Fixed rate mortgages, as the name suggests, offer a set rate over a given term. This protects the borrower from interest rate rises during that time. The rates tend to be higher than those on the leading variable deals because you are paying for the peace of mind over the term. Fixed rates are typically… Read more »
Buy-to-let tax – Budget 2017 Former Chancellor George Osborne unveiled a change in 2015 that will remove landlords’ ability to deduct the cost of their mortgage interest from their rental income when they calculate a profit on which to pay tax, and Philip Hammond’s first Budget as Chancellor has not moved from this. The… Read more »
The Bank of England has held the UK’s main interest rate at 0.5% despite speculation that it would cut rates. The Monetary Policy Committee (MPC) voted 8-1 to leave rates unchanged, but minutes of the meeting showed most members expect the Bank will take some action next month.