INSPIRED FINANCIAL
NEWSLETTER
ISSUE NO 9
November 2023
Welcome to our monthly Newsletter. Each edition will give you insight to the world of Mortgages and Housing.
We hope you enjoy!
The Inspired Team x
MARKET UPDATE:
- What’s happening with house prices?
o House asking prices rose again in October, with the average asking price of a home in Great Britain at £368,231.
- Are Interest Rates falling or rising?
o The next Bank of England meeting will be held on Thursday 2nd November and rates are expected to remain at 5.25%. We will be waiting to see what the analysts say after in the hope of a rate cut in early 2024.
- Inflation
o There wasn’t a meeting in October, but there are good rumours floating around for a lower number in November due to lower fuel costs and food costs.
- Mortgage Rates
o Mortgage Interest rates have continued to fall in October. The best 2 year fixed deal currently sits at 5.14% and the best 5 year fixed rate is 4.64% (based on 60% loan to value)
THE IMPORTANCE OF OVERPAYING YOUR MORTGAGE:
- Did you know you can overpay your mortgage. This is normally 10% of your mortgage balance per annum. (With NatWest it is 20%)
- If you had a £200,000 mortgage over a 25 year period and overpaid your mortgage by just £100, you would reduce the term by 50 months saving you £55,000 in interest payments.
