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Is the Media Sensationalising Again?

On 31st March 2020, we read an article from the BBC titled ‘UK mortgage market goes into lockdown’, which stated that “Nationwide, one of the UK’s biggest lenders…has effectively pulled out of new lending, only offering mortgages to those who have 25% deposit/equity or more….which rules out First Time Buyers”.

We felt this article creates the very panic everyone in my industry is trying to avoid and leaves people wondering if this is due to Nationwide predicting a huge slump in house prices.

While we cannot guess what will happen with UK property market, we can explain the reasons why mortgage lending is becoming more restrictive directly as a result of the lockdown.

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Bank of England reduce rates to lowest in history

The Bank of England has once again cut interest rates in an emergency move to shore up the UK economy in the wake of the Covid-19 pandemic.

This is the lowest interest rate in the history of the Bank of England.

The Bank is also looking to restart its Quantitative Easing measures, by increasing its holdings of bonds by£200bn.

It was just last week that the Bank of England moved to reduce rates to 0.25%

Get In Touch – Live Chat

We have already been speaking with our own customers about this, but we have also spoken with new clients who would like to revisit their finances and compare their current mortgage rates to the already extremely low rates on offer from the 90+ mortgage lenders we have access to.

We have a Live Chat facility on our website that can help answer your questions.

www.tsmortgages.co.uk

 

Post from Thameside Mortgages

Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances, a typical fee will be £399
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Virus Hit Mortgage Borrowers to get 3 Month Payment Break

On 11th March, the Governor of the Bank of England, Mark Carney announced that interest rates would be reduced to 0.25% in order to support businesses and consumer confidence during a time of crisis.

Less than a week later, Chancellor Rishi Sunak unveiled £330bn of extra support to help businesses and individuals deal with the financial difficulties that are being caused by the Covid-19 outbreak.

These two decisions highlight the Chancellor’s comments during a news conference, that a “collective national effort” would be required to get us through this.

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Bank of England Slash Rates to 0.25%

On Wednesday 11th March 2020, the UK Bank of England announced that they have reduced interest rates by 0.50%, to 0.25% as a response to the wake of the Coronavirus.

We have already received an unprecedented amount of enquiries from new and existing clients asking what this may mean for them.

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Abigail’s Footsteps Charity Ball 2019

Thameside Mortgages had a great evening at the Abigail’s Footsteps Charity Ball last night at Gillingham Football Club.

Faye Hill, Head of Operations and Events worked tirelessly to produce a stunning event for over 200 people to enjoy and it certainly didn’t disappoint.

So many people made generous donations to this amazing charity that was packed with great music from the fantastic Cheryl Baker, The Vizitors and Mike Nolan.

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