Category: Mortgages

The Bank of England’s Monetary Policy Committee (MPC) has recently reduced the base rate from 5.25% to 5% in an effort to help manage inflation and stabilise the economy. Although the base rate has seen a slight decrease, it remains high compared to the rates seen over the last decade.

These changes typically influence mortgage interest rates, affecting the overall cost of homeownership.

If you currently hold a mortgage or are planning to purchase a home, it’s important to understand how the base rate affects mortgage interest rates in the UK, as well as how to secure the best available rates in this fluctuating market.

What Are the Current Mortgage Rates?

Assuming a 75% loan-to-value (LTV), the latest figures show the average mortgage rate for a two-year fixed deal is now around 6.44%, while the rate for a five-year fixed mortgage deal is approximately 5.79%.

The standard variable rate (SVR) currently stands at 7.74%, and for a two-year variable mortgage with a 75% LTV, the rate is around 5.59%.

Check Today's Best Rates >

Lenders have adjusted their rates in response to the base rate changes, with some deals being pulled or adjusted to reflect the latest economic conditions.

If you are considering remortgaging, now might be a good time to explore available deals to avoid being impacted by further increases or missing out on favourable terms.

How Does the Base Rate Impact Average Mortgage Interest Rates?

The base rate plays a key role in determining mortgage, loan, and savings interest rates across the UK.

Tracker mortgages, which directly follow the base rate, will rise or fall in line with any changes made by the Bank of England.

However, fixed-rate mortgages remain unaffected in the short term, as the interest rate is locked in for the duration of the agreement.

If you are on a standard variable rate (SVR) or tracker mortgage, your payments may increase following any base rate hike, though the latest cut from 5.25% to 5% may offer some relief.

Fixed-rate mortgages provide stability in this environment, ensuring your rate won’t change during the fixed term.

Are Interest Rates Going to Increase Again?

While the base rate has been reduced slightly to 5%, there is ongoing uncertainty. The Bank of England aims to reduce inflation to its 2% target by 2025, which means interest rates may still fluctuate in response to economic factors.

For homeowners, this means that while interest rates might remain elevated in the short term, there could be opportunities to secure better mortgage deals, particularly as inflation stabilises.

Check Today's Best Rates >

What Should You Do If Interest Rates Increase?

To protect yourself from further rises in interest rates, consider switching to a fixed-rate mortgage. This will guarantee a consistent monthly payment, regardless of changes in the base rate. Locking at a fixed rate can provide peace of mind during periods of uncertainty.

Alternatively, if you are close to remortgaging, locking in a new rate now may allow you to benefit from the current lower rates, avoiding any potential hikes before your deal ends.

With the base rate fluctuating, it’s essential to keep an eye on interest rate changes and consult with a mortgage broker to find the best deals tailored to your situation.

Related quick help remortgage guides: 

• Remortaging on maternity leave 
• How soon can I remortgage?
• Shared ownership remortgages
• How long does it take to remortgage?
• How to remortgage for an extension?

A few actions you can take include:

Fix Your Mortgage

A fixed-rate mortgage can protect you from future rate rises and ensure your mortgage repayments don’t change because of interest rate changes.

A fixed-rate mortgage offers a fixed interest rate for a certain period, and you’re guaranteed to pay the same amount every month.

Fixed-rate mortgages allow borrowers to know exactly how much they pay each month without worrying about unexpected changes.

With rising interest rates and inflation still high, more interest rate rises are likely, resulting in higher mortgage rates that cause your monthly repayments to go up if you don’t fix your mortgage beforehand.

You can choose how long you want to fix your mortgage. Two-year fixes are cheaper and usually provide more freedom and access to the best rates.

They’re suitable if you want to switch deals regularly or are considering moving home soon.

Consider how long you want to commit to an agreement and whether your circumstances are likely to change soon.

Lock in a New Rate

You can lock in a new rate if you’re due for a remortgage in the next six months, then switch when your deal ends and avoid early repayment charges.

Most lenders set an initial lower fixed interest rate for some time as an incentive to encourage you to apply.

If you can get a new incentive period or deal at substantially lower rates than you currently pay, you can save money by remortgaging.

What Should You Do If Interest Rates Decrease?

If the interest rates decrease while you’re already fixed on your mortgage, you can miss out on the benefits of a lower rate.

A few actions you can take to ensure your options remain open include:

Fix for A Shorter Period

Fixing your mortgage for a shorter period is suitable if you suspect the interest rates or your situation will change soon.

It provides more flexibility and makes it easier to remortgage sooner if you want to switch to a new deal, especially if interest rates have been reduced by the end of the fixed term.

Choose a Variable Rate Mortgage

Variable-rate mortgages feature fluctuating interest rates that go up and down and are usually influenced by the BOE base rate.

A suitable type is a tracker mortgage, typically linked to the base rate, and any rise or fall has a knock-on effect on your interest charges.

You’ll benefit directly if interest rates fall, but you’ll also face higher rates if they increase.

Mortgage Rates Today Final Thoughts

Keeping up with changing interest rates can help you choose the best strategy to keep mortgage costs down now and in the future.

As the base rate and mortgage rates continuously change, getting expert advice from a mortgage advisor or broker with whole-of-market access can ensure you make an informed decision.

Call us today on 01925 906 210 or contact us to speak to one of our friendly advisors.

The Bank of England’s Monetary Policy Committee (MPC) base rate currently stands at 5.25%

Ultimately, the MPC’s base rate does influence mortgage interest rates and can ultimately increase the cost of homeownership.

If you’re a mortgage holder or are considering buying a home, read on as we explore how the base rate increase affects the average mortgage interest rates in the UK and how to ensure you get the best rates available.

What are the Current Mortgage Rates?

Assuming a 75% loan-to-value (LTV), as of June 2024, some lenders are offering a mortgage rate for a two-year fixed deal in the UK as low as 5.69%, while the rate for a five-year fixed mortgage deal can be as low as 5.17%.

The standard variable rate (SVR) currently stands at 8.29%, and the rate for a two-year variable mortgage with a 75% LTV is 5.59%.

Please note that these rates can vary depending on the lender and specific mortgage product.

Lenders are increasing rates as the market adjusts to the increase in the base rate, while others are pulling deals advertised before the rise.

If you’re considering mortgaging or remortgaging, now is the time to shop around for the best deals to avoid missing out.

Check Today's Best Rates >

How Does the Base Rate Impact Average Mortgage Interest Rates?

