Mortgages

With the energy price cap now predicted to rise another 65% in October, taking typical bills to a frightening £3,240 a year, MoneySavingExpert.com founder Martin Lewis has warned Conservative Party leadership candidates that they must act as quickly as possible to prevent a "national financial cataclysm".

More and more 10-year fixed mortgage deals are coming to the market, with First Direct becoming the latest to launch a product. Fixing for a decade can be done for as little as 3.33% right now and is becoming more appealing as the Bank of England base rate continues to rise. But there are pros and cons to doing so – here's what to watch out for.

Homebuyers who purchase a new leasehold property will no longer have to pay ground rent from today, as long-awaited legislation kicks in. The move could result in savings of £100s a year for homeowners – though new and existing leaseholders still need to beware the dangers of a short lease, as we explain below.  

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.