Mortgage Rates Predicted to Carry on Falling in 2025.

Mortgage rates are anticipated to continue their decline, with forecasts suggesting another base rate cut in November. Here’s our most recent outlook on mortgage and base rates.

UK mortgage rate forecast for November 2024

Mortgage rates are on a downward trend and experts suggest they could decrease even more. With another base rate cut anticipated in November and ongoing competition among lenders, some fixed-rate mortgages have reached their lowest levels in two years. What’s even more promising for borrowers is the growing belief that rates could keep falling for the remainder of the year. The Bank of England’s decision to lower the base rate in August was seen as a bold move, and it has already positively impacted mortgage rates, particularly for those lenders operating in the swap market. This market is crucial as it determines the costs for lenders offering fixed-rate mortgages. This competitive environment is likely to result in further rate cuts, especially in the five-year mortgage sector, where we are already noticing several rates below 4%.

Fixed-rate mortgages head down

Fixed mortgage rates experienced a decline throughout August, mirroring the trend observed in July and aligning with predictions made last month. According to Rightmove, the average five-year fixed mortgage rate was 4.74% as of August 28, a significant drop from the 5.02% it began the year with.

Similarly, two-year fixed-rate mortgages have also seen a decrease, with the average rate now at 5.10%, down from 5.43% at the start of 2024. At first glance, this seems like great news for anyone considering a fixed-rate mortgage. In fact, typical rates across all loan-to-value ratios have decreased over the past couple of months. However, a closer look at the data indicates that not all borrowers are benefiting equally from these recent reductions.

Those with larger deposits or more equity in their homes have emerged as the clear winners, while first-time buyers are often left at a disadvantage. For instance, if you have a 40% deposit or equity, allowing you to secure a 60% loan-to-value mortgage, the average rate on two-year fixed-rate mortgages has dropped from 4.82% at the beginning of 2024 to 4.38%, a reduction of 0.44 percentage points. In contrast, for those with a smaller 5% deposit needing a 95% LTV mortgage, the current average two-year fixed-rate stands at 5.83%, which is slightly higher than the 5.81% average recorded at the year’s start.

Tracker mortgage rates and SVRs to fall

Many individuals paying their lender’s standard variable rate (SVR) or those with a tracker mortgage can relate to the challenges faced by first-time buyers. However, on August 1, the long wait of over four years for a favourable shift in the base rate finally came to an end. Five members of the Bank of England’s policymaking committee voted to reduce the rate from 5.25% to 5.00%, outvoting the four who wanted to keep it the same.

This marked the first decrease in the base rate since March 2020, leading to a drop in many mortgage rates. According to the investment platform Hargreaves Lansdown, approximately half a million mortgage holders can now anticipate saving over £330 annually on their payments. For those with a tracker mortgage, which adjusts in accordance with the base rate, lower repayments are almost certainly on the horizon.

However, the situation is less clear for borrowers on an SVR, where lenders have more flexibility. Since the announcement of the base rate change, numerous lenders have indicated that their SVR will decrease. This includes institutions like Bank of Scotland, Barclays, Clydesdale Bank, Co-op Bank, Coventry Building Society, Halifax, Lloyds, Nationwide, Principality Building Society, Santander, Scottish Widows, TSB, Virgin Money, West Brom Building Society, Yorkshire Bank, and Yorkshire Building Society. However, not all lenders are reducing their SVR by the full 0.25 percentage point that corresponds with the base rate drop, and many have yet to announce their plans.

November  base rate cut

Attention has shifted to the potential for a decrease in the base rate. There are three upcoming announcements regarding the base rate before the year concludes: on September 19, November 7, and December 19. Currently, a change in September is not anticipated.

The prevailing thought is that the recent economic indicators do not yet support another reduction. Wage growth data has proven to be more resilient than expected, and shortly after, it was confirmed that inflation ticked up in July, moving from the 2% target to 2.2%. Importantly, this increase was anticipated, and the actual figure was lower than expected, as was the closely monitored services inflation.

