Forbes Advisor’s Post

From Forbes Advisor UK 🇬🇧: It’s been a busy week for news. Our weekly wrap-up breaks down the most pressing stories and what they could mean for your finances. . ⭐ 2024 General Election: Labour has won a crushing victory over its Conservative Party rivals. The new government is likely to focus on developing a strategy for national growth by boosting investment from overseas. In personal finance terms, we’ll know more when Rachel Reeves – the UK’s first female Chancellor – delivers her Budget in September, but any bombshells are unlikely. . 🗝️HSBC has unveiled its new residential fixed-rate mortgage deals, which includes some market-leaders for homebuyers. It’s one of several major lenders, such as Barclays, Santander and Yorkshire building society, to trim the cost of fixed rate mortgage deals this week as hopes remain high of a Bank Rate cut on 1 August. . 🏚️House prices slipped slightly in June by 0.2% according to Halifax which equates to less than £500 in cash terms. The UK’s largest mortgage lender put the cost of an average home at £288,455, compared to £288,931 in May. London still has the most expensive property with average prices at £536,306 – a rise of 0.9% compared to June 2023. . Follow our homepage to keep up with the latest news that could hit your pocket. https://lnkd.in/eqGTuvJm

Lock advice at a glance! Current position: Cautiously float! REPRICE RISK: Low “This morning's big news was June's Personal Income and Outlays report. It showed that income rose 0.2% while spending was up 0.3%. Both of these readings were lower than expected, meaning consumers had less money to spend and spent less than thought. This is good news for bonds and mortgage rates because weaker spending limits fuel for economic growth.” (want the full daily report, just email me the request) Looking to see what rate & Program best fit your needs? To schedule appointment and to provide me with basic information, click the link https://lnkd.in/gRRVFXAA Loan Level Price Adjustment Reminder: all lenders have already implemented the LLPA price adjustments, which are not favorable for most loans and will raise consumer rates. You can see the new LLPAs here: https://lnkd.in/egNtCHNW #azmortgagaebroker #peoriaazrealestate #phoenixarizona #arizonamortgages #glendaleaz #barrettfinancial #firsttimehomebuyer #azhomeloans #JeffPickeirng #pickeringgroup #AZBroker #MortgageRates #HomePurchase #Refi #purchaseahome

Lock advice at a glance! Current position: Cautiously float! REPRICE RISK: Low “The first of this morning's two relevant economic reports showed the U.S. economy grew at a 1.3% annual rate during the first three months of the year, down from the initial estimate of 1.6%. This was a larger downward revision than was expected, indicating the economy was softer than thought. Since bonds tend to thrive in weaker economic conditions, this was good news for the bond market and mortgage rates.” (want the full daily report, just email me the request) Looking to see what rate & Program best fit your needs? To schedule appointment and to provide me with basic information, click the link https://lnkd.in/gRRVFXAA Loan Level Price Adjustment Reminder: all lenders have already implemented the LLPA price adjustments, which are not favorable for most loans and will raise consumer rates. You can see the new LLPAs here: https://lnkd.in/egNtCHNW #azmortgagaebroker #peoriaazrealestate #phoenixarizona #arizonamortgages #glendaleaz #barrettfinancial #firsttimehomebuyer #azhomeloans #JeffPickeirng #pickeringgroup #AZBroker #MortgageRates #HomePurchase #Refi #purchaseahome

A number of lenders have recently reduced their product transfer ‘switch window’, so I thought it might be useful to publish an updated list (quite a few Mortgage Metrics users have asked us about this over the past few weeks). Only a handful are now allowing a period of 6 months/180 days, which suggests this aspect of the Government Charter has served its purpose and could officially end at some point during 2025 ⏳ Here’s how the situation looks, at today’s date: Accord Mortgages Limited: 90 days Bank of Ireland for Intermediaries (UK): 4 months Barclays: 90 days BM Solutions from Birmingham Midshires: 4 months Clydesdale Bank: 6 months Coventry for intermediaries: 4 months Halifax Intermediaries: 4 months HSBC: 180 days Metro Bank (UK): 3 months NatWest: 4 months Nationwide Building Society: 4 months Principality Intermediaries: 180 days Santander for Intermediaries: 4 months Scottish Widows Adviser: 4 months Skipton Building Society for Intermediaries: 3 months The Co-operative Bank for Intermediaries: 180 days The Mortgage Works: 13 weeks TSB Bank: 3 months Virgin Money Intermediaries: 180 days Hope everyone is having a great week so far 🙌

