How to take out a mortgage on your home?
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The average mortgage interest rate in the UK has risen from 5.7% to 5.9% in the past year, according to the Bank of England.
This is a big increase from the 4.5% increase in the year to June.
The rate was previously 5.4% for the first quarter of 2018, but the rate was only 5.1% in April, when the Bank raised interest rates again.
The increase is part of the Bank’s effort to rein in the cost of borrowing.
The Bank said it expected the cost-of-living index to remain stable, which would keep inflation under control.
“The Bank has made a concerted effort to tackle rising mortgage rates and the housing market, in line with the Government’s policy to strengthen housing markets,” a spokesman said.
“The Bank’s long-term forecast remains strong and inflation is expected to remain subdued at around 2% over the medium term.”
However, the Bank has seen that recent increases in mortgage rates have not translated into an improvement in affordability or affordability pressures on households.
“The Bank also pointed out that there is still a long way to go to fully reduce the cost burden on households, which will require some work.”
A range of factors, including house prices and the size of households, mean that households will need to continue to invest to ensure their household finances remain on track to meet their housing needs.
“These factors include, for example, building a more adequate range of housing options and building a stronger and more diversified housing mix.”
The latest report shows the number of households living in shared accommodation fell from 2,811,979 to 2,797,927.
The average monthly mortgage payment rose from £2,904 to £3,039 over the past three years, while the average weekly payment fell from £1,908 to £1.89.
The number of people who are earning below the poverty line fell from 23,814 to 20,731.
The Bank said there is no evidence that rising house prices are a contributory factor to the housing affordability crisis, but said the housing crisis could have been avoided if there were greater planning for the building of new housing.
“Although there is some evidence that house prices have risen more quickly in recent years, the Government needs to do more to ensure that the current housing crisis is not worsened,” it said.
“Investment in new housing could help to reduce housing costs for the average household, particularly those who need to make up the shortfall in their household income.”
It said the Government had also introduced a raft of policies, including introducing a cap on rent rises and encouraging more people to buy homes, which have helped reduce the price gap between wealthy and poorer households.
The average mortgage interest rate in the UK has risen from 5.7% to 5.9% in the past year, according to…