The general agreement is that this will give the Bank of England confidence that inflation remains manageable. Consequently, it is believed that there may be room for one or possibly two more base rate cuts before the year ends, but not until November. Experts suggest that this scenario could allow mortgage rates to continue decreasing in the upcoming months. However, considering the recent rapid decline in rates, the pace of these reductions might begin to slow down.

Related: Mortgage Calculator

Verso Group has completed an ambitious integration programme to unify its operations across advice and investment management.

This marks a significant milestone for the group, creating a scalable platform primed for future growth.

One of the project’s major achievements is the launch of a new, enhanced investment offering to provide Verso’s clients and advisers with a broader array of services designed to meet investment requirements and objectives.

This supports Verso’s goal of achieving £5bn in assets under management within the next two years.

Verso recently went through a period of intense M&A activity, during which it made seven acquisitions in two years to establish its presence in the UK.

The business then took the decision to pause further acquisitions and focus on an integration programme encompassing brand, operations, technology and its investment proposition.

The initiative spanned 10 months and brought together the group’s acquired firms under a single brand.

Verso now has an integration playbook, which it said will allow it to consolidate future acquisitions “seamlessly”.

Group chief executive, Alan Mathewson, said: “Our goal has always been to operate as a unified business across advice and investment management.

“As a consolidator of IFA firms, integration delivers major benefits to our business, for the Verso Group, our clients and colleagues alike. We are now perfectly positioned to accelerate our ambitious growth plans.”

TENS of thousands of people on the state pension risk missing out on a vital benefit that can unlock the winter fuel payment due to unfair rules.

Despite being on low incomes they do not qualify for pension credit – even though they are living on less than £218 a week.

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This would normally qualify for the benefit that’s worth up to £3,900 a year and now makes you eligible for the WFP £300 payment.

The Sun was inundated with calls from hard-up pensioners during its Winter Fuel SOS phone-in last week who fear they will be unable to heat their homes without the payment.

Many were left baffled over why they couldn’t get the cash, even though they appeared to fulfil the criteria for claiming pension credit.

Little did they know that new rules brought in from 2019 mean if you’re part of a couple where one is under state pension age (currently 66) and one over, you must apply for Universal Credit instead.

There are just days left to make a claim for this benefit that could unlock the WFP.

Those applying for pension credit have two months longer.

To get the WFP this year you must have been claiming one of the qualifying benefits between September 16 to 22.

Pension Credit are Universal Credit are two of them.

Claims for most benefits like Universal Credit can only be backdated one month, making the deadline October 18

Pension Credit claims can be backdated up to three months, making the deadline December 21.

It’s understood that tens of thousands could be affected by the mixed-age couples rule. The latest government data suggests that at least 60,000 have claimed UC instead of PC in previous years.

Stricter rules around Universal Credit claims also mean couples are far less likely to successfully get their claim backdated to cover the qualifying period, according to AgeUK.

According to Age UK, you can ask for your Universal Credit to be backdated if: you could not reasonably have claimed earlier because of disability, illness – which must be confirmed by medical evidence – DWP computer failure, or in some circumstances, where a joint claim ends or is refused.

However, in reality, Age UK says it finds the DWP very rarely grants backdating – so a mixed-age couple making a UC claim now is very unlikely to be eligible for a WFP.

Can I get Universal Credit or Pension Credit?

If you’re not sure if you will be able to get Pension Credit or Universal Credit, you can use our handy tool to check what benefits you’re eligible for.

Mixed-age couples can claim Universal Credit until they both reach State Pension age. After they are both aged 66 or over they can claim pension credit.

Universal Credit is one of the seven benefits that can get you the Winter Fuel Payment this year.

There is a chance that if you apply now you might be able to backdate a claim and get the £300 payment this year.