The Base Rate usually influences other interest rates in the UK, including mortgage, loan, and savings account rates.

Tracker mortgages directly follow the base rate, so if you have a tracker mortgage, you can expect mortgage rates to go up in line with the increase.

However, not all mortgage rates will increase despite the base rate increase.

Interest rates for fixed-rate mortgages usually remain the same, and providers tend to adjust their rates ahead of time to account for increases.

Therefore, the knock-on impact of the base rate increases will not affect fixed-rate mortgages in the same way as tracker mortgages.

If you’re on a fixed-rate deal, your mortgage rate will stay the same for the duration of that deal.

With standard variable rates (the rate you automatically move to when your fixed term expires), there is no direct link with the base rate.

However, you’ll be at the lender’s mercy throughout the mortgage’s lifetime.

They can increase or decrease with the base rate or according to the whims of your mortgage provider.

Related quick help remortgage guides: 

• Remortaging on maternity leave 
• How soon can I remortgage?
• Shared ownership remortgages
• How long does it take to remortgage?
• How to remortgage for an extension?

Are Interest Rates Going to Increase Again?

The Bank of England notes that the future is uncertain.

Although accurate predictions are difficult, factors like economic uncertainty and rising inflation show that further interest rate hikes are likely in 2023 to get inflation back down to the 2% target.

The BOE uses interest rates to manage inflation.

When inflation is low, it lowers the base rate to make loans more affordable and encourage spending and borrowing.

When inflation is high, they raise the base rate, which increases overall interest rates in the UK economy.

Increasing the interest rates makes it more expensive for people to borrow money and buy things. It encourages people to save rather than spend in the overall economy.

When more people spend less on services and goods overall, the prices of commodities will tend to rise more slowly, translating to a lower inflation rate.

The BOE’s Monetary Policy Committee (MPC) decides on the actions to take and meets up several times each year to make the next interest rate decision.

Check Today's Best Rates >

What Should You Do if Interest Rates Increase?

Further interest rate increases can be scary as they can translate to higher mortgage costs.

A few actions you can take include:

Fix Your Mortgage

A fixed-rate mortgage can protect you from future rate rises and ensure your mortgage repayments don’t change because of interest rate changes.

A fixed-rate mortgage offers a fixed interest rate for a certain period, and you’re guaranteed to pay the same amount every month.

Fixed-rate mortgages allow borrowers to know exactly how much they pay each month without worrying about unexpected changes.

With rising interest rates and inflation still high, more interest rate rises are likely, resulting in higher mortgage rates that cause your monthly repayments to go up if you don’t fix your mortgage beforehand.

You can choose how long you want to fix your mortgage. Two-year fixes are cheaper and usually provide more freedom and access to the best rates.

They’re suitable if you want to switch deals regularly or are considering moving home soon.

Consider how long you want to commit to an agreement and whether your circumstances are likely to change soon.

Lock in a New Rate

You can lock in a new rate if you’re due for a remortgage in the next six months, then switch when your deal ends and avoid early repayment charges.

Most lenders set an initial lower fixed interest rate for some time as an incentive to encourage you to apply.

If you can get a new incentive period or deal at substantially lower rates than you currently pay, you can save money by remortgaging.

What Should You Do If Interest Rates Decrease?

If the interest rates decrease while you’re already fixed on your mortgage, you can miss out on the benefits of a lower rate.

A few actions you can take to ensure your options remain open include:

Fix for A Shorter Period

Fixing your mortgage for a shorter period is suitable if you suspect the interest rates or your situation will change soon.

It provides more flexibility and makes it easier to remortgage sooner if you want to switch to a new deal, especially if interest rates have been reduced by the end of the fixed term.

Choose a Variable Rate Mortgage

Variable-rate mortgages feature fluctuating interest rates that go up and down and are usually influenced by the BOE base rate.

A suitable type is a tracker mortgage, typically linked to the base rate, and any rise or fall has a knock-on effect on your interest charges.

You’ll benefit directly if interest rates fall, but you’ll also face higher rates if they increase.

Check Today's Best Rates >

Mortgage Rates Today Final Thoughts

Keeping up with changing interest rates can help you choose the best strategy to keep mortgage costs down now and in the future.

As the base rate and mortgage rates continuously change, getting expert advice from a mortgage advisor or broker with whole-of-market access can ensure you make an informed decision.

Call us today on 01925 906 210 or contact us to speak to one of our friendly advisors.

What is stamp duty? And can you add it your mortgage in the UK?

One topic that confuses many is that of Stamp Duty.

In some cases, when you buy a new home, you must pay a stamp duty.

But what are the exact rules involved? What are the costs?

Let’s find out…

What is Stamp Duty?

What Stamp Duty is now is different from what it used to be. Wait, does that sound confusing?

Let’s explain!

Stamp Duty was originally introduced to the UK in 1694 as a temporary tax to raise funds for the war against France.

At the time, it was also charged on hats, medicines, and newspapers.

Because Stamp Duty proved to be such a successful way to raise funds for the government, it’s still imposed on UK citizens today.

A Stamp Duty nowadays is a tax on property in England and Northern Ireland. It doesn’t apply to all properties but does to some.

In England, it is called Stamp Duty.

In Wales, it’s called Land Transaction Tax; in Scotland, it’s called Land and Building’s Tax. Different regulations apply in each country.

Non-UK residents purchasing UK property can expect to pay Stamp Duty, Land and Building Tax or Land Transaction Tax.

One thing to note is that as a non-UK resident, you will be charged more – usually around 2% more than a UK resident would.

When Is Stamp Duty Required?

There are instances where Stamp Duty applies and other instances where it doesn’t.

This can depend on whether you’re purchasing residential property, commercial property, or new build.

Let’s look at each scenario below:

Stamp Duty on UK Residential Properties

Stamp Duty may apply to your residential property purchase in the UK.

For instance, for any residential property you buy, that’s over £250,000 (in England and Northern Ireland), you will have to pay Stamp Duty.

Unless you’re a first-time buyer, you won’t pay Stamp Duty on residential properties up to £425,000. You will pay Stamp Duty on any amount above that.

This deal only applies to residential properties below the price of £625,000.

In Scotland, you will pay Land Buildings Tax on any residential property that sells for more than £145,000.

However, first-time buyers are exempt from Land Transaction Tax in Scotland if the property is under £175,000.

