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The scale of mortgage rate increases has slowed over the last week following fixed rate price hikes brought on by the Budget and rising inflation. NatWest for Intermediaries has announced it is raising its fixed rates by 0.10%, although TSB is lowering some rates by 0.2%.

Nationwide for Intermediaries offers a two-year fixed-rate mortgage at 4.17% and a five-year fix at just below 4.10%. These rates undercut many of the other big banks and building societies.

Nationwide’s most competitive rate is 4.17%, available for home buyers borrowing between £300,000 and £5 million. There is a £1,499 arrangement fee, and applicants must make a 40% deposit to qualify.

Aaron Strutt, product director at Trinity Financial, says: "Mortgage rates have been edging up recently, and while they are more expensive, they still offer reasonable value for money. It seems unlikely the Bank of England base rate will come down again following the inflation rate going up, but this doesn't mean fixed rates won't come down again early next year.

"At the moment, Santander has a 4.14% five-year fix for those with a 40% deposit. There is a £999 arrangement fee and a £3 million maximum loan size. The remortgage rate is 0.06% higher."

Representative example: A capital and interest mortgage of £1,000,000 payable over 30 years, initially on a two-year fixed rate basis at 4.17% for two years and then on the lender's 7.49% standard variable rate for the remaining 28 years. The 4.17% rate would require 24 monthly repayments of £4,872.68 followed by 336 payments of £6,873.27. The total amount repayable would be £2,427,942.04 made up of the loan amount, plus interest (£1,426,361.35) and £1,499 (product fee), £65 (final repayment charge), £15 (completion fee). The overall cost for comparison is 7.1% APRC representative.

Representative example: A capital and interest Santander mortgage of £1,000,000 payable over 30 years, initially on a fixed rate basis at 4.14% until 02-04-30 and then on the lender's 7% standard variable rate for the remaining 25 years. The 4.14% rate would require 63 monthly repayments of £4,815.14 followed by 297 payments of £6,388.25. The total amount repayable would be £2,204,340.82 made up of the loan amount, plus interest (£1,208,681.20) and £999 (product fee), £225 (final repayment charge), £0 (completion fee). The overall cost for comparison is 6% APRC representative.

Call Trinity Financial on 0808 1642174 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Banks and building societies have been raising the price of their mortgages due to the funding cost increases sparked by the Budget.

HSBC, Barclays, Nationwide Building Society, Santander, and TSB are the latest big lenders to announce they are raising their mortgage rates by around 0.3%. This is despite the Bank of England base rate dropping from 5% to 4.75%. 

Are lenders still offering sub-4% mortgages?

Most sub-4% mortgages have been withdrawn, although many are still priced around 4.25%.

NatWest for Intermediaries has launched new and slightly higher rates for borrowers buying a home. The bank offers a sub-4.25% two-year fix and a sub-4.15% five-year fix. Applicants will need a 40% deposit to qualify. There are £1,495 arrangement fees, and both rates are available for mortgages up to £2 million. 

HSBC for Intermediaries offers some of the most competitively priced mortgages, with two-year fixes starting from around 4.30% and five-year fixes starting from 4.15%. Both rates are available to borrowers purchasing a property, have £999 arrangement fees, and applicants need a 40% deposit to qualify. The maximum loan size is £2 million.

Have lower deposit mortgage rates been increasing? 

Most lenders tend to raise the cost of their lowest rates, often for those with larger deposits. Some first-time buyer rates have been going up, but not always by a considerable amount.

Figures from data firm Moneyfacts show the average mortgage rate is available for 17 days, down from 21 days a month ago. The average two-year tracker variable mortgage rose slightly to 5.71%, although some rates track the base rate plus a margin of 0.2%.

Aaron Strutt, product director at Trinity Financial, says: "There is a fair chance the recent fixed rate increases could slow down as many have gone up by around 0.3%, which is in line with the recent rise in the cost of funding. 

