LTV, APR, DTI... it's enough to make your head spin. Let us break it down for you. Dig into our content to learn more about house hunting, first-time buyer mortgages, interest rates and so much more.
If you’re saving for a house, one of the first decisions you’ll probably make is where you’ll put your money. With the right bank account, you can reach your savings goals faster and even pay less tax. But with so many accounts to choose from, including ISAs, LISAs and easy access accounts, what’s the best option for saving for a house?
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Today, 26th March 2025, Chancellor Rachel Reeves presented her first highly anticipated Spring Statement to parliament. If you're a first-time buyer or saving for big life goals, understanding how these changes might affect you is crucial. Here's a breakdown of the key announcements and what they mean for you.
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Today (20th March 2025), the Bank of England’s Monetary Policy Committee (MPC) voted to hold the base rate at 4.5%. This was widely expected by the market, with the committee voting 8-1 for the rate to stay at its current level. Now, the next base rate cut isn’t expected until May, with inflation expected to increase off the back of uncertainty in the global markets, the upcoming Spring Statement, supply chain disruptions and other economic factors.
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As of 4th March 2025, we’ve increased the interest rate on our Cash Lifetime ISA and Cash ISA from 4.55% to 4.6% AER (variable). This means not only are our ISA rates above the Bank of England’s base rate, but over 5 years our savers will earn hundreds more in interest vs saving with competitors. If you’ve got a Cash ISA or Lifetime ISA with another provider, this increase could be a welcome change if you’ve seen your current rate drop and are considering switching.
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A Fixed Rate ISA is a savings account where you put away money for a set period of time, usually 1-3 years. In return for locking away your money, you’ll receive a guaranteed interest rate for a fixed time period. Because it’s an ISA, your interest will also be tax-free, unlike funds saved in a normal savings account.
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A Fixed Rate ISA is a savings account where you put away a set amount of money for a fixed period of time, usually 1-3 years. In return for locking away your money, you’ll receive a guaranteed interest rate for the set time period. Because it’s an ISA, your interest will also be tax-free, unlike if you saved into a normal savings account.
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Almost 800,000 first-time buyers have used a Help to Buy ISA to buy a home, but over the last few years, many savers have decided to switch these accounts over to newer alternatives, like a Lifetime ISA. If you’re wondering if you should close your Help to Buy ISA or keep paying into it, here’s what you need to know.
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When you look at how some stocks have grown in value over time, you might be tempted to jump right in and start investing there and then. Or you might want to wait for prices to fall before you invest. But which method is this a good idea and when is the best time to invest? Keep reading to find out.
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Stamp Duty Land Tax (SDLT) rates have changed this year, making it that little bit more expensive to buy a home in England or Northern Ireland for some. For home buyers hoping to get on the ladder or move up it, this news could put a spanner in the works if you need to cover a higher Stamp Duty bill than you were expecting. You can’t put Stamp Duty on a credit card or spread the cost with regular instalments, but can you add Stamp Duty to your mortgage? If you’re hoping to buy a house in 2025 and you’re worried about the costs, here’s what you need to know.
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2024 was a bit of a whirlwind in mortgage land. The average two-year fixed-rate mortgage deal fell from 5.93% to 5.62% over the course of the year. But there were plenty of ups and downs in between as the economy rode the waves of inflation falling from 4.0% in January to 1.7% in September and then back up to 2.3% in October. Not to mention the general election and the first Budget from a Labour government in 14 years. There were some milestone moments too - the Bank of England cut its base rate for the first time since 2020, and mortgage rates below 4% made a reappearance. And this year is set to be as eventful. Borrowers should expect mortgage rates to continue to come down in 2025, while house prices are expected to go up. The first part of the year is expected to see a flurry in housing activity as home buyers try to complete before Stamp Duty changes in April. While rents are predicted to increase following more Buy to Let properties being sold off, reducing supply.
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A Lifetime ISA lets you save up to £4,000 a year towards your first home or retirement and earn a 25% bonus off the government, up to £1,000. This makes it a great saving product for those saving over a number of years, but when it comes to withdrawing your money there are some rules. Let’s delve into when can you withdraw funds from your Lifetime ISA and how long will it take.
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A Cash ISA is a type of savings account where you can save up to £20,000 a year without paying tax on your interest. With the right ISA, you can reduce the impact of inflation and reach your savings goals sooner. But which ISA provider is right for you? Let’s take a look at Cynergy’s current ISA rates and see how they measure up to those offered by other providers.
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Interest rates have risen over the last few years, making savings accounts much more rewarding than before. However, not all savings accounts are made equal. While some accounts like Cash ISAs offer 4-5%, the average rate offered by easy-access savings accounts is 3.08%. So where should you keep your money? Let’s take a look at the best savings accounts available on the market today.
