What Will Happen to Mortgage Rates in the UK?

In this podcast Phil Spencer caught with with Charlotte Harrison, CEO of Home Lending @skiptonbuildingsociety to find out what will happen to mortgage rates, what lenders are doing to help people who want to buy a home for the first time, as well as home owners with existing mortgages that might be coming to an end.
We also wanted to look closer at the 99% & 100% mortgages.
The timestamps below are indicators of what was discussed - you can use them to skip to a particular area of interest.
👉 VIDEO TIMESTAMPS ⏳
00:00 Introduction
01:51 Rate stability & positive signs
02:13 Repricing to support new & existing mortgage customers
04:45 Increased number of first-time buyers
05:49 The 99% & 100% mortgage
08:22 Rent as part of affordability assessment at Skipton
09:39 Lending on properties with cladding
11:14 External impacts on mortgage lending
12:53 Top tip - stress test yourself
13:36 Rate expectations
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🔗www.skipton.co.uk/mortgages
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[@MoveiQ]

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[@J1M1F]

40 year mortgages and 0% mortgages, anything to keep house prices climbing, rather than address the underlying issues in the housing market!

[@sinaoladeji3555]

Glorified rentals of corporate overlords.

[@goych]

@@sinaoladeji3555 not to mention private landlords

[@wehrine]

With the market dynamics and potential shifts, understanding how mortgage rates impact our financial decisions is crucial.

[@V.stones]

Mortgage rates are indeed a hot topic, especially with the market fluctuations. I'm curious - does anyone think this could influence investment decisions, maybe in the real estate sector?

[@Thomas-ff7wn]

Absolutely. As mortgage rates play a role in housing affordability, it could be an opportune time for strategic real estate investments.

[@har0ld551-hn6fm]

I'm considering investing in property, but the uncertainty in mortgage rates gives me pause

[@mariadrukker2557]

better still look into financial planning don't come to youtube for advise, consult a Local or trusted online broker/ planner

[@mariadrukker2557]

I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28 fact forward timo I'm 57 now not laid off

[@gabymotsoloc9295]

"40 increase in first time buyers, what do you put that down to" - blood sucking RENT is the answer

[@youtubeman5033]

I’ve been paying my mortgages down , I have stopped buying houses I’m not even looking now the rates have gone to high and made it not worth buying there’s not enough profit so buying back my equity is the best way to go for me, Ps you might say put the rents up, but tenants just don’t have the money so I keep things fair

[@lewismcnicholas2631]

Think the difference now in terms of absolute interest rate is that the mortgage as a multiple of salary is much higher so although the rates were higher historically the actual burden on people is much worse now

[@garethwilliams4467]

but the quality of housing is much higher and in most cases bigger with gardens. I remember terraced housing, no back garden, no central heating, no double glazing, no insultation. You are getting more for your money in modern houses.

[@lewismcnicholas2631]

@@garethwilliams4467agree but from an affordability point of view it’s more difficult due to the multiples

[@garethwilliams4467]

@@lewismcnicholas2631 but you forget that those wanting mortgages now never would have ... there was such a thing as sub prime that had no chance. The had to rent their whole lives in previous generations. for those in good jobs we' never had it so good. We've had high IR's for under two years !!!

[@nsoul4296]

Commercial rates have just started rising again, no signs the BoE will reduce base rates. A million plus coming off their near zero rate this year. Just entered a recession. Looking grim for house prices, need to drop another 10%+ to bring buyers en masse back to the market.

[@g.p616]

Very interesting info….. and a very clean and shiny table!!

[@MoveiQ]

Thank you :)

[@mattanderson6672]

Thank you, interesting

[@christopherbarker976]

Hi Phil great video some more good common sense 👍 Regards Christopher Barker

[@MoveiQ]

Thank you - glad you found it useful :)

[@nsoul4296]

100% mortgage in a falling housing, tread very carefully.

[@jacquiwilson9129]

If Labour win the general election and if (it’s a big if) they free up planning and lots more houses are built, this may well drive down house prices. I personally think this would be a good thing for the country BUT it makes me very worried for young people/FTBs with 99/100% mortgages.

[@MoveiQ]

Thanks for sharing your thoughts on this

[@garethwilliams4467]

what has supply got to do with prices ? That is not how housing works ... this isn't buying flowers in the market. So many factors drive up prices even with lots of them for sale.

[@jacquiwilson9129]

@@garethwilliams4467 I’ve just had to sell my father’s probate property - a 3 bed semi in an area full of 3 bed semis. High supply and low demand meant we achieved a low price. We’re now trying to buy a detached house in an area with very little supply - asking prices are ridiculously high. So, perhaps a bit more similar to a flower market than you may think.

[@garethwilliams4467]

exlpain how supply and demand in the building industry would effect prices. Give me any examples of where increased building has reduced prices ?

[@garethwilliams4467]

@@jacquiwilson9129 I don't believe you at all. Prices are subject to the credit someone can obtain, if you couldn't sell at the price you wanted your house couldn't have been up to much. All areas in the country are in demand, just not as much as others.

[@laurieproctor3572]

Isn’t the deposit to protect the lender from negative equity and owners walking away. Not necessarily about affordability. In recessionary times it’s not a good idea. I’ve heard of family years ago taking 100% mortgages and known of more than 100% for kitting out the property. Seems crazy at the time but the crazy boom in housing prices killed off that risk. I could be wrong but we’ll never see the % increases that owners had 20/30 years ago.

[@MoveiQ]

Thanks for sharing

[@DowntownR]

Interest rate cuts = unemployment

[@goych]

Oh that’s a bigger, but hey at least the boomers savings won’t earn quite as much