"The Bank of England base rate could take longer to fall from 4.75% after forecasts that inflation will creep higher. The next Bank of England base rate decision by the Monetary Policy Committee will be announced on Thursday, December 19, although it seems unlikely we will see a third base rate reduction this year."

Call Trinity Financial on 0808 1642174 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Banks and building societies increasingly offer borrowers cheaper 'Green Mortgage' rates or cash back when their property has a good energy rating, as shown on an energy performance certificate (EPC).

More lenders also offer cheaper additional borrowing rates or cashback to those who improve their property's energy rating.

While it is still possible to secure mortgages on properties with poorer energy efficiency ratings, lenders do more to tempt borrowers to buy greener homes or make home improvements. If a property is in poor condition and needs improvement, a lender's property valuer may note this, which could affect its value. This may be a good price negotiation point from a buyer's perspective. 

Aaron Strutt, product director at Trinity Financial, says, “It is not unusual to see lenders offering the most competitively priced rates to borrowers buying or remortgaging with an EPC rating between A and C. Increasingly, an A to B rating is required. 

"NatWest tends to have decent fixed rates with a good EPC rating, and more lenders are targeting this part of the market. HSBC offers decent cashback, too."

What energy efficiency rating does my property need for a cheaper mortgage rate?

Mortgage lenders are keen to issue more mortgages to borrowers buying properties with an A to C energy performance certificate rating. 

This is partly due to pressure from the UK government to make our housing stock greener and tackle global warming. According to the government's latest greenhouse emissions study, 15% of carbon emissions come from homes.

Halifax Green Living Reward Scheme 

Halifax, the UK's largest mortgage lender, recently launched a Green Living Reward Scheme. Under this scheme, customers who carry out improvement works on their properties can get cash back.

The lender offers £2,000 cash back when adding an air—or ground-source heat pump and £500 cash back when installing a biomass pellet boiler or solar thermal heating system. There is also cash back for solar panels, insulation, and rated double/triple glazing when replacing single glazing. Customers will need to open a Halifax current account to qualify, and there are time constraints to claim the cashback. 

NatWest's Green mortgages are often the most competitively priced fixed rates

NatWest for Intermediaries: Green mortgages are available for all residential and buy-to-let properties with an energy performance rating of A or B and specific new-build developer properties. These rates are available for property purchases, porting and remortgage applications.

To qualify for NatWest's Green Mortgages, either a valid Energy Performance Certificate (EPC) listed on the registers detailed below with a rating of A or B or a property from our list of agreed-upon new-build developers must be eligible. No other EPC data registers or documentation, such as a Predicted Energy Assessment (PEA), will be accepted.
Properties with only a proposed or anticipated EPC Rating of A or B are not eligible.

Approved New Build Developers from whom an EPC is not required:
Barratt Homes, Berkeley Group, Crest Nicholson, L&Q, Keepmoat Homes, Galliard Homes, Bellway and CALA Homes.

What is Halifax's Green Mortgages policy?

Halifax has launched a green mortgage range that offers £250 cashback for those buying or remortgaging a property with an Energy Performance Certificate (EPC) or Predicted Energy Assessment (PEA) rating of A or B.

The deals are available on selected Halifax mortgage products and apply to first-time buyers, homemovers, shared-equity, shared-ownership, and new-build mortgages. They are restricted to those borrowing less than 85% loan-to-value on main residences only.

HSBC Energy Efficiency Home products (EEH)

HSBC for Intermediares offers Energy Efficiency Home products for borrowers purchasing flats or houses with an A or B rating. The cashback ranges from £250 to £1,700. 

Santander Green Mortgages

Santander UK has introduced a range of discounted rate mortgages for residential and Buy to Let customers remortgaging a property with an EPC rating of A or B. The products, available exclusively via brokers on mortgages from 60-85% loan-to-value, and offering a discount of 0.10% on standard remortgage rates.

Nationwide's energy-efficient home policy

Most homes sold in the UK need an Energy Performance Certificate (EPC). This tells you how energy efficient, or green, the home is. Each property is given a score - the higher the number the more energy-efficient the property. This is calculated using a Standard Assessment Procedure (SAP).

