Interest rates: What are they and why do they matter?

Interest rates: What are they and why do they matter?

The Bank of England has voted to keep interest rates at the record low level of 0.1%, but has signalled they are likely to go up in the “coming months”.

Setting interest rates is one of the many ways the Bank tries to control the UK economy.

If interest rates rise, it can make borrowing more expensive – especially for homeowners with mortgages – but it can also give savers a better return.

Read more from this really useful BBC article >

If you would like any help with a mortgage please don’t hesitate to call us: 07834 882 006. Alternatively, you can send us a message >

Disclaimer: Please be aware that by clicking on to the above links you are leaving Walker Beckett Mortgages website. Please note that Walker Beckett Mortgages nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

 

 

Mortgage prices increase ahead of potential bank rate rise

Mortgage prices increase ahead of potential bank rate rise

Some of the nation’s biggest lenders have raised their mortgage rates in the past couple of weeks, and according to many in the industry, more could be coming soon.

Mortgage advice Retford, by Walker Beckett MortgagesThe Bank of England (BoE) has made no secret that it is weighing up a base rate rise early next year and, coupled with chancellor Rishi Sunak referring to the Office for Budget Responsibility forecasting 4% inflation next year, an end to this period of ultra-low rates could well seem inevitable.

The majority of people Mortgage Strategy spoke to had one idea in common: borrowers should be snapping up cheap rates now while they last. Read more from Mortgage Strategy article >

If you would like any help with a mortgage, loan or insurance, please don’t hesitate to call us: 07834 882 006. Alternatively, you can send us a message >

Disclaimer: Please be aware that by clicking on to the above links you are leaving Walker Beckett Mortgages website. Please note that Walker Beckett Mortgages nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Pandemic fuels an increase in insurance claims relating to health

Pandemic fuels an increase in insurance claims relating to health

Figures released today from the Association of British Insurers and Group Risk Development show that a huge £6.2 billion has been paid out in life insurance, income protection and critical illness during 2020. This is the equivalent of £17 million per day, up 8% from 2019. This is also the highest combined figure on record.

Included within these claims is a rise in mental health claims, a rise of 2% in 2020. The impact of the pandemic on mental health has been significant. Another point of interest is that critical illness claims were down during 2020, compared to 2019 – perhaps due to fewer illnesses going undiagnosed during a time in which the focus was on Covid-19. This period of time has also demonstrated just how crucial the role is for financial support services and insurance providers, not just for lump sum payouts but also for rehabilitation support for return to work following illness and enhanced online medical consultations as examples.

Check out the full article from the Association of British Insurers, which offers further statistics and some handy definitions of insurance products as they relate to life and health issues.

If you would like any advice with your family insurance requirements, please don’t hesitate to call us: 07834 882 006. Alternatively, you can send us a message >

Disclaimer: Please be aware that by clicking on to the above links you are leaving Walker Beckett Mortgages website. Please note that Walker Beckett Mortgages nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Return of government support to get on the property ladder announced in the Budget

Return of government support to get on the property ladder announced in the Budget

95% mortgages had virtually disappeared during the pandemic but the new scheme announced by Chancellor Rishi Sunak is set to help those potential house-buyers with small deposits by offering incentives to lenders.

The 'Boris Bounce' in the housing marketThe scheme will run from April until the end of 2022. Several of the country’s largest lenders will be offering these 95% mortgages and will be available to any ‘creditworthy’ household struggling to raise a larger deposit.

Find out more at The Guardian’s article here >

Disclaimer: Please be aware that by clicking on to the above links you are leaving Walker Beckett Mortgages website. Please note that Walker Beckett Mortgages nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Chancellor announces stamp duty holiday extends to end of June

Chancellor announces stamp duty holiday extends to end of June

The stamp duty holiday on house purchases has been extended for a further three months, Chancellor Rishi Sunak announced in his Budget.

Savings against property with Walker Beckett MortgagesThe tax break, on the first £500,000 of all sales in England and Northern Ireland, will now continue until 31st June 2021. From 1st July the nil rate band will be set at £250,000 until the end of September.

Rishi Sunak said: “the extra move was to smooth the transition back to normal – and we will only return to the usual level of £125,000 from October 1”.

The change to the scheme which began in July 2020 proved to be a hit with many property buyers and sellers – and was a much needed tonic to a sector hit badly by the pandemic.

It is not too late for those who were stuck in the middle of the buying and selling process and thought they had missed out on this deal. For advice about mortgages, loans and insurance get in touch with Walker Beckett. We would love to help.

Read more > Stamp duty holiday extended to end of June – BBC News

Disclaimer: Please be aware that by clicking on to the above links you are leaving Walker Beckett Mortgages website. Please note that Walker Beckett Mortgages nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.