In Wales, things work quite differently, with all residential properties that cost more than £225,000 demanding Land Transaction Tax.

Stamp Duty on UK Commercial Properties

Commercial property Stamp Duty is the same in Scotland, Northern Ireland, and England. Buyers must pay Stamp Duty on commercial properties that cost over £150,000.

You will only be charged Stamp Duty in Wales if the property you’re buying costs more than £225,000.

Stamp Duty on UK New Build Homes

New build homes in the UK are subject to the same Stamp Duties as residential properties are assigned.

If you’re in England or Northern Ireland, you will pay Stamp Duty on properties that cost over £250,000.

In Wales, you will pay Land Transaction Tax on properties that cost more than £250,000.

What Does UK Stamp Duty Cost?

The amount you will pay in Stamp Duty will depend on the value of the house/property.

For instance, there is 0% stamp duty on properties up to £250,000 in England and Northern Ireland.

5% Stamp Duty applies to properties between £250,000 and £925,000, 10% Stamp Duty applies to properties between £925,000 and £1,500,000, and 12 % Stamp Duty on properties over £1,500,000.

The figures are a little different in Scotland.

There is 0% Land Building Tax on property that costs up to £145,000, 2% Land Building Tax on properties that cost between £145,001 and £250,000, 5% Land Building Tax on properties that cost £250,001 to £325,000, 10% Land Building Tax on properties that cost between £235,001 and £750,000, and 12 % Land Building Tax on properties that cost more than £750,000.

Wales also presents different figures for Land Transaction Tax. There is 0% Land Transaction Tax on properties up to £225,000, 6% Land Transaction Tax on properties that cost between £225,001 and £400,000, 7.5% Land Transaction Tax on properties that cost £400,001 and £750,000, 10% Land Transaction Tax on properties that cost between £750,001 and £1,500,00, and 12% Land Transaction Tax on properties that cost more than £1,500,000.

When Are Buyers Required to Pay UK Stamp Duty Fees?

Stamp Duty must be paid after the completion date within a set time. This period is 30 days in Scotland and Wales, but for those in England, it’s only 14 days.

How can you pay the Stamp Duty?

It’s made quite simple with the help of your conveyancer or solicitor.

If your solicitor or conveyancer can’t help you, you must file and post a paper return to action the process.

Don’t Want to Pay Stamp Duty in the UK?

Here are a Few Tips to Help You Avoid Stamp Duty

Affording Stamp Duty may prove challenging for your budget.

However, if you want to avoid paying Stamp Duty, Land and Building Tax, or Land Transaction Tax in the UK, you can do that in several ways.

Here’s a brief list of ways to consider:

• Rather buy a house boat, caravan or motorhome as there is no Stamp Duty charged on these.
• If you are a first-time buyer, purchase a buy-to-let, as you won’t be charged second home Stamp Duty and can benefit from first-time buyer discounts.
• Buy property under £400,000.
• If a family member will use the home, you can avoid paying second property Stamp Duty by putting the deed in their name and gifting them the deposit money.

Paying Stamp Duty in the UK Conclusion

Stamp Duty is a reality of the property market in the UK.

While Stamp Duty is unavoidable, there are ways around it if you’re willing to purchase a property with a lower value.

Remember to factor the cost of the Stamp Duty into the cost of a property when you’re interested in purchasing it.

Call us today on 01925 906 210 or contact us. One of our advisors can talk through all of your options with you.

The time has come to decide about your UK property and finances.

If you’re reading this, you either wish to sell your UK property soon or have more equity in the property you’re paying off.

And you know what that means, right? It means increasing the value of your property.

Increasing UK property value is a worthy investment, even if you don’t have any immediate plans to sell the property.

The good news is that you can take a few simple steps to increase your UK property’s value, and we share those steps with you below.

First, you must be aware that simple home improvement isn’t always the right step.

Often making minor repairs will improve a property’s value, but you can’t expect big ROI (return on investment) – sometimes, it just doesn’t work that way.

The trick is to know which improvements add the most value to a UK property and not to overspend exponentially, or you could lose money in the sale process.

What is the True Value of Your UK Property?

While it makes sense that your home’s value is the value assigned to it by a valuation specialist, that’s not always realistic.

Your property is only worth the amount that a buyer is willing to fork out for it.

If the area your home is in experiences high demand, the value of your property will go up.

Much the same, if your area becomes less desirable to live in, you may see the value of your property fall, even if you spend time and money sprucing it up.

You may advertise your property at a specific price but never get that exact price when you sell it.

If your home is in an excellent area but is falling down or riddled with structural issues, the price will naturally be pushed down.

What Adds the Most Value to a Home?

So, what adds the most value to a UK property?

Where should you spend your money for the best possible returns and, of course, ensure that your UK property value increases?

Unfortunately, for those who don’t want to spend a lot, the most expensive home modifications and improvements will increase the home’s value.

Consider the following for the most value-adding:

• Modernising the bathroom – you can buy a new shower curtain, install glass shower doors, and refresh the paint or tiles.
• Making the home more energy efficient – many people want an energy-efficient home for two reasons. The first is to do their bit for the environment, and the second is to cut back on energy costs.
• Installing an updated, ergonomic kitchen – adding a kitchen island for added workspace, incorporating kitchen stools, refreshing outdated appliances, or even just giving the kitchen cabinets a makeover can do the trick.
  • Spruce up the garden – there’s nothing more inviting than a lush green garden where the spring and summer months can be languidly enjoyed. A nice-looking garden will improve the value of a property.
• Converting the loft into a study, bedroom, or similar – lofts don’t always require planning permission, but it’s a good idea to ask first. You can convert the loft into extra living space for any amount between £15,000 and £50,000, which will add thousands to the value of your home.
• Adding an extension to increase the living and entertainment spaces – remember that extensions require planning permission before work can begin. Also, ensure that the amount you’re quoted for the work is money you can make back in terms of property value increase.
• Building a conservatory – this adds extra living space to the home. It could become a sitting room, a kitchen, or similar. Unfortunately, conservatories are rarely under £10,000, and there’s no guarantee they will add value to your property.

Simple Improvements Can Still Add Value to Your UK Property

If you’re not ready to go all out on big alterations or need more money to spend, you can make some simple improvements to increase property value.

This is not to say that simple improvements will be cheap, but they will be a little cheaper than major alterations requiring a much bigger financial commitment.

