Mortgages

Sweeping proposals designed to get more people on to the property ladder have been announced by the Prime Minister today (Thursday 9 June). It comes as homes now cost nine times people's incomes, according to the Government. 

Mortgage broker Tembo has taken down misleading online adverts encouraging people to remortgage to repay their student loans after pressure from MoneySavingExpert.com (MSE). Two pages on the firm's website have also been removed after we told Tembo we'd report it to the financial regulator as the advice could have left many worse off. 

Homeowners and first-time buyers can no longer get a fixed rate mortgage below 2%. Fixed rates have increased rapidly since the start of the year and are expected to continue to rise. 

Ground rent is to be scrapped on new leases in England and Wales from 30 June when the Leasehold Reform (Ground Rent) Act takes force, the Government announced today (22 April). From this point, ground rent on new leases will never be more than a 'peppercorn' amount – in other words zero –  resulting in a potential saving of £100s a year for future homeowners and some existing leaseholders. 

Two major house builders have been ordered to remove 'unfair' leasehold clauses that allow them to double ground rents every 10 or 15 years. It comes after the competition watchdog found these terms can make it 'impossible' for people to sell or get a mortgage.  

Mortgage rates have recently been at all-time lows – some can fix at just 0.89%. Yet that may be about to end, warns MoneySavingExpert.com founder Martin Lewis. A UK rate rise is on the cards and now may be the time to lock in cheap deals to save £1,000s. Here's our mortgage heads-up.

Halifax has launched a two-year fixed mortgage with a record low interest rate of 0.83%. It comes amid a mortgage rate war with five-year fixes also dropping below 1% for the first time EVER last month. It's yet another reminder to check whether you could save £1,000s on your own mortgage now. 

More homeowners than previously thought could be trapped on expensive mortgage rates and unable to switch, the Financial Conduct Authority (FCA) has admitted. It comes as the regulator has launched a new review into mortgage prisoners who are unable to remortgage to a cheaper deal with another lender because they don't meet strict borrowing criteria. 

Nationwide has launched a five-year fixed-rate mortgage deal at 0.99% – the first time interest rates on a five-year deal have EVER dropped below 1%. While mortgage interest rates have been continually creeping down over recent months, Nationwide's latest deal is another reminder of the fierce competition between lenders. So there's no better time to check if you could save £1,000s on your mortgage now.

This is warning to EVERYONE with a mortgage. Rates have dropped below 1% – check urgently if you can switch & save £1,000s. Acceptance isn't always easy but don't just accept the status quo.