If you're buying a home with a Nationwide mortgage, they will reward you with:

• £500 cashback, for a property with a score of 92 or above.
• £250 cashback, for a property with a score of 86 to 91.

Nationwide won't be able to tell if your new property’s EPC document is out of date, so make sure you check this with the seller before you complete it. Nationwide is not responsible for the registration or accuracy of the EPC.

What about buy-to-let mortgages? 

Some buy-to-let lenders offer lower mortgage rates to landlords buying or remortgaging energy-efficient properties. BM Solutions is the most significant player in the market.

How can I find out the energy efficiency rating of my property?

If you are unsure what your property's energy rating is, you can find out by clicking on this link: https://www.gov.uk/find-energy-certificate. If your property does not have an energy certificate or has expired, you can get a new one.

Call Trinity Financial on 0808 1642174 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Whether you're a first-time buyer or a seasoned home mover, mortgage missteps can happen during the mortgage process even if you're careful.

Being prepared for some of the more common issues can make it easier to plan around them or devise a strategy to avoid them. They may even save you a small fortune and speed up the buying process!

Please take a look at our nine common mortgage mistakes.

1) Not getting a decision in principle before starting your property search

Getting a decision in principle in advance will give you an idea of how much you can borrow, the rate, and whether you qualify for a mortgage. This allows you to narrow down the options for what sort of property you can buy and ensure you can purchase a property you have agreed to buy.

2) Not reviewing your credit report early enough

A blip or error on your credit report can seriously hinder your chance of getting a mortgage, so it's a good idea to check it early and do what you can to improve it.

Do not underestimate the power some companies have over your credit report. A missed payment or two could mean you don’t qualify for the cheapest deals and have to apply to one of the adverse credit lenders. 

3) Failing to budget for all costs involved

Ensure you’ve accounted for all the costs, such as conveyancing, surveys, lender fees, and stamp duty land tax. Lease extensions or council tax costs should also be considered. 

Determine how much it will cost to improve or refurbish the property you want if it needs work.

4) Submitting incomplete or providing inaccurate information to the lender/broker

One of the biggest mistakes is thinking that a lender or a broker will not determine whether applicants have financial issues. Missed payments, undisclosed debts or costs, or upcoming job changes often come to light during the application process. 

Trinity Financial’s brokers want to fully understand your finances to help you get the most suitable deal. This is part of the reason they prefer a 15-minute phone or Zoom consultation rather than an email conversation. Click here to book a call with one of our experts. 

5) Not searching the market for the lowest rate and most generous loan size

There is a lot of competition in the mortgage industry, and many different lenders offer the lowest rates and fees depending on the size of your deposit and credit score. Some mortgage lenders also issue more generous loan sizes than others.

Hiring a professional to assess the mortgage market often pays so you get the most appropriate lender and rates.

6) Keep an eye on your rate

Many mortgage lenders allow borrowers to switch mortgage rates even when the mortgage offer has been produced. Mortgage offers tend to last between four and six months, and rates can change once or twice a week with some lenders.

At the very least, check that you are getting the best deal with the chosen lender a few weeks before completion. If you do not check the rate, you may well pay significantly more every month for the term of your fixed or tracker rate.

Swapping rates too close to the exchange of contracts can also be risky. Some lenders run new credit checks once a mortgage offer is issued, meaning if your financial situation has changed, your mortgage offer could be withdrawn. 

7) Think twice before skipping the home inspection

Skipping a home inspection might save money in the short term, but it may cause significant headaches and additional costs in the long term.

Mortgage lenders often provide free property valuations to ensure a property is suitable mortgage security. However, the lender does not always disclose or know about issues like damp, structural movement, Japanese knotweed, or electrical or structural issues.

If you pay for a home buyer's survey that highlights the property's need for work, you could try to renegotiate the purchase price. 

8) Opting for the wrong mortgage rate and read the mortgage offer

Get advice and work out if you need a two-, three- or five-year fix or a tracker rate. There are also offset mortgages available.