These include:

• A fresh coat of paint – make sure all the doors, walls, and window frames are neatly painted in a modern yet neutral colour.
• Kitchens can be modernized by painting or replacing cabinet doors, installing new cabinet and door handles, replacing tap handles and faucets, changing the old appliances, and so on.
• Bathrooms can be updated by replacing the shower curtain with a glass shower door or updating the tiles, for starters.

Home insulation upgrades are also a great way to make your property more attractive to prospective buyers.

David MacMichael, from Mac Surveyors, explained to us why:

“Improving your home’s EPC rating makes it significantly more attractive to prospective buyers. A higher rating signals better energy efficiency, which can lower utility costs and make the property more environmentally friendly. Buyers today are increasingly aware of sustainability, and homes with better energy performance are seen as future-proof investments, reducing their carbon footprint while providing long-term financial savings. In competitive markets, a good EPC rating can set your home apart, ensuring it appeals to eco-conscious buyers and those seeking lower running costs.”

Can I Remortgage My Property to Add Value to the Home?

If you remortgage your property, you can use the awarded money to carry out home improvements and alterations that add value to the home.

Keep in mind that remortgaging will come with an interest rate attached.

You will get a fairly good remortgage deal if you have a lot of equity in the home (equity is the amount of the loan you have already paid – this is the portion of the property you already own).

It’s not a good idea to remortgage a home if you don’t have a lot of equity in the property yet.

How to Add Value to Your Property Conclusion

Adding value to your property starts with knowing what your current value is.

You can use a free valuation service such as Zoopla to get a good idea or hire a valuation specialist to assist you.

Once you know what your property is worth, you can take the next step to improve the home.

It’s a good idea to look at what the properties in your immediate neighbourhood are selling for and what condition they’re in before you commit to any improvements or alterations.

Call us today on 01925 906 210 or contact us. One of our advisors can talk through all of your options with you.

Your mortgage will likely be one of the biggest investments of your life.

And because you’re spend many years repaying the mortgage about, the mortgage you get and the interest rate attached to it are of the ultimate importance.

Knowing where to find the best mortgage deals UK can make a big difference to your monthly instalments.

By making a wise mortgage deal choice, you can reduce the total amount you’ll have to pay over the span of your mortgage.

If you’re on the hunt for mortgage best buys UK, you’ve come to the right place.

We’ve pieced together some top tips to ensure that you get access to some of the best mortgage rates on the market.

With these pointers in mind, you can compare options and secure mortgage best buys UK for yourself.

Alternatively, working with a mortgage advisor can help you to improve on the options you may find while searching the market for yourself.

How to Get Mortgage Best Buy Rates in the UK

Everyone in the property market wants to ensure they get the best possible UK mortgage rates.

While some do manage to get low interest rates and low fees, it’s not always possible for those who don’t know where to look or what to look for.

Finding mortgage best buys UK can be a challenge for the average Brit, but by following a few simple steps, you can improve your chances of finding the best possible deal so that you can pay off your loan without it crippling your budget or putting you in financial hot water in the future.

Whether you’re using a financial advisor or not, it’s a good idea to educate yourself on mortgage best buys and what’s best to look for.

Below are a few steps you can take to ensure you cut back on mortgage costs without losing out on any perks.

1. Use a Mortgage Comparison Tool

Once you’ve got a property in mind and know how much you need to borrow, you need to look at the interest rates offered as this will determine how much you eventually pay back.

You could start with your bank, but you won’t be able to do much of a comparison as they will only provide their own deals and rates.

To shop around effectively, you should use an online mortgage rate comparison tool.

These platforms provide an overview of deals available, including what to expect for your monthly instalments.

Of course, you won’t be able to see every deal as some mortgages are only offered through certain brokers. But you’ll get a good idea of what’s available.

2. Increase Your Mortgage Deposit UK

Borrowers who are able to put up a higher deposit than the minimum are seen as low-risk and therefore eligible for a reduced APR.

Obviously, when you put down a bigger deposit, you need to borrow less money and your monthly instalments will also be lower.

Most of the mortgage best buys UK offer the lowest rates when there’s a deposit of 20% or 25% put down.

3. Improve Your Credit Score

Your credit history and score will determine what mortgage rate you’re offered in the UK.

If you have a poor credit score, mortgage lenders will view you as a high-risk client.

The better your credit score is, the greater chance you have of getting a good mortgage rate deal.

You can improve your credit score prior to applying for a mortgage by:

• Checking your credit report and ensuring that the details are up to date.
• Register on the voter’s roll as this provides the latest accurate personal information for you, and automatically increases your credit score.
• Avoid applying for credit for some time as every credit check will appear on your credit history and reduce your credit score.
• Ensure you pay all credit bills on time and in full every time.

4. Get Help from a Mortgage Broker When Searching for the Mortgage Best Buys UK

Using an online mortgage rate calculator will help you determine a good rate.

Then, consider if a mortgage broker can help you beat that rate.

The job of a mortgage advisor is to hunt for the best possible deal for you and to advise you on the various home buying schemes that you may qualify for.

During this process, you will find that some of the deals aren’t available through a broker but only through a direct lender.

Mortgage advisors may try to sell you additional products such as life cover, contents insurance, and mortgage payment protection insurance.

While some of these products may be useful to you, keep in mind that they’re not compulsory.

5. Check Your Mortgage Contract for Possible Hidden Costs

Most mortgage borrowers aren’t aware that there are additional feels included in a mortgage, not just the mortgage interest rate.

In some instances, you may acquire what you think are mortgage best buys UK with low interest only to find that there are additional fees that will be applied and increase the total cost of your loan.

One of the biggest additional fees to look out for is the arrangement fee (this can also be called an establishment fee or setup fee) which is often £2,000 or higher.

Of course, there are other fees that you might not expect that might catch you out.

For instance, settling your mortgage earlier than expected could be penalized and if you overpay each month in hopes of reducing your total loan payment time, you could incur up to 5% of the amount you’ve overpaid.

Not all lenders charge these fees, but some do, so it’s best to look for the added fees in your contract or discuss additional fees directly with your mortgage provider.
Conclusion

If you’re on the lookout for mortgage best buys UK, take the time to consider various options before making a final commitment.

You will find that the best mortgages are often provided by a mortgage advisor who can help you scour the market based on your individual requirements and your current financial situation.

To save time and money, follow the steps above or get in touch with your chosen mortgage advisor without delay.

Call us today on 01925 906 210 or contact us. One of our advisors can talk through all of your options with you.

