Together has reduced interest rates on the majority of its fixed rate products. The lender has announced that there will be a 10bps decrease to its two-year fixed rate range across first and second charge mortgages, as well as first and second charge consumer buy-to-let (CBTL) loans. For five-year fixed rates, there will be a 40bps decrease in first charge and CBTL first charge loans, with a 25bps decrease for second charge and CBTL second charge loans. For unregulated BTL loans, there will be a 20bps decrease to both two and five-year fixed rate products. Together has stated that it will not be raising rates on its bridging products, despite current economic uncertainty.
Recognise Bank has launched two new personal savings accounts, designed to empower customers to achieve their financial goals faster than ever before. The new two-year and three-year fixed rate personal savings accounts now offer 6.1% and 6.05% AER respectively. As a result of the launch, customers can now choose the account term that aligns best with their financial plans, whether it is two or three years and whether they would like to receive interest monthly or annually. Additionally, all eligible deposits are FSCS protected up to £85,000 for individuals and £170,000 for joint accounts.
The Department for Education (DfE) has confirmed that the maximum plan two, plan five and postgraduate loan (PGL) interest rate will be 7.3% between 1 September 2023 and 30 November 2023. Since September 2022, maximum student loan interest rates have been capped in line with the latest prevailing market rate available at the time of setting the cap. However, this will be raised during the above dates to take into account the most recent increase in the prevailing market rates. From 1 December 2023, the maximum plan two and the PGL interest rate is scheduled to revert to RPI+3%, with the plan five interest rate rising to RPI. Further caps will be implemented, if required, to reduce student loan interest rates to align with the prevailing market. This will be confirmed closer to the time.
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The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage
Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.
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