Signing up for a longer-term fixed rate when you do not plan to stay in the property for long isn’t advisable because of the early repayment charges, but not everyone reads the mortgage offer to understand the small print.

Try not to take out more finance once your offer is produced because a lender runs another credit check before you draw down the mortgage. If you have more debt or a missed credit card or loan payment, it is likely be flagged and may cause issues.

9) Choose a good solicitor/property conveyancer 

The cheapest is not always the best. Make sure you do your research and choose a good property conveyancer. The legal part of the home-buying process can be very complex and time-consuming.

Finding a legal expert to help you buy a property is essential, particularly if you have a complex situation, are in a hurry to complete the purchase, or are buying an unusual property. Trinity Financial's brokers have worked with Steph Lyke for 20+ years.  

Call Trinity Financial on 0808 1642174 to secure a mortgage or book a consultation

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Nuptial agreements have seen a rise in popularity in the UK with high profile divorces highlighting the risks of not having a pre-nup or post-nup in place. In addition, people now tend to get married later in life when they have accumulated more wealth and therefore have more assets to protect.

What is a pre-nuptial agreement?

A pre-nuptial agreement is a contract which couples enter into prior to marriage. It ensures that there is a clear plan in place with regards to what will happen to assets that either person brought into the marriage or future inheritance in the event of divorce. For example, whether such assets should be treated differently than assets which the parties build up together during their marriage.

What is a post-nuptial agreement?

A post-nuptial agreement is a contract which is entered into after marriage.  Like a pre-nup, a post-nup sets out how assets would be shared in the event of the marriage ending.

Why would you need a pre-nup or post-nup?

Once married, all assets are thrown into a “matrimonial pot” and are up for division between the parties.  Nuptial agreements are often drafted before second marriages, particularly where there are children from the first marriage.  By entering into an agreement certain assets can be excluded from the “matrimonial pot” to ensure that children’s inheritances are left intact in the event of divorce or death.

Younger couples entering into marriage for the first time are also taking out a nuptial agreement, which can be used to protect wealth from the Bank of Mum and Dad, which can arise in circumstances whereby parents have helped their children buy a property. The couple are likely to receive large gifts of money, shares in a company/family business, or future inheritances/windfalls during their marriage. Depending on the financial assistance provided to a younger relative, it may also be worth putting in place a trust or loan agreement.

If you want to protect assets to ensure your financial stability in case things don’t work out, wish to try to avoid a stressful, lengthy and costly legal battle about who gets what, or ensure the financial stability of any children you may have from a first marriage then a pre-nuptial agreement could be right for you.

Are they legally binding?

In England and Wales, nuptial agreements are not legally binding if one spouse wants to try to argue that they should not be bound by its terms.  Ultimately, it is the family court that will have the last word when deciding how assets and income ought to be divided on divorce. However, the good news is that in the case of Radmacher v Granatino the Supreme Court indicated to Judges sitting in the family courts that they should take notice of a nuptial agreement as long as it has been freely entered into by each party with a full appreciation of its implications unless in the circumstances prevailing, it would not be fair to hold the parties to their agreement.

If the following safeguards have been met when creating a nuptial agreement, then it is more likely to be upheld by judges sitting in the family court and the parties should expect to be held to the terms of any nuptial agreement entered into.  The safeguards are:

1. Both parties have had separate and independent legal advice.
2. Both parties have disclosed their financial positions.
3. Both parties have negotiated the terms of the agreement well before the date of marriage (a minimum of 28 days but ideally much longer). This is to avoid undue pressure – “sign this or the wedding is off…”.
4. Both parties have agreed to review the terms in the future, as circumstances change such as the birth of a child.

Based on my own experiences in family law, nuptial agreements are complex and intricate documents, requiring considerable thought and attention to detail.  For example, if gifts are received from parents on marriage or from family members trying to avoid inheritance tax, or there are assets located in other jurisdictions, these issues need to be considered carefully.