If you find your mortgage payments overwhelming and you’re struggling to make ends meet, you could apply for a mortgage holiday (or mortgage payment holiday) in the UK.

In this article, we will discuss mortgage payment holidays, how they work, how to qualify for one, and the expected pros and cons.

What is a Mortgage Holiday UK?

What is a mortgage holiday UK and what does it involve?

A mortgage payment holiday UK is an arrangement that’s come to between a borrower and a lender that allows the borrower to take a temporary break from their mortgage repayments.

Some mortgage lenders provide up to 6 months’ holiday from mortgage payments, but this depends on your previous payment history and, of course, your current financial situation.

Can I Request a Mortgage Holiday as a Result of Coronavirus Impacting Income?

Over 1.6 million mortgage payment holidays in the UK were granted at the start of Coronavirus in 2020. While these holidays made a big difference to those experiencing them, they could not continue to be offered long-term.

It’s important to note that you can no longer request a mortgage holiday in the UK using Coronavirus as a reason.

That said, some mortgage providers still provide mortgage payment holidays at their own discretion.

One of the perks of Coronavirus related mortgage holidays is that they would not show up on your credit history. All other types of mortgage holidays will show up on your credit history and may impact your credit score.

What are the Pros of a Mortgage Holiday?

First and foremost, the biggest pro of a mortgage payment holiday UK is that it gives you some breathing room for a short period to get back on your feet.

Another pro is that avoiding falling behind on your mortgage payments could affect your credit score more negatively than a UK mortgage holiday.

What are the Cons of a Mortgage Holiday UK?

As with all things in life, some cons come with mortgage holidays in the UK.

It’s important to note that a mortgage holiday UK is only suitable for borrowers experiencing a short-term or temporary financial shortfall.

If your income is permanently reduced, there are better routes to take.

The biggest con to remember is that while you’re on a mortgage holiday, your interest is not and will start racking up.

At the end of the UK payment holiday on your mortgage, you’ll face higher monthly mortgage instalments, which could negatively impact your household cash flow.

Of course, your credit score will be affected, and taking a mortgage holiday in the UK could impact your future creditworthiness.

How Do I Qualify for a UK Mortgage Payment Holiday?

Not everyone will qualify for a mortgage holiday, even if the lender they’re with offers them.

Several factors will determine whether you qualify for a mortgage holiday or not, as follows:

• The lender – not all lenders offer mortgage holidays
• Your specific mortgage contract – some contracts don’t allow for mortgage holidays
• Your current financial situation – if you’re going through a temporary financial problem, going on maternity leave or similar, you may be able to get a mortgage holiday
• Whether you have overpaid on your mortgage in the past
• Whether your account is in arrears – if your mortgage is in arrears, you won’t qualify for a mortgage holiday

How Do I Apply for a Mortgage Payment Holiday UK?

The first step you need to take is to read your mortgage contract and pay special attention to the terms and conditions.

If the mortgage provider does offer a mortgage holiday, it will be mentioned in the mortgage contract.

That said, you can also call your mortgage provider and ask them directly if a mortgage holiday is available to you.

Qualifying for a mortgage payment holiday is one of the first steps. If you don’t meet the lender’s requirements, you won’t be granted a mortgage payment holiday.

First and foremost, lenders offering mortgage holidays UK often require the borrower to have been making full payments on time for a certain period. This period will vary from one lender to the next.

The lender will determine how long of a holiday you can have.

They will take several factors into consideration. Mortgage lenders offering payment holidays may approve your request but offer you a shorter payment holiday than you initially asked for.

The value of your mortgage will also come into play.

For instance, mortgage lenders may only grant mortgage payment holidays UK to borrowers with a mortgage that has a loan-to-value ratio of 80%.

What Happens When the Mortgage Payment Holiday Ends?

Once you’ve been granted a mortgage holiday, your monthly instalments will halt for the duration of the holiday as determined by the lender.

You should receive a document from your mortgage provider that states your balance, the new monthly instalment amount, and when the next instalment payment is required.

You can then decide if you will increase your monthly instalment amounts so that you can stay on point with your repayments and still settle the mortgage account on the same date as you originally planned for.

Alternatively, you can extend the term of your mortgage by a few months.

This will keep your monthly instalments at an affordable amount, but keep in mind that while your instalments will become lower, you will pay more money in interest fees in the end.

Chatting with a mortgage advisor can help you find alternative ways to restructure your repayment plan so that it works out best for you financially.

Mortgage Holiday FAQ UK Conclusion

If you’re struggling with your mortgage payments because of a temporary or sudden short-term financial hiccup, a mortgage holiday UK may be just what you need to get some breathing room again and get back on your feet.

Applying for a mortgage holiday is a simple process requiring you to contact your mortgage lender directly or speak with your mortgage advisor.

Call us today on 01925 906 210 or contact us. One of our advisors can talk through all of your options with you.

Let’s talk about mortgage terms in the UK. In the not-too-distant past, homeowners would take our mortgages UK over 25-year terms.

Nowadays, a 25-year mortgage term doesn’t seem realistic, especially with the high cost of living crisis and property prices.

More and more home buyers are applying for mortgages over 30 to 35 years.

One in four new mortgages in the UK run over 25 years.

The reason for such extended loan periods is that buyers want to get onto the property ladder sooner while reducing their expected monthly instalments and being able to afford more costly properties than they would on a shorter loan term.

There’s no doubt that extending the term of your UK mortgage can be beneficial, but it also comes at a cost.

This guide looks at the ins and outs of extending a UK mortgage and what to expect should you choose.

Chatting with a professional mortgage advisor is your best chance of making the right decision.

The Draw for Extended UK Mortgage Terms

There are benefits to extending your mortgage in the UK.

For instance, a longer mortgage repayment term will reduce your monthly instalments because you have 10 extra years to pay off the capital.

The lower payments will also ensure you qualify more easily with a lender offering mortgages, as the monthly repayments will be more affordable.

Pros and Cons of Extending Your UK Mortgage

One of the biggest demographic to benefit from the option to extend a mortgage is undoubtedly younger property investors who want to ensure that they pass the affordability assessment involved when applying for a mortgage.

Let’s consider a £200,000 mortgage over 35 years with a 3% interest rate.

Such a mortgage would come with interest rate payments each month of £178.

Now, consider the older way of doing things, where mortgages were paid over 25 years.

