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Daily Mail
5 days ago
- Business
- Daily Mail
UK house prices see biggest monthly rise this year
House prices have seen their biggest monthly rise of the year so far, according to Halifax , as mortgage rates keep falling and banks offer bigger home loans. The mortgage lender said the average price went up by 0.4 per cent in the month of July, making the typical home worth £298,237. This was compared to £297,157 in June. Halifax said price rises were being driven by mortgage interest rates gradually falling, as well as recent moves by lenders to increase the amount some people could borrow. It comes ahead of the Bank of England's decision on interest rates later today, where it is anticipated to cut the base rate from 4.25 per cent to 4 per cent. While mortgage lenders price in likely future interest rate movements in advance, lower interest rates will contribute to more mortgage rate cuts over time. The average two-year fixed residential mortgage rate today is 5 per cent and the average five-year fixed rate is 5.01 per cent - but the cheapest deals are now sub-4 per cent for those with the biggest deposits or most equity. Recently, Rachel Reeves backed moves by mortgage lenders to loosen their lending rules and allow more people to borrow up to six times their income . Lenders have also adjusted their 'stress rates', where they test borrowers' ability to continue to pay their mortgage if the rate increased. Fixed-rate mortgage warning Bryden also pointed out that the end of second half of this year would see an uptick in people coming to the end of fixed-rate mortgage deals. Those coming to the end of five-year deals would likely see their repayments spike, as these were taken out during the pandemic-era property boom when interest rates were in some cases less than 1 per cent. Those coming off a two year fixed-rate would be likely to see their payments fall, however, as they would be exiting mortgage deals locked in rates during the rate peak that followed the 2022 mini-Budget. Bryden added: 'We're unlikely to see a significant impact on house prices, but it may influence market dynamics if prospective home movers choose to delay plans as a result of tighter budgets.' Tom Bill, head of UK residential research at the estate agent Knight Frank, said he expected house price growth by the end of 2025 to be 'low single-digit' but that this depended on what happened in the autumn Budget . 'Some parts of the economy are already adopting the brace position and buyers could begin to hesitate after the summer if speculation over tax rises persists,' he added. Northern Ireland sees biggest house price gains Northern Ireland continues to see house prices rise the quickest, and prices have risen by 9.3 per cent over the last year according to Halifax. The typical home there now costs £214,832. Scotland saw prices increase 4.7 per cent to an average of £215,238, while Wales saw a rise of 2.7 per cent to an average of £227,928. The North West and Yorkshire and the Humber reported the highest rate of property price inflation among English regions, up 4 per cent over the last year to £242,293 and £215,532 respectively. London and the south east continued to lag behind, recording 0.5 per cent growth over the year, but the south west saw even lower growth at 0.2 per cent.
Business Upturn
19-06-2025
- Business
- Business Upturn
NFM Family of Lenders Recognized as a Top Lender by Scotsman Guide
By GlobeNewswire Published on June 19, 2025, 22:38 IST Linthicum MD, June 19, 2025 (GLOBE NEWSWIRE) — LINTHICUM, MD, June 19, 2025— NFM Lending and its Family of Lenders announced today that we have been recognized once again as one of the top lenders in the country by Scotsman Guide, the leading magazine and resource for mortgage originators. This year, we have achieved several prestigious accolades: · 15th Largest Retail Lender in the Country · #1 Retail Lender in Maryland · 20th Overall Lender (including wholesale mortgage companies) · 20th Largest VA (Veterans Affairs) Lender · 19th Largest FHA Lender in the Country The list put out by Scotsman Guide is 'the industry's most comprehensive, verified rankings of the nation's top producing mortgage companies.' David Silverman, Founder and CEO of NFM Lending, expressed his gratitude and pride in the company's achievements: 'We are incredibly honored to have The NFM Family of Lenders recognized by Scotsman Guide as one of the top mortgage lenders in the country. This achievement is a direct reflection of the dedication, expertise, and passion of our entire team. I want to extend my deepest gratitude to our outstanding sales professionals, our diligent operations staff, and our committed administrative teams. Your hard work and unwavering commitment to excellence make recognitions like this possible. Thank you for everything you do to serve our customers and uphold the values that define NFM.' NFM is proud of this achievement and thanks its NFM Family and real estate partners for their support. About NFM Lending NFM Lending is a mortgage lending company currently licensed in 49 states in the U.S. and Washington, D.C. The company was founded in Baltimore, Maryland in 1998. NFM Lending and its family of companies includes Main Street Home Loans, BluPrint Home Loans, Elevate Home Loans, and Element Home Loans. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. For more information about NFM Lending, visit like our Facebook page, or follow us on Instagram. Media Contact: Gene DiPaula 888-233-0092 Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Otago Daily Times
