Insurers paying out more in claims
In Q2 of this year, property insurance payouts reached the highest figure since records began in 2017*. Homeowners and businesses are continuing to reap the benefits of having protection, as insurance companies paid out £1.4bn in claims between April-June 2024 – a 5% quarterly increase. The average home insurance payout also rose by 16%, reaching […]
Mortgage approvals on the up
Consumers are continuing to rebuild their confidence, with mortgage approvals hitting the highest level in nearly two years. In July 2024, there were 62,000 new house purchase mortgage approvals – a 2.3% monthly rise and the greatest number since September 2022, when there were 65,100 approvals. Consumer mortgage lending has also reached highs we haven’t […]
‘Important moment’ as interest rates cut to 5%
The Bank of England’s governor said a decision to cut interest rates is “an important moment in time” but warned people not to expect a sharp fall in the coming months. In a closely-run decision, rates were lowered to 5% from 5.25% on Thursday, marking the first cut since the start of the pandemic in […]
No fall in interest rates despite inflation hitting 2% target, Bank of England announces
No relief for borrowers as Bank of England base rate to remain at 5.25 per cent at least until August The Bank of England has declined to cut interest rates from their 16-year high – despite inflation finally falling to meet its target of 2 per cent. Homeowners struggling with soaring mortgages will be forced to wait at least another two months for borrowing costs to […]
House prices fall for first time in six months
House prices slipped by 1% in March following five consecutive months of growth, according to new figures from Halifax. The lender said affordability remained a challenge for potential buyers as recent declines in mortgage rates have stalled. It comes as financial markets become less optimistic about the timing and extent of interest rate cuts by the Bank of England […]
UK interest rates expected to fall sharply next year as inflation drops to 3.9%
The City is expecting interest rates to fall sharply next year following news of a much bigger than expected fall in the UK’s annual inflation rate to 3.9% in November. Despite the Bank of England’s insistence it is too early to contemplate reducing the cost of borrowing, the markets believe Threadneedle Street will deliver at least four […]
Bank of England holds interest rates at 5.25%: what does this mean for your finances?
The Bank of England (BoE) has held interest rates at 5.25% today, 2 November. Since December 2021, the BoE has hiked the base rate 14 times to combat high inflation. While inflation remained unmoved at 6.7% in September, the slowing UK jobs market has led the BoE to hold rates steady. The outlook for the […]
Mortgage broker in Hertfordshire
We are WM Financial Services, a mortgage broker based in the heart of Hertfordshire. Mortgages We have years of experience helping clients obtain mortgage finance no matter their circumstances. Ask us about: Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your […]
