Money Tips Daily by Charles Kelly, former IFA and author of

The UK mortgage market is constantly evolving, with new economic factors shaping the landscape. As of the start of 2023, there are several notable updates to the UK mortgage market that potential buyers and homeowners should be aware of.

Interview with Mortgage Advisor Miriam Nawagamuwa CeMAP

Watch full interview video - https://youtu.be/uq8NL21Eubk

One of the biggest changes is the increase in interest rates. The Bank of England has been hiking its base rate since 2021 to 4%, the highest in 14 years. Mortgage rates have risen substantially, making borrowing more expensive. However, there are still competitive rates available for those with good credit scores and larger deposits or equity.

In addition to interest rates, the UK mortgage market is also seeing increased competition among lenders. More and more online-only banks are entering the market, offering lower rates and faster application processes. This is good news for borrowers, given them more options to choose from when shopping for the best mortgage deal.

Stricter lending and affordability checks have been introduced following the Financial Conduct Authority's (FCA) lending review in 2022. Mortgage lenders now consider borrowers' regular expenditure and other financial commitments when assessing affordability. In the past, banks lent based on a simple multiple of salary. The tough new criteria means that some borrowers may find it harder to secure a mortgage or re-mortgage, but ensures that lenders are lending responsibly and not overstretching borrowers.

The lending ‘stress test’ bar has also been raised on buy-to-let mortgages, pushing more investors into higher yielding HMO’s, holiday lets and serviced accommodation.

Regulators do not want a repeat of the 2008 financial crisis largely caused by banks lending recklessly to borrowers with a poor credit history.

Finally, the government's Help to Buy scheme will end in March 2023. This scheme allowed first-time buyers to purchase a home with just a 5% deposit, with the government providing a loan of up to 20% (or 40% in London) of the property value.

Overall, the UK mortgage market is a complex and ever-changing landscape. It's essential for potential buyers and homeowners to keep up to date with the latest developments and to seek professional advice before making any significant financial decisions. With the right knowledge and support, it's possible to navigate the market and secure a mortgage that meets your needs and financial goals.

How to contact Miriam:

Miriam Nawagamuwa CeMAP

Need more help with your money, finances, or debt?

I want to show you how can you:

· Not only survive, but thrive in a recession or depression?

· Get control of your finances and spending?

· Save and invest for your future?

· Learn about money and finance?

To help you, I am running a free training webinar.

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.

Join me online on my free live training Wednesday at 8.00PM.

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

The UK mortgage market is constantly evolving, with new economic factors shaping the landscape. As of the start of 2023, there are several notable updates to the UK mortgage market that potential buyers and homeowners should be aware of.

Interview with Mortgage Advisor Miriam Nawagamuwa CeMAP

Watch full interview video - https://youtu.be/uq8NL21Eubk

One of the biggest changes is the increase in interest rates. The Bank of England has been hiking its base rate since 2021 to 4%, the highest in 14 years. Mortgage rates have risen substantially, making borrowing more expensive. However, there are still competitive rates available for those with good credit scores and larger deposits or equity.

In addition to interest rates, the UK mortgage market is also seeing increased competition among lenders. More and more online-only banks are entering the market, offering lower rates and faster application processes. This is good news for borrowers, given them more options to choose from when shopping for the best mortgage deal.

Stricter lending and affordability checks have been introduced following the Financial Conduct Authority's (FCA) lending review in 2022. Mortgage lenders now consider borrowers' regular expenditure and other financial commitments when assessing affordability. In the past, banks lent based on a simple multiple of salary. The tough new criteria means that some borrowers may find it harder to secure a mortgage or re-mortgage, but ensures that lenders are lending responsibly and not overstretching borrowers.

The lending ‘stress test’ bar has also been raised on buy-to-let mortgages, pushing more investors into higher yielding HMO’s, holiday lets and serviced accommodation.

Regulators do not want a repeat of the 2008 financial crisis largely caused by banks lending recklessly to borrowers with a poor credit history.

