The first interest rate increase in a decade! How will this affect Baldock homeowners and landlords?

At the start of this month the Bank of England’s Monetary Policy Committee announced a rise in the Bank of England base rate of 0.25% – the first increase in over a decade. The base rate is the figure on which mortgage rates in particular are based and a whole generation of aspiring homeowners will be wondering what to make of it. Don’t panic!  Although the base rate has effectively doubled, 0.25% remains a very small increase and simply returns us to the same 0.5% rate that had been in force between March 2009 and August last year, when it was dropped in response to the Brexit referendum result. While those on a variable rate or tracker mortgage will notice a small increase in monthly payments, those who chose a fixed rate mortgage will not feel any effect at all. If this new rate is passed on to mortgage interest rates, as it almost certainly will be, the monthly commitment

read more The first interest rate increase in a decade! How will this affect Baldock homeowners and landlords?

One in 19 rental properties in the Baldock area will be illegal in 2018

As the winter months draw in and the temperature starts to drop, keeping one’s home warm is vital. Yet, with the price of gas and electricity rising quicker than a Saturn V rocket and gas, oil and electricity taking on average 4.4% of a typical Brit’s pay packet (and for those Brit’s with the lowest 10% of incomes, that rockets to an eye watering 9.7%), whether you are a tenant or homeowner, keeping your energy costs as low as possible is vital for the household budget and the environment as a whole. For the last 10 years, every private rental property must have an Energy-Performance-Certificate (EPC) rating.  The property is given an energy rating, very similar to those on washing machines and fridges with the rainbow coloured graph, of between A to G (A being the most efficient and G the worst). New legislation comes in to force next spring (2018) for English and Welsh private landlords making it illegal

read more One in 19 rental properties in the Baldock area will be illegal in 2018