duty was cut. House movers are essential for the success of the housing market because, as people move up the property ladder, they free up more first time buyer friendly homes for new buyers. If Stamp Duty is making people stay put this will be having a huge impact on the market.

All eyes are on you Mr Hammond. We watch with baited breath!

A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

#manchester #mortgage 'brokers #advisers
Add a comment...

What’s happening with larger landlords?

There have been plenty of changes in the buy to let world over the last few years and for landlords the market is now very different to what it once was. Perhaps the biggest change to the sector came in last year when the roll out of a new system for tax relief came into effect which essentially limited the amount of relief a landlord could claim on the money paid as interest on their mortgage. That, coupled with the 3% surcharge in Stamp Duty on investment properties and second homes hit the sector hard, financially. But the latest round of regulation in the sector could cause problems in other areas - namely time.

The property investment world moves quickly and as such landlords often need fast decisions on finance applications. However, the latest rules to come into play from the Prudential Regulation Authority (PRA) have meant the application process for landlords with large portfolios can be quite cumbersome.

Under the new rules lenders must obtain the financial details of every property in a landlord’s portfolio when he or she applies for a new mortgages and doing so can take some time.

If you’re a landlord and you’re looking to increase your portfolio or remortgage your current properties call in and see us at We Know Mortgages and we’ll help you navigate the changes with as little disruption as possible.

A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change.

The Financial Conduct Authority does not regulate most forms of buy to let mortgage.

#manchester #mortgage #broker
Add a comment...

Manchester Housing Market

We’ve known it all along but now it’s official - Manchester is leading the way when it comes to property. According to the latest figures from property data firm Hometrack prices in Manchester are rising faster than in any other city in the UK. The UK Cities House Price Index reveals prices soared in the city by 8.8% within 12 months. And an increase in prices means only one thing - demand is soaring. It’s clear investors and homebuyers alike are looking to Manchester to snap up property.

Property prices here are still relatively low compared to other areas. The average price of a home in Manchester is just under £152,000 - compared to almost £490,000 in the capital. But with the city experiencing the fastest price growth rate that may soon change.

If you’re thinking of getting on the property ladder then now might be the time to do it. There are some fantastic mortgage rates on offer, interest rates are still at record lows and the property market here in Manchester is hotter than ever. Call in to our office on Piccadilly or give us a call to find out how we can help you make the move into home ownership.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

#manchester #mortgage #broker

Add a comment...

Post has attachment

The Autumn Statement and the Housing Market

Last week Chancellor Philip Hammond delivered his first - and last! - Autumn Statement. Mr Hammond declared there to be no need for two economic statements each year and, as such, as of next year the Budget will be delivered in the autumn and the spring statement will be scrapped.

Housing, as expected, was a feature in this year’s statement with a pledge made to invest £23bn to build more houses in high demand areas.

There was little, however, in the way of help for buyers. Lack of housing availability is not the only reason buyers are struggling to get on or move up the housing ladder. Affordability is a much bigger issue so it was disappointing to see no changes to Stamp Duty, for example, which would help many buyers.

The increase in Insurance Premium Tax (IPT) will also come as a blow to many buyers and homeowners. Home insurance costs will rise once again thanks to the hike - the third increase in IPT in less than two years. Home insurance - including contents cover - is a crucial product for homeowners - as we saw only too clearly this time last year when floods devastated Yorkshire. Let’s hope the increase in prices doesn’t deter consumers from seeking good quality policies.

Finally of course the headline news for the housing market surrounded the rental sector as Mr Hammond announced letting agent fees for tenants would be banned. This is an issue that has been the subject of debate for some time and I’m sure renters will welcome the move. Let’s hope we don’t see an increase in rents however if agents hike the fees their landlords must pay and landlords, in turn, look for somewhere to recoup their losses.

If you’re looking to buy a property and you’d like some advice on where things stand in the market right now, come and visit us at We Know Mortgages on Ducie Street, Manchester Piccadilly today.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

#machester #mortgage #broker
Add a comment...

Post has attachment

Post has attachment

Post has attachment
Wait while more posts are being loaded