ISSUE NO 17
July 2024
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?
- House asking prices remained the same in June, with the average asking price of a home in Great Britain at £375,110. This figure reached is a new record high.
- Are Interest Rates falling or rising?
- The Bank of England met on the 19th June. Although they kept rates the same at 5.25%, 2 board members (out of 9) voted for a rate cut. Analysts are still predicting 2 cuts before the end of the year meaning rates could fall to 4.75%.
- Inflation
- In May 2024, the UK’s annual inflation rate fell to 2.0% which hit the target level of 2%. This is the lowest it’s been since April 2021.
- Mortgage Rates
- Mortgage Interest rates remained steady in June with a small decrease. The best 2 year fixed deal currently sits at 4.67% and the best 5 year fixed rate is 4.23% (based on 60% loan to value)
FAMILY INCOME BENEFIT:
Are you the main earner in your household? Would your family be financially stable if you passed away?
Even with your mortgage paid off, you’d need to cover household expenses like council tax, energy, food and many others.
Family income benefit (FIB) is a type of life insurance policy that will give your family regular financial support if you die or are diagnosed with a terminal illness. What makes FIB different to standard life insurance is that it pays out an ongoing monthly income, rather than a lump sum.
From as little as £5 per month, this policy suits so many of our clients. Contact us if you would like more information.