To qualify you must have an active claim for Universal Credit (or other means-tested benefits) during the “qualifying week”, which ran from September 16 to 22.

Universal Credit can be backdated by one month.

This means that the absolute deadline to claim the benefit and qualify for this year’s Winter Fuel Payment is October 18.

Even if your claim isn’t backdated it’s still worth applying for Universal Credit though.

The benefit itself can be worth thousands of pounds a year and provided your circumstances don’t change, you should qualify for the £300 winter fuel payment next year. 

At the moment, if you’re 25 or over you can get £617.60 for you both a month.

If you were already claiming Universal Credit, Pension Credit or pension-age Housing Benefit on May 15, 2019, you shouldn’t be affected by the mixed age rule.

But it’s definitely worth bearing in mind that if your circumstances change or you take a break from claiming your Pension Credit or Housing Benefit, it might mean you have to claim Universal Credit instead.

Things that might affect your claim include:

• a change of address to a different local council area
• going abroad for more than four weeks
• a change in the amount of capital you have
• stopping claiming a benefit that helps you qualify for Pension Credit or Housing Benefit
• separating from your partner and then getting back together.

How to apply for Universal Credit

Applying for Universal Credit should be relatively easy.

You have to go online and create an account, then there are further steps to take.

Creating an account

Once you’ve created an account you must make a claim within 28 days otherwise you’ll have to start the process again.

If you live with your partner, you’ll both have to create accounts and you’ll join them together when you claim.

If you’re struggling to claim online you can use the Universal Credit helpline which is 0800 328 5644.

What you’ll need

To apply online you’ll need your bank, building society or credit union account details.

On top of this, you’ll need an email address and access to a phone.

If you don’t have these things, you can call the Universal Credit helpline or go to a job centre.

To find your nearest job centre, you can use its website.

After you’ve offered your bank details, you will have to provide your driving licence, passport, debit or credit card and payslip of P60.

In addition, you’ll need to prove how much rent you pay, your earnings, any disability or health condition that affects your work, how much you pay for childcare your savings and any investments, such as shares or a property you rent out.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

Angel Gomes – Manchester Utd and England Star Net Worth.

Adilson Angel Abreu de Almeida Gomes, born on August 31, 2000, is a professional footballer from England who plays as a midfielder for Lille in Ligue 1 and the England national team.

Known for his versatility, he has played various roles including attacking midfielder, central midfielder, and wide midfielder throughout his career. Gomes joined Manchester United at just six years old and made his first-team debut in May 2017, becoming the first player born in the 2000s to appear in the Premier League.

After making 10 appearances, he was released at the end of his contract in 2020. He then moved to Lille in August, where he was loaned to Boavista for a season. Upon returning to France in 2021, he was part of the squad that clinched the 2021 Trophée des Champions, and he made his Ligue 1 debut in August, followed by his UEFA Champions League debut in September.

In addition to his English nationality, Gomes had the option to represent Angola or Portugal internationally. He has over 50 caps for England’s youth teams, ranging from under-16 to under-21 levels. He captained the England under-17 team that triumphed in the 2017 FIFA U-17 World Cup and was part of the under-21 squad that won the 2023 UEFA European Under-21 Championship. He made his senior team debut in September 2024.

Early Life

Adilson Angel Abreu de Almeida Gomes was born on August 31, 2000, in Edmonton, Greater London, England. He is the son of Gil Gomes, a former Portugal under-21 international who was originally from Angola, and who was playing for Hendon at the time. The Gomes family later relocated to the Manchester area when Gil joined Middlewich Town, eventually settling in Salford, where Adilson spent his childhood. Nani, the former Portugal international and Manchester United winger, is Gomes’ godfather. Adilson has mentioned that Nani had a “massive” influence on him, as he looked up to him greatly during his younger years.