In such a scenario, the borrower would face an interest rate payment of £948 monthly!

The difference is remarkable.

This probably looks inviting, and it is! But there’s a flip side: the overall cost of the interest amount you’ll pay back on loan.

Using the example above as a reference, a 25-year mortgage would incur interest of £84,478, whereas a 30-year mortgage presents a whopping £103,495, which isn’t quite as inviting?

What’s the Solution to Avoid Additional Fees?

Many borrowers have found a way around incurring the additional fees.

This is done by starting with a mortgage with a longer loan term.

This will help to keep the initial costs down.

Then, when you have additional money, you can slash your term or overpay on your instalments.

Of course, this will not mean your mortgage extension is free, but you will pay less in fees/interest.

Age is Important to Consider When Extending Your Mortgage

Extending your mortgage is an option if you’re young. Unfortunately, many mortgage providers hesitate to provide funding to those over 65.

Most lenders only allow borrowers to extend a loan until their 80th birthday. If your loan repayments extend beyond that, you won’t be eligible for the extension.

That said, smaller building societies and some lenders are considering more leniency and may even allow repayments up to the age of 90.

A More In-Depth Look at the Pros and Cons of a 20-Year Mortgage and 30-Year Mortgage

Let’s dig a little deeper into the pros and cons.

Pros and Cons of a 30-Year Mortgage

Pros:

• Lower instalments impose less pressure on your monthly budget
• You can purchase more expensive property with a larger loan. And with the money you have left over each month, you can repair and maintain the home.

Cons:

• A 30-year mortgage will take the majority of your life to pay off. If you get a 30-year mortgage at 30 years old, you will be 60-65 years old by the time you pay off the property.
• You will pay a higher interest rate and pay interest over a longer term which means that a 30-year loan is far more expensive even if the monthly instalments appear lower.

Pros and Cons of a 20-Year Mortgage

• You can pay off your mortgage quicker and will have more time to save for retirement or spend on investments. For example, if you take out a 20-year mortgage in your 30s, you’ll be paid up by the time your 50s come around.
• A shorter loan term means you can build equity faster. Equity is the portion of the mortgage that is paid out, meaning it’s the portion of the home you’re now the owner of. An individual’s net worth is calculated with equity. During the term of your loan, you can loan against your home equity, but keep in mind that this is a risky business as the home will serve as security for the loan.

Cons:

• You’ll pay fairly high monthly instalments, resulting in less available cash flow for everyday living. So you’ll have to budget carefully.

Which Loan Term is Ideal?

Now, with pros and cons in mind, you’re probably wondering if you should go for a standard 20-year mortgage or extend your mortgage UK loan term to 30 – 35 years.

Financially speaking, the 20-year mortgage option seems stronger as it will save you money in the long term and also allow you extra time to save for retirement and invest.

That said, if you’re on a strict budget and the 20-year mortgage isn’t a viable option, the 30-year mortgage may be ideal for you.

Can I Extend the Term of My Mortgage in the UK? Conclusion

If you’re considering extending your loan term or want to know which loan term is best suited to your current financial situation, speaking with a professional mortgage advisor could help to provide some clarity and help you make an informed and confident decision.

Call us today on 01925 906 210 or contact us. One of our advisors can talk through all of your options with you.

The loan-to-value (LTV) ratio is essential when taking out a mortgage as it can determine whether or not you get approved and the interest rate you get.

With LTV 80 mortgages UK, the mortgage is worth 80% of the total property value, and you can get 80% LTV mortgages UK for residential or buy-to-let properties.

This guide explores everything you need to know about the best mortgages worth 80% LTV in the UK.

How Do LTV 80 Mortgages Work?

With 80% LTV mortgages UK, the lender offers you a loan worth 80% of the house’s total cost, and you must cover the remaining 20% with a deposit if you’re a first-time buyer or the equity you’ve built up in your current property if you’re remortgaging.

You’ll then repay the borrowed amount plus interest over the mortgage term.

The LTV will determine the deal you get on a mortgage. Generally, the lower the LTV, the lower the rates and the more mortgage options you’ll have.

Lenders usually offer LTVs from 50% to 95%, and an 80% LTV is in the middle of this range, so you’ll have plenty of good options to choose from.

Types of 80% LTV Mortgages UK

You can choose from different types of 80% LTV mortgages whether you’re buying property for the first time, remortgaging, or moving home.

Popular options include:

Fixed Rate 80% LTV Mortgages

With fixed-rate deals, you get a fixed interest rate for a certain period, and you’re guaranteed to pay the same amount every month.

You can fix your mortgage rate for 2, 3, 5, 7, 10, 15, or even 40 years with some lenders.

It ensures your mortgage repayments don’t change because of interest rate changes.

Tracker Rate 80% LTV Mortgages

Tracker rate mortgages offer a variable rate that follows the Bank of England base rate, with lenders applying particular margins like 2% above the base rate.

Monthly payments can fluctuate if the base rate changes, and you can choose a term of 2 to 5 years before the mortgage enters the lender’s standard variable rate (SVR), which is usually more expensive.

Check Today's Best Rates >

Can I Get 80% LTV Mortgages UK?

Yes. The main thing to ensure you’re eligible for an 80% LTV mortgage is to have a deposit worth 20% of the property value.

Lenders always consider the size of your deposit and whether it’s coming from an approved source.

Widely accepted sources include savings, proceeds from a property sale, equity releases, inheritance, gifts from family, or the sale of other assets.

Depending on where it came from, you can use different ways to evidence your mortgage deposit.

For example, personal savings will require at least six months’ bank statements, and a property sale will require a copy of the completion statement.

A gifted deposit will require a signed legal agreement confirming the value of the gift and that it will never need to be repaid.

The table below shows how much deposit you’ll need to get 80% LTV mortgages UK for properties of different values:

Property Value	Deposit Amount (20%)	Mortgage Amount (80%)
£200,000	£40,000	£160,000
£300,000	£60,000	£220,000
£400,000	£80,000	£320,000

Criteria for LTV 80 Mortgages in the UK

Apart from the deposit, you must meet the lender’s other criteria to qualify for 80% LTV mortgages UK.

These can include:

Income

Lenders will want to know how much you earn and whether the income is regular.

You’ll need to provide copies of your recent payslips or bank statements.

You can still qualify for 80% LTV mortgages with a complex income, like freelance earnings that fluctuate or bonuses and commissions.