Whether you love or hate the idea of nuptial agreements, they are on the rise.  They may not be very romantic but neither is spending time in court and money on legal fees where this can be avoided.  It is important that couples think about what they want to happen in the event they don’t get their happy ever after. After all, is it not better to talk about the “worst case scenario” at a time when you are most in love, not later when there may be bitterness and arguments?   

What does a pre-nup or post-nup cost?

You are likely to find that the cost of entering into a nuptial agreement is very attractive when taking into consideration the benefits of having peace of mind in the event of divorce. The cost of a nuptial agreement in comparison to the total cost of the average wedding is likely to be a drop in the ocean!

Each solicitor will charge a different price but it’s vital to make sure that they are a specialist in family law. At SAS Daniels we help our clients determine a pricing structure that suits their needs and discuss any costs at the beginning so you don’t receive any unexpected bills.

Claire Porter is a Partner in the family team at SAS Daniels, advising individuals on both their personal and professional affairs.  She is a recommended lawyer in the Legal 500 and Chambers and Partners Directories.  Claire deals with matters for clients wherever they are based, whether in the North West, London or elsewhere in the UK and abroad. View her profile.

The information contained within was correct at the time of publication but is subject to change. This is a guest article by SAS Daniels. 

Please remember: Solicitors like SAS Daniels will not inform you by email of a change to bank account details. If you receive an email about bank account details changing please contact your solicitors immediately. Do not send funds to the account. Furthermore, speak to them to verify the bank details before sending monies.

Banks and building societies are set to increase their most competitively priced mortgage rates again following Chancellor Rachel Reeves' first Budget. 

Some mortgage lenders reversed previous price hikes in the run-up to the Budget, but they are set to rise again following mortgage funding cost increases. Coventry Building Society, Precise, TSB and some specialist buy-to-let lenders were the first to raise prices.

Gilt* and swap rates** have recently increased and some lenders have already said this will have a knock-on effect on mortgage rates. One buy-to-let lender announced earlier that it is pulling some of its rates due to volatility in the pricing markets. There have been some product withdrawals and rate increases.

How much are mortgage rates now?

Two-year fixes start from just below 4%, while five-year fixes are available from 3.85%. These are typically offered through larger lenders like Barclays, Halifax, NatWest, and HSBC for Intermediaries.

Applicants will need a larger deposit to qualify, and arrangement fees are typically around £999. However, it would not be a shock if most of the remaining sub-4% rates were withdrawn soon until the money markets calm down and the base rate is lowered.  

Aaron Strutt, product director at Trinity Financial, says: "If you are applying for a mortgage, it makes sense to secure a rate now. You can monitor the market and try to swap to cheaper deals if they are available before you complete your purchase or remortgage.

"In a regular market, mortgage rates go up and down—this is going to happen more frequently than many particularly younger borrowers have been used to.

"Market focus is now very much on next week’s US election, which remains too close to call and will be pivotal to the dollar. A Trump win likely leads to a stronger currency. The Bank of England and US Federal Reserve also meet next week, with a 0.25% rate cut expected from each."

The Bank of Canada lowered its key interest rate to 3.75% two weeks ago — cutting it by half a percentage point.

Stamp duty changes

According to the Nationwide Building Society, home sales are expected to "jump" at the beginning of next year as people try to buy before stamp duty rises. From March 2025, changes introduced in Wednesday's Budget mean many will pay the tax when they would not have previously.

Meanwhile, the Budget announced changes to stamp duty for buy-to-let landlords and second-home buyers, which came into effect on Thursday, November 30th. The additional tax they face rose from 3% to 5%.

*A gilt is a UK Government liability denominated in sterling, issued by HM Treasury and listed on the London Stock Exchange. **Swap rates, also known as interest rate swaps, allow two parties to exchange interest rate cash flows over a specified period. In the context of mortgages, banks and lenders use interest rate swaps to manage their own exposure to interest rate fluctuations.

Call Trinity Financial on 0808 1642174 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage