Goodfellows blog

You may have seen a number of headlines over the past week around mortgages and interest rates, designed to get a reaction from readers. But what should you do?

The chancellor has unveiled in this morning’s mini-budget that there will be a permanent cut to stamp duty taking effect immediately, as of Friday 23rd September 2022.  The cut is set to save home buyers thousands, with the aim to help encourage economic growth by allowing more people to move property and get more first-time buyers on the housing ladder.

Every May, the Queen’s Speech is given at the State Opening of Parliament, outlining the Government’s plans for the upcoming parliamentary session, which generally runs from one spring to the next. Briefing notes are then released, giving more details on the legislation that’s being proposed. This year, for the first time, Prince Charles stood in for Her Majesty.

The Bank of England is expected to announce interest rate rises in the coming weeks.  Embrace Financial Services (EFS) is urging existing and potential borrowers to address their current or future mortgage needs to minimise the risk of higher mortgage repayments in the future.