Finally, the government's Help to Buy scheme will end in March 2023. This scheme allowed first-time buyers to purchase a home with just a 5% deposit, with the government providing a loan of up to 20% (or 40% in London) of the property value.

Overall, the UK mortgage market is a complex and ever-changing landscape. It's essential for potential buyers and homeowners to keep up to date with the latest developments and to seek professional advice before making any significant financial decisions. With the right knowledge and support, it's possible to navigate the market and secure a mortgage that meets your needs and financial goals.

How to contact Miriam:

Miriam Nawagamuwa CeMAP

Need more help with your money, finances, or debt?

I want to show you how can you:

· Not only survive, but thrive in a recession or depression?

· Get control of your finances and spending?

· Save and invest for your future?

· Learn about money and finance?

To help you, I am running a free training webinar.

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.

Join me online on my free live training Wednesday at 8.00PM.

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

US regulators have taken control of Silicon Valley Bank (SVB) as a liquidity crisis caused to biggest bank failure since the 2008 Crisis.

Watch YouTube video - https://youtu.be/l3D9cerC1to

Join me online on my free live training Wednesday at 8.00PM - register now below to avoid disappointment https://bit.ly/3QPp8IH

The Bank of England said depositors in the UK arm of SVB will be protected up to £85,000 and the US regulators protect depositors up to $250,000.

This will not help firms like Roku which is reported to have had $487 million in SVB.

Here in the UK, the media is concentrating on more far important issues than the failure of America’s 16thlargest bank, Gary Lineker!

The MOTD football presenter, who is paid in excess of £1,000,000 a year for his weekly show, was suspended by the BBC this week after tweeting remarks about the government’s migrant policy. Several other presenters have walked out in sympathy with Lineker wrecking the BBC’s weekend football schedule.

The demise of SVB, which started in 1983 and employs 8500 people, is a sign that higher interest rates and the Fed’s QT policy is starting to bite the economy and that we are not out of the woods.

Key Lessons:

Don’t leave all your eggs in one bank basket. Who knows where your cash is really safe in times of financial crisis?

Be more financially aware.

Learn more about money and how to manage your finances.

Need more help with your money, finances or debt?

We are living in challenging economic times.

I want to show you how can you:

· Not only survive, but thrive in a recession or depression?

· Get control of your finances and spending?

· Save and invest for your future?

· Learn about money and finance?

To help you, I am running a free training webinar.

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.

Join me online on my free live training Wednesday at 8.00PM.

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #moneymakingideas #recurringincome #bankfailure #siliconvalleybank #garylineker #football #MOTD #bankcrisis

US regulators have taken control of Silicon Valley Bank (SVB) as a liquidity crisis caused to biggest bank failure since the 2008 Crisis.

Watch YouTube video - https://youtu.be/l3D9cerC1to

Join me online on my free live training Wednesday at 8.00PM - register now below to avoid disappointment https://bit.ly/3QPp8IH

The Bank of England said depositors in the UK arm of SVB will be protected up to £85,000 and the US regulators protect depositors up to $250,000.

This will not help firms like Roku which is reported to have had $487 million in SVB.

Here in the UK, the media is concentrating on more far important issues than the failure of America’s 16thlargest bank, Gary Lineker!

The MOTD football presenter, who is paid in excess of £1,000,000 a year for his weekly show, was suspended by the BBC this week after tweeting remarks about the government’s migrant policy. Several other presenters have walked out in sympathy with Lineker wrecking the BBC’s weekend football schedule.

The demise of SVB, which started in 1983 and employs 8500 people, is a sign that higher interest rates and the Fed’s QT policy is starting to bite the economy and that we are not out of the woods.

Key Lessons:

Don’t leave all your eggs in one bank basket. Who knows where your cash is really safe in times of financial crisis?

Be more financially aware.

Learn more about money and how to manage your finances.

Need more help with your money, finances or debt?

We are living in challenging economic times.

I want to show you how can you:

· Not only survive, but thrive in a recession or depression?

· Get control of your finances and spending?

· Save and invest for your future?

· Learn about money and finance?

To help you, I am running a free training webinar.

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.