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An Individual Savings Account (ISA) lets you save or invest without paying tax on any interest or returns. But there are certain restrictions with an ISA on how much can you save in an ISA each year. If you’ve already met this year’s allowance, or want to know how long you have to max out, keep reading to find out when the ISA year starts.
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A Cash ISA is a type of savings account where you can earn tax-free interest on up to £20,000 each tax year. The right account can help you reach your savings goals sooner, but which one should you pick? Let’s take a look at how Yorkshire Building Society’s Cash ISAs work.
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A Cash ISA is a savings account that gives you tax-free interest on up to £20,000 a year, making it easier to grow your savings and achieve your financial goals. Let’s take a look at Virgin’s current ISA rates and see how they measure up to other Cash ISAs available.
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Are you a first-time homebuyer or looking to remortgage? Securing a cheap mortgage rate can make a significant difference in your monthly payments. In this guide, we'll walk you through how you could access cheap mortgage deals and secure the best mortgage deal for you.
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If you’ve ever lost your passport, dropped your phone in a puddle, or been hit with an unexpected vet bill, you’ll know how stressful it can be to cover an unexpected expense. With an emergency fund to fall back on, you can cover these financial emergencies and avoid sleepless nights.
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A Cash ISA is a special type of savings account where you can earn tax-free interest. Anyone over the age of 18 can open one - they’re particularly useful if you’ve already maxed out your LISA allowance for this year and want to save more, or you’re a higher-rate or additional-rate taxpayer.
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If you’re a first-time buyer under the age of 40, a Lifetime ISA could make it easier to save a deposit towards your first home. You can save up to £4,000 a year in your LISA and the government will boost your contributions by 25%, giving you a bonus of up to £1,000 each tax year. If you’re able to save more than this or you’ve already built up a decent house deposit fund, you might be wondering if you can have a cash ISA and a Lifetime ISA at the same time.
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What if we told you there’s another way for your friends and family to help you buy a home. It’s called ✨ Gift Links ✨ Say goodbye 👋 to reciting sort codes over the phone, and say hello 👋 to having a personal Gift Link that your loved ones can use to add money straight into your Tembo Lifetime ISA 💸 Saving up for a house is a mammoth task - on average it takes 10 years to save up a house deposit! Thanks to rising house prices, buying a home is getting harder, with almost half of first-time buyers relying on family support to make homeownership happen. While not everyone’s family can support their house purchase, with Gift Links, the minimum contribution is just £10, so your friends and family don’t need thousands of pounds to contribute to your dream of buying your first home.
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The countdown is on! If you're on this blog, you've hopefully quite close to your savings goals for a house deposit. After years of dreaming about it (and the endless hours of scrolling through Rightmove...) owning your first home is actually within reach! At this point, you probably just want to move in already (!!!) but before that happens, there are a few things you need to do before applying for your first mortgage and buying your first house. As with all things, a lil’ preparation goes a long way, so here are some things you can do to get you ready.
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If you’ve got a Lifetime ISA, or are about to open one, understanding how the tax year impacts what you can put into your LISA is important to ensure you max out your free government bonus! Keep reading to find out how Lifetime ISA works in relation to the tax year, and how long you have till the tax year ends.
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If you’d like to buy a house one day, a Lifetime ISA could make it easier to save a deposit. You can save up to £4,000 a year in your Lifetime ISA and the government will boost your contributions for free by 25%, meaning you could get a £1,000 bonus each tax year if you max out your account. Lifetime ISAs were first introduced in 2017 and since then more than 170,000 first-time buyers have used them to buy their first home. But is a Lifetime ISA worth it today and should you get one?
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So, you're dreaming of owning your first home and seeking an ally to guide you through reaching one of life’s biggest milestones – building a deposit. Well, you've found your companion. Here's how Tembo can help you pave the way to your first home 🏠
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On average, it takes first-time buyers 10 years to save up for a home. Opening a Lifetime ISA is a no-brainer when it comes to speeding up saving for your first home. A Lifetime ISA (LISA) lets you save up to £4,000 each tax year towards your first home or retirement, with the government topping up your savings with a 25% bonus. Max out the account and you’ll get a free £1,000 boost each year. If you’re trying to get on the property ladder, read on to find out how to get a Lifetime ISA and reach your savings goals sooner.
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A Mortgage In Principle is a formal document, normally issued by a bank, building society or mortgage broker that outlines how much you could borrow if you applied for a mortgage based on the information you have provided. Getting a Mortgage In Principle can make your property search a lot easier. For starters, it’ll give you a realistic idea of what you can afford. It can also speed up the home-buying process - estate agents and sellers will be more likely to accept your offer if they can see that you’re a serious buyer and the property is within your budget. But how do you get a Mortgage In Principle in the first place? And is it essential when buying a house? We answer your questions below.
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If you’re buying a house or remortgaging your home, getting mortgage advice from a mortgage broker can make a huge difference to your financial situation as they can save you money by helping you access better mortgage deals or lower interest rates. But are all mortgage brokers the same?
