Mortgages

First-time buyers planning to use a Help to Buy equity loan to fund a new-build property purchase have until Monday (31 October) to submit their application. Almost 10 years since its original launch, the Government's equity loan scheme will close for good in March 2023, but anyone who wants to take part must apply by the beginning of next week.

Planning to fix your mortgage? You might want to wait a little while longer before doing so as you could end up paying more than you need to. That's the warning MoneySavingExpert.com founder Martin Lewis gave in the opening episode of the new series of ITV's The Martin Lewis Money Show Live.

Interest rates on mortgages could start falling in the next few weeks, following the Government's reversal of its mini-budget which has helped calm the financial markets. If you're looking to get a new mortgage deal soon, here's our latest analysis.

Even if you are locked into your mortgage you might be able to get a new rate at today's prices with several major lenders increasing how far in advance existing borrowers can tie into new deals. The change comes as interest rates are on the rise with the base rate hitting 2.25% in September.

Turmoil in the markets has increased the attractiveness of longer-term mortgage deals. Currently, interest rates on many 10-year fixes are not far off those of shorter deals. In fact, the rate on the cheapest 10-year fixed mortgage is actually lower than any two-year fix. 

The mortgage market is in turmoil, with several major lenders including Skipton Building Society and Virgin Money being the first to pull their deals from the market completely. Many others including Halifax, HSBC, Santander and TSB have since either withdrawn their fixed-rate offers or replaced them at hugely increased rates. As the turbulence continues, here's what you can and should do, if anything.

Mortgage rates are rocketing. A year ago you could fix at just under 1%, now the cheapest mainstream deals are 4.95% for two years, 4.62% for five years, and 4.85% for 10 years. That 4% point-ish rise in mortgage rates equates to around £200 a month more (£2,400 a year) per £100,000 of mortgage debt.

The Bank of England has increased the base rate from 1.75% to 2.25% – the highest it has been in 14 years. This rate is used by the central bank to charge other banks and lenders when they borrow money – and so it influences what borrowers pay and what savers earn.

The Bank of England has increased the base rate to 1.75% from 1.25% - the biggest single rise in 27 years. This rate is used by the central bank to charge other banks and lenders when they borrow money – and influences what borrowers pay and savers earn.

Hundreds of thousands of homeowners are overpaying on their mortgage because they're languishing on their lender's standard variable rate, new data from the financial regulator has revealed. Yet savings of £1,000s a year may be available if homeowners remortgage to more competitive deals – something they may want to consider sooner rather than later with further interest rate rises expected.