26-05-2025
- Business
- Otago Daily Times
Budget change may cost first home buyers thousands
By Susan Edmunds of RNZ First-home buyers accessing the Kainga Ora-administered First Home Loan will pay a higher fee from 1 July. The scheme allows borrowers to access loans with a deposit as small as 5 percent, if they earn less than $95,000 as an individual without dependents or $150,000 as a couple or single parent. These loans do not fall under the banks' loan-to-value rules and borrowers can usually access bank special rates and do not have to pay the low-equity fees and margins that could otherwise apply. Previously, borrowers had to pay lenders mortgage insurance of 0.5 percent of the loan amount. But from 1 July, that increases to 1.2 percent. Borrowers can pay it upfront or over the lifetime of their loans. The change applies to loans submitted after 1 July. A spokesperson for the Ministry of Housing and Urban Development said the government had agreed to cease its contribution to the mortgage insurance premium as part of the Budget. "This change is expected to generate savings of $17.9 million per annum from 2025/26 onwards. These savings, along with others identified across the housing portfolio, will be fully reprioritised to support both existing housing services and the delivery of new initiatives within Vote Housing and Urban Development, including investments in social housing, transitional housing, and housing support services." The ministry said for an average first home loan of $550,000 it would increase the premium paid by the borrower from $2750 to $6600. "This cost can be paid upfront or added to the loan, which would increase the total borrowing by approximately $3850. "HUD does not expect that moving to a full cost recovery model will materially affect the uptake of first home loans or households' ability to reach home ownership relative to current settings. The increase in cost is less than 1 percent of the average loan value and is not expected to significantly impact borrowers' ability to service their mortgage, meet deposit requirements, or access lending." David Cunningham, chief executive at mortgage advice firm Squirrel, said it was a change that was "snuck in". But he said it would not make a big difference to most borrowers. "On a $400,000 loan that lifts the LMI from $2000 to $4800. Whilst the $2800 difference seems big, it is just part of the cost of establishing home ownership. Changes to interest rates are a much bigger factor as they impact every year rather than a one-off. With interest rates about 1.5 percent lower than they were a year ago and house prices a bit lower, first-home buyers are in a better position than a year ago, despite this change." There were just over 5500 First Home Loans approved last year. Jeremy Andrews, a mortgage adviser at Key Mortgages, said the change had come as a surprise. "I've done a heck of a lot of Kainga Ora First Home Loans over recent years … a 0.5 percent fee was typically a no brainer even when clients could have been approved with their main banks [with a] low deposit outside the scheme. "There are still cases where it makes sense as that's a one-off fee rather than typical ongoing margin until clients reach the sweet spot of 20 percent equity. "It's also ironically the same 1.2 percent margin that BNZ charges their existing 'main bank' clients with between 5 percent under 10 percent deposit. BNZ, like most other banks, charges an ongoing low equity margin every year until clients can prove they have 20 percent deposit - and this might require an updated valuation to do so." He said a benefit of the First Home Loan scheme was that people could usually be preapproved and it was sometimes possible to get higher cashbacks from banks. "There are several different lenders who can provide preapproval with Kainga Ora First Home Loans, each with pros and cons such as considering either one or two boarders if applicable, turnaround time differences and varying rates and cashbacks. " Karen Tatterson, Loan Market mortgage adviser, said the main banks were generally not issuing pre-approvals for low-deposit borrowers not part of the First Home Loan scheme at the moment. "It means that the only time you can get an approval is if you are under contract on a property or going to auction on a specific property. It does cause a concern for first-home buyers as they cannot go to the market armed with a preapproval and this creates some nervousness for them. The key is good advice and ensuring they speak to an adviser so they know their numbers."
