Recent findings from financial analysts seem to suggest that there may never again be a better time to buy a house, with mortgage rates having almost halved over the past year. The findings will also come as happy news to homeowners looking to remortgage their properties.
Interest rates currently sit at record lows, with homebuyers able to get a mortgage with a rate as little as 1.19%. The only downside of such low rates seem to be the large (up to 40%) deposits that are associated
Who Are the Important Lenders?
Research from This Is Money suggests that there are 25 loan deals available with an interest rate of less than 1.5%. A number of long term fixed rate mortgages with equally impressive interest rates have also been introduced by high street lenders. Barclays and Santander and have both introduced very competitive rates whilst Nationwide recently unveiled a record low ten-year fixed rate mortgage of 2.79%, before increasing the rate shortly afterwards.
What the Experts Say
Rana Miah of Ipswich Mortgage Centre said, “It’s hard to think of a better time than now to purchase or remortgage a home, with a number of factors contributing to this favorable window.” He added, “With interest rates at a historical low and criteria having relaxed, it is clear to see why buyers are taking advantage of the situation. The impending expiry of the Government’s help-to-buy mortgage guarantee scheme in 2016, also means that homebuyers and those looking to remortgage at higher loan to values may only have a limited time to make the most of this window before the favorable conditions possibly disappear.”
At the Mortgage Centres, we believe that now is indeed a great time to acquire a mortgage and complete the acquisition of your new home. We can help you find the mortgage rate that you need to move into your new home.
To discuss how the Mortgage Centres can help you with your mortgage application, get in contact today.