Join me online on my free live training Wednesday at 8.00PM.

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #moneymakingideas #recurringincome #bankfailure #siliconvalleybank #garylineker #football #MOTD #bankcrisis

10 Ways To Earn Recurring Income Streams

In these times of economic uncertainty and turmoil, Money Tips looks at ways to generate and earn recurring income streams.

Join me online on my free live training Wednesday at 8.00PM. https://bit.ly/3QPp8IH

1. Rent out property or equipment

2. Invest in dividend-paying stocks or funds

3. Create and sell a product or service on a subscription basis

4. Offer consulting or coaching services

5. Create and sell an online course or e-book

6. Develop and sell a mobile app or website

7. Invest in a franchise or cash flowing business

8. Become an affiliate marketer selling other people’s products

9. Create and sell a physical or digital product on a recurring basis

10. Build and monetize a YouTube or social media following.

Watch video version - https://youtu.be/MvzVRB3_Cac

Need more help with your money, finances or debt?

We are living in challenging economic times.

I want to show you how can you:

· Not only survive, but thrive in a recession or depression?

· Get control of your finances and spending?

· Save and invest for your future?

· Learn about money and finance?

To help you, I am running a free training webinar.

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.

Join me online on my free live training Wednesday at 8.00PM.

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #moneymakingideas #recurringincome

10 Ways To Earn Recurring Income Streams

In these times of economic uncertainty and turmoil, Money Tips looks at ways to generate and earn recurring income streams.

Join me online on my free live training Wednesday at 8.00PM. https://bit.ly/3QPp8IH

1. Rent out property or equipment

2. Invest in dividend-paying stocks or funds

3. Create and sell a product or service on a subscription basis

4. Offer consulting or coaching services

5. Create and sell an online course or e-book

6. Develop and sell a mobile app or website

7. Invest in a franchise or cash flowing business

8. Become an affiliate marketer selling other people’s products

9. Create and sell a physical or digital product on a recurring basis

10. Build and monetize a YouTube or social media following.

Watch video version - https://youtu.be/MvzVRB3_Cac

Need more help with your money, finances or debt?

We are living in challenging economic times.

I want to show you how can you:

· Not only survive, but thrive in a recession or depression?

· Get control of your finances and spending?

· Save and invest for your future?

· Learn about money and finance?

To help you, I am running a free training webinar.

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.

Join me online on my free live training Wednesday at 8.00PM.

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #moneymakingideas #recurringincome

10 Money Management Tips To Get Control Of Your Finances And Start Building Wealth

1. Set financial goals: Set clear and specific financial goals for yourself, whether it's paying off debt, saving for a down payment on a house, retirement or just building an emergency fund.

2. Make a budget: Having a budget is a crucial step in managing your money. Determine your income and expenses, and make sure you are living within your means.

3. Track your spending: Keep a track of your spending by writing down all of your expenses, and regularly review spending to identify areas where you can make savings.

4. Save for emergencies: Saving up an emergency fund is essential for anyone looking to manage their money effectively. It provides a financial safety net in case of unexpected expenses or loss of income.

5. Reduce expensive debt: High-interest consumer debt, such as credit card debt, are a major burden on your finances. Create a plan to pay off your debts as matter of priority.

6. Invest: Investing wisely can help grow your wealth if you are smart. Do your research and invest in assets that align with your goals and risk tolerance.

7. Take advantage of employer/employee benefits: Many employers offer benefits pensions, healthcare, and staff discounts. Take advantage of these schemes to help you save money and manage your finances.

8. Shop around: Whether it’s groceries, clothes or any other item, it's important to shop around for the best deals. Compare prices from different retailers and online marketplaces to ensure you're getting the best deal and value for money.

9. Consider using a financial advisor: A a good independent financial advisor can help you create a financial plan that is tailored to your specific needs and goals. They can also provide valuable advice and guidance on investing, mortgages, insurance and retirement planning.

10. Keep learning: Managing your finances is an ongoing process, and it's important to stay informed and educated about personal finance. Read books, articles, and blogs on the subject, listen to my podcasts and attend financial seminars to continue learning about money.