Manchester United

Gomes began his journey with the Manchester United youth system at just six years old in 2006. He made his debut for the U18 team at the age of 14. In 2015, he captained the U15 team during the Manchester United Premier Cup, where he was named MVP, even though the team finished in 12th place. After becoming a first-year scholar in the academy for the 2016–17 season, Gomes scored a remarkable three goals against Everton on August 27, 2016, making him the third youngest player in Manchester United’s academy history to achieve this at 15 years and 362 days old.

Unfortunately, he suffered an injury in April 2017 as the season was wrapping up. Nevertheless, he ended the season as the club’s top goalscorer and was honored as the Jimmy Murphy Young Player of the Year, becoming the youngest ever to receive this accolade. His impressive performances earned him a chance to train with the first team before the final match of the Premier League season.

LOSC Lille

England Caps

On August 29, 2024, Gomes received a call-up to the England senior team from interim manager Lee Carsley for the UEFA Nations League matches against the Republic of Ireland and Finland. He made his debut on September 7, contributing to a 2–0 victory over the Republic of Ireland at Aviva Stadium in Dublin.

Coming on as a substitute for Kobbie Mainoo in the 77th minute, he donned the number 19 jersey and played a key role in helping England maintain control during the final moments of the match, as noted by various reports. This appearance marked him as the 1284th player to earn a cap for the Three Lions.

Interestingly, his close friend Morgan Gibbs-White also made his international debut in the same match, entering the field at the same time as Gomes. Just three days later, he made his first start in a 2–0 win against Finland at Wembley Stadium. Positioned as a deep-lying playmaker alongside Declan Rice in a 4–2–3–1 setup, he received accolades for his performance and became the first player to represent England while playing for a French club since Trevor Steven in 1992.

Salary

Gomes earns a reported £676,000 a year with French club Lille. That equates to around £13,000 a week. Gomes has a predicted net worth of between £800,000 t0 £1, 200,000. It was has been reported that during the 2022 World Cup that England players receive around £2,000 per match they play.

Related: Wayne Rooney Ex-Manchester United Star Net Worth 2024

Personal life

Gomes shares a strong friendship with Jonathan David, Timothy Weah, and Edon Zhegrova, all of whom he met while playing for Lille. He also has a close bond with English midfielder Morgan Gibbs-White, having known him from their time together in the England youth teams, where they celebrated victories in both the 2017 U-17 World Cup and the 2023 European Under-21 Championship.

In addition to his native English and Portuguese, which he speaks with his parents, Gomes mentions that he understands French quite well and is currently learning to speak it, thanks to his time in Lille. He identifies as a Christian and expressed in 2020 that he prays before games, saying, “I’m religious, I’m a Christian, so I’ll pray before games and coming on to the pitch I’ll always pray.”

The Chartered Institute for Securities & Investment (CISI) has appointed Carly Dunningham as chair of its financial planning forum committee.

The forum encourages members to share their ideas and best practices while helping to develop the existing and next generation of financial planning professionals.

It also provides an opportunity to meet other professionals and engage in open discussions in a confidential setting as they are held under Chatham House rules.

Dunningham, a certified financial planner and director at Verso Wealth Management, has been in the profession for over 22 years.

She has been a member of the CISI financial planning forum committee since 2023.

Dunningham will take over the role from Amyr Rocha Lima, who is stepping down in November.

Commenting on her appointment, Dunningham said: “I am thrilled to be taking on the role of chair of the CISI’s Financial Planning Forum.

“It was a true honour to be voted in by my fellow committee members.

“As a passionate advocate for the power of proper financial planning, I’m excited to have this opportunity to help the forum make a real difference to our profession and for the people in it.

“I am looking forward to raising our profile to get more people into this amazing career and increasing public awareness about what good financial planning actually is.”

CISI head of financial planning policy and engagement, Chris Morris, said: “I would like to thank Amyr for all his years of support as chair of the financial planning forum.

“He has been a tremendous advocate for CFP professionals in the UK and has made a significant contribution to raising the profile of financial planning.