However, it can be challenging for lenders to use their standard criteria, and you’ll need the help of a mortgage broker to identify the best lenders for such applications.

Outgoings and Credit History

Lenders will look at your monthly outgoings to establish whether you can afford the mortgage.

They’ll need to know about your personal loans, credit cards, pensions, childcare costs, and car loans to ensure you can cope with monthly mortgage repayments.

They’ll also review your credit history to determine your track record of paying back loans.

You can still qualify for LTV 80 mortgages UK with negative scores on your report, but you’ll have fewer deals and lenders available.

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Property Type

The type of property you’re buying can affect whether or not you get approved for the best mortgages worth 80% LTV in the UK.

Non-standard properties like listed buildings or houses with thatched roofs can make it trickier to secure a mortgage.

Such properties usually require a lot of maintenance and costly insurance.

They’ll have less demand, and the lender will be concerned about the resell potential if they’re forced to repossess your house.

Pros and Cons of LTV 80 Mortgages UK

Pros

• You’ll pay less interest overall than borrowing mortgages that exceed 80% LTV.
• You’ll have access to better rates than LTV mortgages over 80%
• You can easily save up a 20% deposit compared to other deposit sizes like 30% or 40%, so you can quickly get on the property ladder with 80% LTV mortgages and even have some money left for renovations or emergencies.
• Getting onto negative equity with LTV 80 mortgages can be harder than mortgages with higher LTV. Negative equity is usually caused by falling property prices and involves the property being worth less than the mortgage you have on it.

Cons

• Depending on the property value, saving up a deposit of 20% can be challenging, especially if you’re a first-time buyer.
• You’ll pay higher interest rates than mortgages with lower LTVs, like 70% or 60%. Lenders usually divide their mortgage deals into different LTV bands with 5% increments. Every band features a different interest rate, and the higher you go, the higher the rate.
• You’ll also have fewer deals and lenders to choose from compared to borrowers with more significant deposits.

LTV 80 Mortgages Final Thoughts

Using an LTV mortgage calculator can help you compare thousands of 80% LTV mortgage deals.

It’s also worth consulting an independent mortgage broker who can help you secure the best mortgage worth 80% LTV in the UK based on your circumstances.

Call us today on 01925 906 210 or contact us. One of our advisors can talk through all of your options with you.

When looking for a fixed-term mortgage, one of the most important decisions is how long you want to fix your mortgage.

Most borrowers choose a 2-year or 5-year mortgage UK when looking for consistent monthly mortgage payments that don’t change during that timeframe.

However, there are various factors you must consider when deciding whether committing to a 2-year or 5-year mortgage UK is the right option for you.

Read on to learn about 2-year and 5-year mortgages, their pros and cons, and considerations to help you make the right choice.

What is a 2-Year Mortgage UK?

A 2-year mortgage allows you to have a fixed interest rate that doesn’t change for two years.

You’ll know the exact monthly repayments during this period, which will remain the same even when interest rates rise or fall.

It’s usually the shortest term for fixing your mortgage interest since 1-year deals are less common.

A 2-year mortgage is usually the cheapest fixed-rate mortgage since interest rates on shorter-term deals are generally lower than on longer-term deals.

Pros of a 2-Year Mortgage

• Short Term Commitment

A 2-year mortgage features a short-term commitment and is viable if you know your needs or circumstances can change soon.

A 2-year mortgage will keep your options open since you’re not locked in a long-term commitment.

• Low-Interest Rates

Interest rates on 2-year mortgages are usually lower than on longer fixes, translating to lower and more affordable monthly payments.

• Flexibility to Move or Remortgage Sooner

A 2-year mortgage makes it easier to move houses or remortgage sooner if you want to switch to a new deal, especially if interest rates have reduced by the end of the two years.

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Cons of a 2-Year Mortgage

• Uncertainty in the Long-term

You’ll only fix your interest for a short time, and there’s no way of knowing the kind of interest you’ll get when your fixed term expires.

You may end up in the lender’s standard variable rate (SVR), which is much higher.

• Remortgaging Costs

Remortgaging to get a better deal will likely involve some additional costs, which can add up to a significant amount depending on the number of times you remortgage over the lifetime of the mortgage.

For example, paying £1,000 every time you remortgage and switching ten times can add up to £10,000 in fees.

• Less Financial Certainty

You’ll have less financial certainty with a 2-year mortgage, especially if your circumstances change.

You may end up in a situation where monthly payments have increased due to rising interest rates, and your income has decreased, making it challenging to afford the mortgage.

What is a 5-Year Mortgage?

A 5-year mortgage deal allows you to fix your interest rate at the same level for five years.

It will enable you to lock in the interest rate for a longer period, giving you peace of mind that the monthly payments will remain the same for longer, regardless of what happens to the interest rates.

Rates for 5-year mortgages are usually higher than for shorter-term fixes because they give you budgeting certainty for more extended periods.

Pros of a 5-Year Mortgage

• Long-term Certainty

Your monthly repayments will remain predictable for a long time, giving you more certainty in case of economic uncertainty or changes that can affect your financial position.

If your situation changes, like your income reduces or you get a child, you won’t have to worry about increases in your monthly payments.

• Protection from Rising Interest

If the base rate continues to rise, shorter-term mortgages can be worse off as they can get into a higher mortgage rate when the short period ends.

With 5-year mortgages, you’ll have protection from rising interest rates since you’ll remain on your current rate for longer.

• Save on Remortgaging Fees and Time

Locking in a long-term deal helps avoid the hassle of remortgaging every few years, helping you avoid the costs of remortgaging, such as a lender or solicitor fee.

You’ll also save the time involved in the remortgaging process, including researching for the best deal, filling out lots of paperwork, and providing proof of earnings.

Cons of a 5-Year Mortgage

• Higher Interest Rates

Longer mortgage deals often feature higher interest rates than shorter-term deals. However, the gap has narrowed over the years, so it shouldn’t be too much of a difference.

• Less Flexible

A 5-year mortgage is a long-term commitment and is less flexible if circumstances change and you need to move or remortgage.

You may need to transfer the mortgage to a new property, and if you can’t and are forced to exit, you’ll likely incur early repayment charges (ERCs) and exit fees.

• You May Be Stuck with Higher Rates

While you can benefit from a longer-term mortgage if the interest rates rise, a 5-year mortgage risks getting stuck with higher interest rates until the mortgage term ends if the interest rates go down.