Watch video on YouTube Channel: https://youtu.be/AVYVXBK1Z8Y

Need more help with your finances or debt?

We are living in challenging economic times.

I want to show you how can you:

· Not only survive, but thrive in a recession or depression?

· Get control of your finances and spending?

· Save and invest for your future?

· Learn about money and finance?

To help you, I am running a free training webinar.

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.

Join me online on my free live training Wednesday at 8.00PM.

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #governmenttraining #recruitment

10 Money Management Tips To Get Control Of Your Finances And Start Building Wealth

1. Set financial goals: Set clear and specific financial goals for yourself, whether it's paying off debt, saving for a down payment on a house, retirement or just building an emergency fund.

2. Make a budget: Having a budget is a crucial step in managing your money. Determine your income and expenses, and make sure you are living within your means.

3. Track your spending: Keep a track of your spending by writing down all of your expenses, and regularly review spending to identify areas where you can make savings.

4. Save for emergencies: Saving up an emergency fund is essential for anyone looking to manage their money effectively. It provides a financial safety net in case of unexpected expenses or loss of income.

5. Reduce expensive debt: High-interest consumer debt, such as credit card debt, are a major burden on your finances. Create a plan to pay off your debts as matter of priority.

6. Invest: Investing wisely can help grow your wealth if you are smart. Do your research and invest in assets that align with your goals and risk tolerance.

7. Take advantage of employer/employee benefits: Many employers offer benefits pensions, healthcare, and staff discounts. Take advantage of these schemes to help you save money and manage your finances.

8. Shop around: Whether it’s groceries, clothes or any other item, it's important to shop around for the best deals. Compare prices from different retailers and online marketplaces to ensure you're getting the best deal and value for money.

9. Consider using a financial advisor: A a good independent financial advisor can help you create a financial plan that is tailored to your specific needs and goals. They can also provide valuable advice and guidance on investing, mortgages, insurance and retirement planning.

10. Keep learning: Managing your finances is an ongoing process, and it's important to stay informed and educated about personal finance. Read books, articles, and blogs on the subject, listen to my podcasts and attend financial seminars to continue learning about money.

Watch video on YouTube Channel: https://youtu.be/AVYVXBK1Z8Y

Need more help with your finances or debt?

We are living in challenging economic times.

I want to show you how can you:

· Not only survive, but thrive in a recession or depression?

· Get control of your finances and spending?

· Save and invest for your future?

· Learn about money and finance?

To help you, I am running a free training webinar.

3 Steps To Success Money Management!

I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.

Join me online on my free live training Wednesday at 8.00PM.

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

#money #savings #invest #costoflivingcrisis #inflation #freetraining #recession #economy #financialfreedom #moneymanagement #governmenttraining #recruitment

Property prices are tumbling in the US, Germany, Sweden, Denmark and the UK.

Learn more about getting control of your finances using my 3-Step Money Management Formula on my free training webinar CLICK - https://bit.ly/3QPp8IH

Higher interest rates and borrowing costs are hitting the property market across the globe.

The FT reports that there will be a global property meltdown this year, especially in overheated markets like Canada and New Zealand.

Watch video: https://youtu.be/WuYN_qSY6s8

The property market in China is now at the slowest pace since records began in 1992 – down 26% last year.

Home prices in several US cities are crashing, following a recording boom from 2020-22, including Houston, Sacramento and Las Vegas.

The cost of a 30-year fixed rate mortgage hit 7% recently, more than double the rate in 2022 and the highest since 2008.

Mortgage demand in the US is at its lowest for 25 years and house sales fell by a quarter last year.

Denmark has suffered the biggest fall in a decade, where house prices fell 3.8% in the third quarter of 2022 despite an interest rate of 1.75%, according to Yahoo Finance. In neighbouring Sweden, house prices have crashed by 20% in the last five months, say Yahoo.

Prices have fallen for the fifth consecutive month in the UK, where fixed mortgage rates reached 6% last year pushing affordability beyond the reach of average buyers.

