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overtake Mortgage strategy the most popular news of this week. Not all the consequences of the collapse of the SRB are negative and related to the spring budget of 2023. Read more below:
The collapse of the Silicon Valley bank led to a drop in swap rates by 0.4%
The collapse of Silicon Valley Bank (SVB) caused swap rates to fall, which could be good news for borrowers. Mortgage rates have been coming down gradually since October, but this has slowed down in the last couple of weeks as some lenders have raised rates for new borrowers.
Budget for 2023: what the industry expects from the chancellor
Ahead of the spring budget mortgage strategy, we analyzed what the real estate industry expects from Chancellor Jeremy Hunt in addressing the country’s chronic housing shortage.
2023 budget response: Chancellor ‘coldly’ about housing
With all the anticipation that has led to the spring budget, the real estate industry has been very disappointed as it claims the chancellor has taken it “coldly”.
UK house prices to fall by 10%: OBR
According to the Office of Budget Responsibility (OBR), UK house prices will fall by 10% compared to the fourth quarter of 2022. This is one percentage point more than their previous forecast in November.
NatWest increases overpayment fees to 20%
NatWest now allows new and current mortgage customers to overpay up to 20% without paying an Early Repayment Commission (ERC). The bank has increased the overpayment fee from 10% and it will automatically renew on the anniversary of using the product.
Budget 2023: OBR rules out UK recession threat this year
The Office for Budget Responsibility (OBR) said the UK “did not enter a technical recession” last year. Chancellor Jeremy Hunt announced on March 15 that various measures taken by the government and changing international factors helped prevent a recession.
Knowledge Bank Launches Consumer Duty Tool
The Knowledge Bank has launched software to help lenders and brokers comply with future consumer fee rules. The tool identifies vulnerable borrowers at an early stage and highlights underserved credit policy areas and the broader market according to the criteria platform.
Landlords shift to cash purchase amid high rates: Hamptons
High mortgage rates have forced landlords to switch to cash, meaning 59% of UK purchases this year are made without a mortgage, the highest in six years and more than 53% in 2022, Hampton figures show. .
Owning a home is still cheaper than renting: Halifax
Homeowners live nearly £500 a year better than renters, according to the latest Halifax Owning vs Renting Review. The analysis compared the cost of a home for new home buyers (FTB) with a mortgage on a three-bedroom home with the average monthly rent for a similar property.
Gen H combines mortgage and legal services for FTB in new product line
Generation H launched the New Buyer (FTB) product line on March 15th. The package combines mortgage and creditor legal services to give FTB access to a transfer of ownership service, exclusive mortgage rates on LTV flat rate products up to 95%, and a free appraisal. The Gen H Legal team provided a transfer of ownership service while clients could access reduced mortgage rates on two-, three- and five-year flat-rate products.
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