Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

The UK mortgage market is constantly evolving, with new economic factors shaping the landscape. As of the start of 2023, there are several notable updates to the UK mortgage market that potential buyers and homeowners should be aware of. Interview with Mortgage Advisor Miriam Nawagamuwa CeMAP Watch full interview video - https://youtu.be/uq8NL21Eubk One of the biggest changes is the increase in interest rates. The Bank of England has been hiking its base rate since 2021 to 4%, the highest in 14 years. Mortgage rates have risen substantially, making borrowing more expensive. However, there are still competitive rates available for those with good credit scores and larger deposits or equity. In addition to interest rates, the UK mortgage market is also seeing increased competition among lenders. More and more online-only banks are entering the market, offering lower rates and faster application processes. This is good news for borrowers, given them more options to choose from when shopping for the best mortgage