Average property prices are close to ten times average incomes and much higher in parts of London and the south east of England.

Renters are also leaving London in droves to escape unaffordable rents and in search of cheaper properties to buy.

The Bank of England increased base lending rates by 0.5% last week to 3.5% in a bid to control the inflation their actions largely caused.

UK mortgage rates fall below 4%

Virgin and HSBC are offering fixed rates at 3.00% as lenders slash rates to stimulate demand. However, the headline rates required a 40% deposit and are usually for residential mortgages as opposed to buy-to-let loans.

Experts believe the property market will fall this year, but not at the same rate as in Sweden and Denmark.

Despite demand for housing in the UK, prices in popular areas are unaffordable and will have to come down unless the market simply stagnates. Transactions are down by 30% and buyer enquiries are at the lowest level since 2008 (excluding 2020).

Like the overheated stock markets, property markets regularly go through a 10-12-year boom and bust cycle. The current boom has been fuelled by an unsustainable central bank money printing on an industrial scale since the 2008 financial crash.

Happy Valentines Day!

Learn more about getting control of your finances using my 3-Step Money Management Formula on my free training webinar.

If you’re struggling or worrying right now, I want to show you:

· 3 Steps to get control of your finances and spending and not only survive, but thrive in a recession or depression?

Places are limited, so register now below to avoid disappointment. Act now and take advantage of this limited time offer.

https://bit.ly/3QPp8IH

Property prices are tumbling in the US, Germany, Sweden, Denmark and the UK.

Learn more about getting control of your finances using my 3-Step Money Management Formula on my free training webinar CLICK - https://bit.ly/3QPp8IH

Higher interest rates and borrowing costs are hitting the property market across the globe.

The FT reports that there will be a global property meltdown this year, especially in overheated markets like Canada and New Zealand.

Watch video: https://youtu.be/WuYN_qSY6s8

The property market in China is now at the slowest pace since records began in 1992 – down 26% last year.

Home prices in several US cities are crashing, following a recording boom from 2020-22, including Houston, Sacramento and Las Vegas.

The cost of a 30-year fixed rate mortgage hit 7% recently, more than double the rate in 2022 and the highest since 2008.

Mortgage demand in the US is at its lowest for 25 years and house sales fell by a quarter last year.

Denmark has suffered the biggest fall in a decade, where house prices fell 3.8% in the third quarter of 2022 despite an interest rate of 1.75%, according to Yahoo Finance. In neighbouring Sweden, house prices have crashed by 20% in the last five months, say Yahoo.

Prices have fallen for the fifth consecutive month in the UK, where fixed mortgage rates reached 6% last year pushing affordability beyond the reach of average buyers.

Average property prices are close to ten times average incomes and much higher in parts of London and the south east of England.

Renters are also leaving London in droves to escape unaffordable rents and in search of cheaper properties to buy.

The Bank of England increased base lending rates by 0.5% last week to 3.5% in a bid to control the inflation their actions largely caused.

UK mortgage rates fall below 4%

Virgin and HSBC are offering fixed rates at 3.00% as lenders slash rates to stimulate demand. However, the headline rates required a 40% deposit and are usually for residential mortgages as opposed to buy-to-let loans.

Experts believe the property market will fall this year, but not at the same rate as in Sweden and Denmark.

Despite demand for housing in the UK, prices in popular areas are unaffordable and will have to come down unless the market simply stagnates. Transactions are down by 30% and buyer enquiries are at the lowest level since 2008 (excluding 2020).

Like the overheated stock markets, property markets regularly go through a 10-12-year boom and bust cycle. The current boom has been fuelled by an unsustainable central bank money printing on an industrial scale since the 2008 financial crash.

Happy Valentines Day!

Learn more about getting control of your finances using my 3-Step Money Management Formula on my free training webinar.

If you’re struggling or worrying right now, I want to show you:

· 3 Steps to get control of your finances and spending and not only survive, but thrive in a recession or depression?

Places are limited, so register now below to avoid disappointment. Act now and take advantage of this limited time offer.

https://bit.ly/3QPp8IH