The UK mortgage market is constantly evolving, with new economic factors shaping the landscape. As of the start of 2023, there are several notable updates to the UK mortgage market that potential buyers and homeowners should be aware of.

Interview with Mortgage Advisor Miriam Nawagamuwa CeMAP  

One of the biggest changes is the increase in interest rates. The Bank of England has been hiking its base rate since 2021 to 4%, the highest in 14 years. Mortgage rates have risen substantially, making borrowing more expensive. However, there are still competitive rates available for those with good credit scores and larger deposits or equity.

In addition to interest rates, the UK mortgage market is also seeing increased competition among lenders. More and more online-only banks are entering the market, offering lower rates and faster application processes. This is good news for borrowers, given them more options to choose from when shopping for the best mortgage deal.

Stricter lending and affordability checks have been introduced following the Financial Conduct Authority's (FCA) lending review in 2022. Mortgage lenders now consider borrowers' regular expenditure and other financial commitments when assessing affordability. In the past, banks lent based on a simple multiple of salary. The tough new criteria means that some borrowers may find it harder to secure a mortgage or re-mortgage, but ensures that lenders are lending responsibly and not overstretching borrowers. 

The lending ‘stress test’ bar has also been raised on buy-to-let mortgages, pushing more investors into higher yielding HMO’s, holiday lets and serviced accommodation.

Regulators do not want a repeat of the 2008 financial crisis largely caused by banks lending recklessly to borrowers with a poor credit history.

Finally, the government's Help to Buy scheme will end in March 2023. This scheme allowed first-time buyers to purchase a home with just a 5% deposit, with the government providing a loan of up to 20% (or 40% in London) of the property value.

Overall, the UK mortgage market is a complex and ever-changing landscape. It's essential for potential buyers and homeowners to keep up to date with the latest developments and to seek professional advice before making any significant financial decisions. With the right knowledge and support, it's possible to navigate the market and secure a mortgage that meets your needs and financial goals.

How to contact Miriam:

Miriam Nawagamuwa CeMAP
Mortgage and Protection Advisor
Larkin Financial Services Ltd
miriam.nawagamuwa@larkinfinancial.co.uk
https://www.larkinfinancial.co.uk

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US regulators have taken control of Silicon Valley Bank (SVB) as a liquidity crisis caused the biggest bank failure since the 2008 Crisis.

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The Bank of England said depositors in the UK arm of SVB will be protected up to £85,000 and the US regulators protect depositors up to $250,000.

This will not help firms like Roku which is reported to have had $487 million in SVB.

 Here in the UK, the media is concentrating on more important issues than the failure of America’s 16th largest bank, Gary Lineker!

The MOTD football presenter, who is paid in excess of £1,000,000 a year for his weekly show, was suspended by the BBC this week after tweeting remarks about the government’s migrant policy. Several other presenters have walked out in sympathy with Lineker wrecking the BBC’s weekend football schedule.

The demise of SVB, which started in 1983 and employs 8500 people, is a sign that higher interest rates and the Fed’s QT policy is starting to bite the economy and that we are not out of the woods.

Key Lessons:

Don’t leave all your eggs in one bank basket. Who knows where your cash is really safe in times of financial crisis?

Be more financially aware.

Learn more about money and how to manage your finances.

Need more help with your money, finances or debt?

We are living in challenging economic times.

I want to show you how can you:

• Not only survive, but thrive in a recession or depression?
• Get control of your finances and spending?
• Save and invest for your future?
• Learn about money and finance?

To help you, I am running a free training webinar.  

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free. 

Join me online on my free live training Wednesday at 8.00PM. 

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #moneymakingideas #recurringincome #bankfailure #siliconvalleybank #garylineker #football #MOTD #bankcrisis

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In these times of economic  uncertainty and turmoil, Money Tips looks at ways to generate and earn recurring income streams.

1. Rent out property or equipment
2. Invest in dividend-paying stocks or funds
3. Create and sell a product or service on a subscription basis
4. Offer consulting or coaching services
5. Create and sell an online course or e-book
6. Develop and sell a mobile app or website
7. Invest in a franchise or cash flowing business
8. Become an affiliate marketer selling other people’s products
9. Create and sell a physical or digital product on a recurring basis
10. Build and monetize a YouTube or social media following.

Need more help with your money, finances or debt?

We are living in challenging economic times.

I want to show you how can you:

• Not only survive, but thrive in a recession or depression?
• Get control of your finances and spending?
• Save and invest for your future?
• Learn about money and finance?

To help you, I am running a free training webinar.  

3 Steps To Success In Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free. 

Join me online on my free live training Wednesday at 8.00PM. 

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #governmenttraining #recruitment

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1. Set financial goals: Start by setting clear and specific financial goals for yourself, whether it's paying off debt, saving for a down payment on a house, or building an emergency fund.
2. Make a budget: Creating a budget is a crucial step in managing your money. Determine your income and expenses, and make sure you are living within your means.
3. Track your spending: Keep track of your spending by writing down all of your expenses, and review your spending regularly to identify areas where you can cut back.
4. Save for emergencies: An emergency fund is a must-have for anyone looking to manage their money effectively. It will provide a financial safety net in case of unexpected expenses or loss of income.
5. Reduce debt: High-interest debt, such as credit card debt, can be a major burden on your finances. Create a plan to pay off your debt as quickly as possible.
6. Invest wisely: Investing can help you grow your wealth, but it's important to be smart about it. Do your research and invest in assets that align with your goals and risk tolerance.
7. Take advantage of employer benefits: Many employers offer benefits such as 401(k) matching, health savings accounts, and flexible spending accounts. Take advantage of these programs to help you save money and manage your finances.
8. Shop around: Whether you're buying groceries, clothes or any other item, it's important to shop around for the best deals. Compare prices from different retailers and online marketplaces to ensure you're getting the best value for your money.
9. Consider a financial advisor: A financial advisor can help you create a financial plan that is tailored to your specific needs and goals. They can also provide valuable advice and guidance on investment and retirement planning.
10. Keep learning: Managing your money is an ongoing process, and it's important to stay informed and educated about personal finance. Read books, articles, and blogs on the subject, and attend financial workshops or seminars to continue learning and growing your knowledge.

Need more help with your finances or debt?

We are living in challenging economic times.

I want to show you how can you:

• Not only survive, but thrive in a recession or depression?
• Get control of your finances and spending?
• Save and invest for your future?
• Learn about money and finance?

To help you, I am running a free training webinar.  

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free. 

Join me online on my free live training Wednesday at 8.00PM. 

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #governmenttraining #recruitment

See omnystudio.com/listener for privacy information.