Lock advice at a glance! Current position: Cautiously float! REPRICE RISK: Low “Tomorrow morning has two pieces of relevant economic data set for release. The day will start with the weekly unemployment update at 8:30 AM ET. Predictions vary greatly from a smaller number than the previous week's 227,000 new claims for benefits to an increase in claims. Rising claims are good news for bonds and mortgage rates because they are a sign of weakness in the employment sector.” (want the full daily report, just email me the request) Looking to see what rate & Program best fit your needs? To schedule appointment and to provide me with basic information, click the link https://lnkd.in/gRRVFXAA Loan Level Price Adjustment Reminder: all lenders have already implemented the LLPA price adjustments, which are not favorable for most loans and will raise consumer rates. You can see the new LLPAs here: https://lnkd.in/egNtCHNW #azmortgagaebroker #peoriaazrealestate #phoenixarizona #arizonamortgages #glendaleaz #barrettfinancial #firsttimehomebuyer #azhomeloans #JeffPickeirng #pickeringgroup #AZBroker #MortgageRates #HomePurchase #Refi #purchaseahome

The UK's financial services sector might just have a reason to look forward with optimism, despite the current economic headwinds. A downward trend in inflation, coupled with expected interest rate cuts, could signal the start of a gradual recovery this year. ➡️ Mortgage lending is projected to grow by just 1.5% this year, before more than doubling to 3.2% in 2025. ➡️ Business lending growth is forecast at a modest 0.5% this year, with an increase to 2.8% anticipated next year. ➡️ Consumer credit is set to expand by 5.4% this year but is expected to slow to 4.5% in 2025. 📊 Check out 5 insights from our @EY ITEM Club Outlook for Financial Services 📖 Read more: https://go.ey.com/3UQgVYx #EYITEM #BetterWorkingWorld #FinancialServices

All major banks, including NAB, are predicting that interest rates will remain steady, offering some much-needed relief in 2024. This suggests that we may have reached the peak of the current cash rate cycle at 4.35%. With concerns about the rising cost of living, this development brings a glimmer of hope to individuals and families across the country. At MortgageWorks, we understand the impact of interest rates on your finances and are here to provide guidance and support. If you have any questions or concerns about how this news might affect your mortgage or your financial situation, our expert team is ready to assist. Stay informed and proactive about your financial wellbeing. Contact MortgageWorks today. . . . #InterestRates #FinancialNews #MortgageRelief #MortgageWorks #ExpertGuidance #FinancialWellbeing #CostOfLivingConcerns #PropertyInvestor #MortgageBrokersSydney #HomeLoans #Loans #Lending #SydneyRealEstate #CashRate #CommercialLoan #CarLoan #Mortgage

Hello, network! 📈 Mortgage rates have reached a 4-month high at 7.09%, just edging up from earlier in the week. Interestingly, today's shift was driven by movements in the European bond market, particularly the UK. 🌍 As the day closed, the U.S. bond market steadied itself, allowing some lenders to offer minor rate reductions. Tomorrow's jobs report, along with upcoming elections and Fed announcements, could further influence these rates. It's a time of uncertainty, but also opportunity! 🤔 Have any thoughts on this? I'd love to hear what you think! And hey, don’t let that like button get lonely! #MortgageBroker #HomeLoans #HousingMarket #mortgages #financing #refinance

Yesterday (Mar 21st) the Competition Bureau published it’s submission in response to the Department of Finance public consultation on strengthening competition in the financial sector. In that submission it made two key recommendations to lower switching costs for consumers and meaningfully advance competition. 1) Encouraged the Department of Finance to swiftly adopt a consumer-driven banking framework that will boost competition and innovation, by challenging established providers and enabling new service providers 2) They urged policymakers to reconsider the application of the stress test at mortgage renewal for uninsured borrowers, to allow them to switch lenders and benefit from competition. Currently only ‘insured’ mortgages are allowed to switch lenders at maturity without having to re-qualify using the Stress test. Allowing ‘all’ mortgages to forgo the Stress test when switching lenders is something the Mortgage industry has been championing for over 6yrs…  Let’s hope the Competition Bureau has enough pull to make this happen 

The UK's financial services sector might just have a reason to look forward with optimism, despite the current economic headwinds. A downward trend in inflation, coupled with expected interest rate cuts, could signal the start of a gradual recovery this year. ➡️ Mortgage lending is projected to grow by just 1.5% this year, before more than doubling to 3.2% in 2025. ➡️ Business lending growth is forecast at a modest 0.5% this year, with an increase to 2.8% anticipated next year. ➡️ Consumer credit is set to expand by 5.4% this year but is expected to slow to 4.5% in 2025. 📊 Check out 5 insights from our @EY ITEM Club Outlook for Financial Services 📖 Read more: https://go.ey.com/3UQgVYx #EYITEM #BetterWorkingWorld #FinancialServices