Tuesday, 21 March 2017 11:10

Like the coming of spring with new life and growth, the mortgage market seems to be showing green shoots

In all my years of arranging mortgages (25 years now) I have never seen such competitive fixed rates at higher loan-to-values. For example, first time buyers with a 15% deposit can now achieve fixed rates under 1.5%!

These incredible rates, not so long ago, were only available to clients with a 40% deposit. Now even with a 10% deposit there are stunning rates around the 2% mark! This is helping many first-time buyers achieve their goal of an affordable monthly payment. Generally this cost would be far lower than renting their home and this has given new buyers the satisfaction that comes with home ownership.

These products are also helping people save huge amounts when re-mortgaging from their current lenders. There is nothing more satisfying than arranging a fee free re-mortgage and saving a customer a significant monthly amount. This saving can then be used to either pay the mortgage off sooner, or help fund home improvements (or, dare I say, a well-deserved holiday or two).

The UK, historically, is a nation of homeowners. I am finding that people, due to increased house prices in some areas, are looking at wider areas when choosing their property of choice. I have been quite surprised at the difference in price range within say a five-mile radius, which has to be another worthy consideration? After all, it can mean the difference between buying a house or a flat!

This then could make a considerable saving if the property is Freehold, as there normally would be no further service charges, ground rent or additional leasehold costs. Over twenty-five years of a mortgage term this can make a lot of financial sense.

I would encourage everyone when searching for a property to consider spending a little more time looking at different areas to compare what they can achieve for their money.

Have a look at some of the best rates in the market now: www.conranfinancial.co.uk/mortgage-search

Want to know why we are so awesome at arranging mortgages?  When we tell you it is gloating but when our customers tell you it is proof. Have a look here: www.conranfinancial.co.uk/testimonials

Happy hunting.

 

Jeff Lever
Senior Mortgage Consultant


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