You won’t be able to take advantage of reduced interest rates during the fixed-term period.

Considerations when Choosing Between a 2-Year and 5-Year Mortgage UK

A few things to consider to ensure you choose the right mortgage include:

Will Your Circumstances Change Soon?

If your situation is unlikely to change and you have no plans of moving house or remortgaging soon, it’s worth locking yourself in favourable rates for as long as possible.

However, if you plan to start a family or change jobs and need to move to a different location or a larger property, a 2-year mortgage can be a suitable choice as it leaves your options open.

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What Is the Predicted Bank of England Interest Rate?

It’s worth researching expert forecasts on the base rate from the Bank of England for the next few years.

Although accurate predictions can be difficult, factors like rising inflation or economic uncertainty can help determine whether the base rate will likely rise or fall.

Locking in a longer deal can help safeguard you against sudden rises in interest rates, while shorter deals can make it easier to remortgage to a better deal when the rates fall.

2-Year or 5-Year Mortgage UK Final Thoughts

It’s important to consider your needs and circumstances when choosing between a 2-year or 5-year mortgage.

An independent mortgage broker specialising in fixed-rate deals can assess your requirements and help you find the best mortgage and lender for your situation.

Call us today on 01925 906 210 or contact us. One of our advisors can talk through all of your options with you.

Mortgage industry jargon can be challenging at the best of times, especially for newbies to the mortgage world or those who have been out of the loop for some time.

To ensure that you understand what you’re getting yourself into and what sellers, lenders, and mortgage advisors are talking about, familiarising yourself with the jargon and terminology relating to UK mortgages is a good idea.

UK Mortgage Terminology and Jargon Every Borrower Should Know

We’ve compiled a helpful list below to help you cut through the noise and confusion of your upcoming mortgage.

Different Types of Mortgage Deals and Products

This does not refer to the mortgage itself but the features of the mortgage.

In short, these features will determine what terms and conditions a borrower is subject to.

Offset Mortgages

You can link your savings account to your mortgage account if you have high savings. This reduces the interest rate you’ll be expected to pay.

Family Assist Mortgages

This is where a family member signs surety for another family member. This is very similar to a guarantor mortgage.

Guarantor Mortgages

If you’re struggling to get onto the property ladder because you have a less-than-ideal credit score or your earnings aren’t enough, you can ask someone in good financial standing to sign as a guarantor for you on your mortgage.

This means that if you default on your mortgage payments, the guarantor will be responsible for ensuring the instalment is paid.

Shared Ownership Schemes/The Right to Buy Scheme

If you don’t have a guarantor, the government offers these schemes to assist you in getting onto the property ladder.

Self-Build Mortgages

If you want to build your own home on the property, you can apply for a mortgage to cover the building costs.

Islamic Mortgages

This is Sharia-compliant financing that enables Muslims to buy homes with the laws and regulations of their religion in consideration.

Different Types of Mortgages

Residential Mortgages

This is the type of mortgage you apply for if you intend to buy the property for your own use, and take personal residence of the space.

Buy-to-Let Mortgages

You can apply for this type of mortgage if you intend to use the property as income.

This means you will be the landlord but won’t live on the property yourself.

Commercial Mortgages

If you intend to use a property for business or to rent to a business to make an income, you will apply for a commercial mortgage.

Remortgage

This is a form of refinancing or switching your existing mortgage product to another deal.

Equity Release Mortgages

These mortgages are only open to individuals who are 55 to 65+. These mortgages are intended to raise funds using the residential home as security against the funds.

Types of Repayments

Every type of mortgage will have a repayment type attached. This is the type of instalment you will make each month. Here are the terms you need to understand.

Interest-Only Mortgages

If you opt for this repayment type, you will only pay the interest amount for the full loan term.

When you get to the end of the loan term, you will need to pay the entire loan amount as a lump sum.

This is a popular payment type for buy-to-let and commercial mortgages. It’s unusual for this to be applied to residential mortgages in the UK.

Capital Repayment Mortgages

This is a combination loan where you pay a portion of the capital loan amount and a portion of the interest each month.

You will have settled the entire amount by the end of the UK mortgage term.

Part and Part Mortgages

This type of UK mortgage payment type mixes two repayment types together. For instance, you will pay part capital and part interest-only payment types on one contract.

Terms Referring to Interest Rates on UK Mortgages

Fixed Rate Mortgages

This means that you’ll pay the same amount of interest for your loan term.

Sometimes, this is not the entire term as fixed-rate UK mortgages are available in two, three, five, and ten-year options.

You can sometimes fix a mortgage for 25+ years, but certain disadvantages come with this.

Variable Rate Mortgages

This type of interest rate isn’t fixed, which means it can fluctuate for the duration of your loan.

You will find three types of variable interest rate mortgages:

• Tracker rate variable mortgages in the UK

This interest rate is influenced by the Bank of England base rate, so your interest rate may rise and fall according to that base rate.

• Discount rate variable mortgages in the UK

This interest rate is set below the standard variable rate (SVR). This can be set over two or five years. Your interest rate will vary and fluctuate but will be less than the SVR.

• Standard variable rate mortgages in the UK

Lenders all have an SVR, which is their default interest rate. The lender controls this interest rate, and it is not a fixed product.

You can switch from this type of interest rate at any time. In most instances, it is the most expensive type of variable interest.

Additional Terms Borrowers Should Be Aware of!

Deposit

This is the upfront amount you must pay to get a mortgage. This ranges from 5% to 40% of the overall property value.

Agreement in Principle

This is sometimes called a mortgage in principle.

This is an offer from the mortgage lender stating how much they will lend you if your application is accepted.

It’s a good idea to get an agreement in principle before applying for a full mortgage loan, as it will help you understand what price range to look in when shopping for a property.

Conveyancing

This process is carried out by a solicitor who handles the transfer of deeds and funds between the buyer and the seller.

Loan to Value (LTV)

This refers to the amount you can loan vs the actual property cost.

Credit Score

This is a record of your financial behaviour held by the various credit bureaus.

Your score will impact how much a mortgage lender is willing to give to you.

If you have a high credit score, you will get a lower interest rate and be offered higher mortgage amounts than if you have a poor credit score.

Porting a Mortgage

This is when a borrower takes their mortgage with them when they move to another house.

This isn’t something that all lenders allow, but some modern mortgage lends do allow it.

Call us today on 01925 906 210 or contact us. One of our advisors can talk through all of your options with you.