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Moneyfacts pick of the week
Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 18/08/2022

Last updated: 18th August 2022

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market, ranging from mortgages to savings accounts. This week, I have analysed the following deals, along with their perks, of note:

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Best UK residential mortgage rates this week

Last updated: 17th August 2022

Cambridge BS increases dominance on first-time buyer chart.

On Monday, research from real estate company Rightmove found that property prices have started to slow. However, this was attributed to seasonal trends and not economic factors.

For first-time buyers who can afford a new home, and are wishing to get onto the property ladder, now could be the perfect time. To help not only first-time buyers, but remortgage borrowers and homemovers too, we have listed some of the lowest fixed mortgage rates on the market. In addition, if these offers do not suit you, we have listed alternative products, with some making their way onto our best buy table.

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UK house price drop part of seasonal trend, says Rightmove

Prices have fallen for the first time this year.

The average UK property price has fallen for the first time this year, according to the latest Rightmove House Price Index. However, the real estate company has attributed this to a seasonal trend and does not reflect broader economic factors.

“A drop in asking prices is to be expected this month as the market returns towards normal seasonal patterns after a frenzied two years, and many would-be homemovers become distracted by the summer holidays,” said Tim Bannister, Director at Rightmove.

The latest figures have priced the average home in the UK at £365,173 in August, almost £5,000 less than what was recorded the previous month.

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Mortgage shelf life drops to new low

The latest data from the Moneyfacts UK Mortgage Trends Treasury Report shows that the average length of time for which mortgages remain on the market has plummeted to a new record low. Mortgage products now only have an average shelf life of 17 days – four days fewer than our previous recorded low of 21 days (last seen in June 2022).  

This reflects the speed at which providers are updating their offerings, but also means that those looking for a new mortgage have the shortest length of time we have ever recorded to try to secure their deal of choice.

It comes at a time when the FCA urged eligible borrowers last week to consider their mortgage options and switch to a more cost-effective deal to save money where possible.

It means prospective borrowers may need to move swiftly if they are to follow recent FCA guidance and are hoping to alleviate some of the pressure of the cost of living crisis by reducing their outgoings with a new mortgage deal.

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BREAKING: Bank of England make biggest base rate increase in 27 years

The Bank of England (BoE) has voted to increase the base rate by 50 basis points today, the highest increase in 27 years. It now means the base rate stands at 1.75%.

The decision comes amid a backdrop of low economic growth but high inflation which is expected to hit 11% in October.

Currently inflation is recorded at 9.4%, meaning a typical basket of goods and services was 9.4% cheaper than one year prior.

The Monetary Policy Committee voted by a majority of eight to one majority to raise the rate to 1.75%. The minority vote preferred to increase the base rate by 25 basis points.   

The last time the base rate exceeded this figure was in December 2008, when it sat at 2.00%. It was promptly lowered by 50 basis points the following month in January 2009.

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Mortgage affordability test withdrawn from today

1st August 2022

The mortgage affordability test has been scrapped by the Bank of England (BoE) today, making it easier for some potential borrowers to access a mortgage. However, the BoE has kept the loan-to-income check in place, meaning scrapping the affordability test “may not be as significant as it sounds”.

The mortgage affordability test has been scrapped by the Bank of England (BoE) today, making it easier for some potential borrowers to access a mortgage.

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Why you should choose cashback over free legal fees

21st July 2022

With the Bank of England making five successive base rate increases, many borrowers have searched for fixed rate deals to provide security on their monthly payments. However, it goes without saying that the lowest rate on the market is not necessarily the best deal. There are other factors to consider too, such as potential incentives, which have become commonplace from many providers.

With the BoE making five successive base rate increases, many borrowers have searched for fixed rate deals to provide security on their monthly payments.

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How to cut the cost of a collapsed house purchase

15th July 2022

Sometimes things don’t always go to plan with a home purchase. There are occasions when the deal that you think is in the bag ends up falling through. There is no shortage of reasons why this might happen. Transactions can collapse due to down valuations, required repair work identified by a surveyor, or a simple change of heart leading to one of the parties walking away from the deal. What’s more, gazumping, when homeowners turn their backs on an agreed deal when a new buyer offering more money appears on the scene, is apparently on the rise.

Sometimes things don’t always go to plan with a home purchase. There are occasions when the deal that you think is in the bag ends up falling through.

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Rental prices grow at fastest pace on Rightmove’s records

14th July 2022

Average UK asking rents outside of London grew at a record pace, increasing almost 12% compared to last year. It means the average rental property has hit a new record of £1,126 per calendar month.

Average UK asking rents outside of London grew at a record pace, increasing almost 12% compared to last year.

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Most Popular Mortgage News

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Best UK residential mortgage rates this week

17th August 2022

Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.

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Best lifetime mortgage equity release rates this month

29th June 2022

Statistics recently released by the Equity Release Council announcing fourth quarter and full year figures highlight the popularity of Equity Release products. During 2021, 76,154 customers took out new plans, made use of existing drawdown reserves or agreed extensions to existing plans.

Statistics recently released by the Equity Release Council announcing fourth quarter and full year figures highlight the popularity of Equity Release products.

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Mortgage shelf life drops to new low

8th August 2022

The latest data from the Moneyfacts UK Mortgage Trends Treasury Report shows that the average length of time for which mortgages remain on the market has plummeted to a new record low. Read on to find out more.

The latest data from the Moneyfacts shows that the average length of time for which mortgages remain on the market has fallen to a new record low.

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UK house price drop part of seasonal trend, says Rightmove

15th August 2022

The average UK property price has fallen for the first time this year, according to the latest Rightmove House Price Index. However, the real estate company has attributed this to a seasonal trend and does not reflect broader economic factors.

The average UK property price has fallen for the first time this year, according to the latest Rightmove House Price Index.

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