“I am delighted that Carly will become the new chair of the forum in November 2024.

“Her passion for financial planning is second to none and I look forward to working with her and the committee.”

ALMOST one million individuals on benefits are missing out on billions of pounds in extra payments, new figures reveal.

These people do receive benefits, but their needs have increased since their initial claims, and they have not yet received the additional support they are entitled to.

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For the first time, the Department for Work and Pensions (DWP) has published a report providing these figures.

The report reveals that nearly one million people are missing out on approximately £3.1billion in extra payments in 2023/24, up from £2.3billion in 2022/23.

Those with active claims for disability living allowance, personal independence payments (PIP), and Universal Credit were most likely to be affected, which could leave them up to £2,900 a year worse off.

Previously, the DWP only offered separate statistics on the number of people claiming each benefit and the amounts they receive, as well as the number of people who do not claim benefits they are entitled to and the amounts they are missing out on.

The new report, however, highlights the issue of “unfulfilled” benefits – where claimants are not receiving all the benefits components they qualify for.

Examples of “unfulfilled” benefits include:

• A person who initially claims a disability benefit but whose condition worsens potentially qualifies for a higher rate of benefit that they have not applied for.
• Someone receiving help with rent through Universal Credit who has not reported an increased rent since their last assessment.
• An individual whose savings have decreased since their last assessment, making them eligible for more benefit

Steve Webb, former pensions minister and partner at LCP, said: “There is understandable focus on people who miss out completely on benefits to which they are entitled. 

“But this new report shines a helpful light on another reason why people may be missing out on billions of pounds in benefits. 

“These are cases where people’s circumstances have changed since they first claimed benefit and would now be entitled to extra help but have not updated DWP. “

MOST UNFULFILLED BENEFITS

The three largest benefits, accounting for around three quarters of “unfulfilled” benefit expenditure are:

• Personal independence payment (PIP) – £870million (around £2,900 for each claim affected)
• Disability living allowance (DLA) – £750million (around £2,500 for each claim affected)
• Universal Credit – £730million (around £2,100 for each claim affected)

The DWP estimates that over 300,000 people on PIP qualify for bigger payments.

Millions of households suffering from a long-term illness, disability or mental health condition can get extra help through personal PIP.

PIP has two parts, both of which are assessed separately.

Whether you get one or both depends on how severely your condition affects you.

If you need help getting out or moving around, you may qualify for the mobility part of PIP.

The weekly rate is either £28.70 or £75.75.

The weekly rate for the daily living part of PIP is either £72.65 or £105.55.

You could get up to £184.30 a week if you qualify for both components.

According to DWP data, individuals with “unfulfilled” PIP claims could increase their payments by up to £2,900 annually.

A further 300,000 DLA claimants are thought to be missing out on boosted payments worth up to £2,500 a year, too.

The benefit provides extra support for people who have care or mobility needs.

DLA is been replaced by PIP and attendance allowance.

However, if you still claim the benefit, you could report a change in circumstances and get your payments boosted in the meantime.

The DWP’s new report also shows that around 350,000 Universal Credit claimants are missing out on an extra £2,100 a year in payments.

Universal Credit is a monthly payment to help with your living costs. 

How much money you’ll get depends on your circumstances, but the monthly standard allowance is £393.45 for a single person over 25 and £617.60 for a couple who are both over that age.

If you have a disability or health condition, or if your child does, there are extra top-ups you can get in your Universal Credit award.

If you rent, you can also get help towards those costs and any service fees you might pay.

Steve Webb added: “I would encourage anyone on a disability benefit whose condition has worsened or anyone on a housing benefit whose rent has gone up to make sure that DWP are aware of their latest situation. 

“Anyone on a means-tested benefit who has seen their savings fall since they were last assessed should also update the DWP. 

“We need to ensure that all benefits are paid on the basis of people’s current needs and not their situation months or years ago.”