Good news for mortgage seekers
Fri 29 Jul 2016
Increased competition from lenders is driving down the cost of mortgages and now is the time to take advantage.
With fixed rate deals at a record low, the average buyer looking to take out a new mortgage will be £240 per year better off than they would have been six months ago, according to Moneyfacts, a respected financial comparison website.
Paul Ivens, director at Green & Co, said: “This is extremely encouraging news for anybody looking to purchase a new home, whether they are first time buyers or upsizing. Despite some inevitable caution from property experts since the Brexit vote, we know from our own activity in the local area that plenty of houses are still coming to the market and buyers are certainly still active.
“And it’s a similar picture nationally; just last week Rightmove showed that the market has remained ‘steady’ and this latest news gives further incentive to move now.”
The research also shows that there is also encouragement for first time buyers looking to get on the property ladder.
Paul Ivens adds: “One of the most interesting points for me was the fact that borrowers with smaller deposits are also seeing the benefit, which is fantastic news for first time buyers.
“The average two-year fixed rate at 95 per cent loan-to-value has fallen by 0.19 per cent from January 2016 to 4.09 per cent at the end of July, according to the Moneyfacts review of 2016 to date.
“Whatever your situation, I believe the most important thing when considering a mortgage is to view the whole of the market, not just restricted lenders. Which is why Green & Co’s own financial services offering proves so popular.
“Whether you are buying through Green & Co or not, our advisors can give you the guidance, information and products you need to make the right choice for you and your family. Ask in branch or visit us online for more details.”
Your home may be repossessed if you do not keep up repayments on your mortgage.