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Buying a house can be one of the biggest financial decisions you'll make in your lifetime - and there is a LOT to think about beyond just finding a property you like. One of the key things to take into consideration is Stamp Duty Land Tax, which can cost thousands of pounds on top of your mortgage, conveyancer fees, property surveys - and your dream sofa! While most home buyers will not be able to avoid Stamp Duty - you might be able to reduce the amount of tax you pay or avoid paying it altogether - keep reading to find out more!
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Everyone seems to be talking about inflation right now, whether you’re scrolling through TikTok or chatting to the barman in your local pub. It can be hard to avoid it. It’s most visible in our bank accounts and wallets, the cost of filling up our cars or heating our homes, or the weekly trip to the big Tesco. But what does inflation rate actually mean and how does inflation affect mortgage rates? Let’s explore how it works and what you can do to reduce the cost of your mortgage.
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You and your partner are finally ready to buy a home together but there’s just one problem…you’re a first-time home buyer and they already own their home. This might seem like a complicated and awkward scenario, but it happens more often than you think. If you’re buying with a homeowner, here’s what you need to know and how it affects your house purchase as a first time home buyer.
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Over the past few decades, the cost of homes has outpaced the average rise in earnings. In March 2021, the average cost of a home cost 65 times more than the average UK home in January 1970, while wages are only 35.8 times higher now. This has left many renters wondering if they’ll ever be able to buy their own home. But there could be hope on the horizon. The most recent figures show that house prices are -0.3% lower than a year ago, and are expected to stay stagnant over 2024 thanks to high mortgage rates and economic uncertainty. If this happens, first-time home buyers might find it that little bit easier to get onto the ladder. But does this mean that it is now a good time to buy a house? Find out whether you should buy a house now or wait in this guide.
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Are your housemates driving you crazy? Do you lose entire evenings watching home transformation videos on TikTok? Do you dream of having your own space? If this is you, you might have started thinking about owning a home of your own some day in the future. But you might also be wondering how to save for a house in the first place. How long does it take to save for a house? And what’s the best way to save? Look no further because we’ve answered your top questions below.
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How can I help my child buy a house? It’s a question on many parents’ minds. With the average age of first-time home buyers rising to 32 and it taking nearly 10 years to save for a deposit, homeownership can feel like a distant goal. Luckily - new innovations now make it easier for loved ones to lend a helping hand. Read on to discover how you can support your child in buying their first home.
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If you’re thinking of buying your own place, you may be wondering where to start. How much do you need for a deposit? How can you boost your affordability? And how do you get a mortgage? If you’ve been furiously Googling one mortgage question after another, you’ve come to the right place. With the help of our mortgage tips for first time buyers, you can save yourself time, stress and money.
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After more than a decade of low interest rates, the cost of having a mortgage has increased. The Bank of England’s base rate, which sets the benchmark for mortgage interest rates across the UK, is currently at 4.50%, while back in December 2021 it stood at just 0.1%. Whether you’re a first-time buyer, home mover or remortgager, all this uncertainty in the market might leave you wondering whether you should fix your mortgage and how long to fix your mortgage for. To make your decision that little bit easier, we’ve weighed up the pros and cons of fixing your mortgage interest rate in this guide.
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If you’re saving for your first home, having a Lifetime ISA or Help to Buy ISA can make things that bit easier. In this article, we’ll take you through the main difference between the two accounts, and why you might select one over the other.
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If you’re saving for a house deposit, a Lifetime ISA could help you buy your first home faster. But is a Lifetime ISA right for everyone and are there any alternative ways to get on the ladder? Keep reading to learn everything you need to know about Lifetime ISAs to help you make your decision.
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The Help to Buy equity loan scheme helped more than 350,000 first-time buyers get on the property ladder. But, so far the government hasn’t announced an official Help to Buy replacement. So, what are the alternatives to Help to Buy equity loan for first time buyers? The good news is, there are numerous options to help you buy a home. Keep reading to find out what options are out there to help you get a place of your own.
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For many of us out there, the ability to buy your own home before the age of 50 seems like a far-off and unattainable dream. House prices may have decreased slightly, but for those who are potential first-time buyers, the prospect of purchasing a property while faced with constant reports of changing inflation rates and the cost of living crisis can feel out of reach. At Tembo, we are on a mission to help first-time buyers who are not in the position to obtain a mortgage “in the traditional way” (aka the standard repayment mortgage) get on the ladder sooner. If you are looking for alternative and affordable ways to buy your first home, read on…
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When you’re saving to buy a house, your deposit can seem the only financial obstacle standing between you and your dream home. But once you’ve got 5%, 10% or 20% of the property price tucked away in a savings account or Lifetime ISA, it’s time to start thinking about fees and taxes too. In this guide, we'll run over what Stamp Duty is, whether first-time buyers pay Stamp Duty and how much you'll pay.
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