Mortgage interest rates are falling
As we enter Autumn, like leaves mortgage interest rates are falling. The majority of high street and specialist mortgage lenders were already reducing rates prior to the last interest rate review by the Bank of England. When the base rate was held at 5.25% in September ’23, the main lenders reduced rates further – 5 year fixed rates that were approaching 6% are now readily available at or below 5% - 2 year fixed rates have also reduced to around 5.5%.
For many with tracker mortgages, this is a good time to move to your dream home and reduce your overall cost of borrowing. Many lenders have increased the level of borrowing – increasing the multiples of salary and offer mortgages over longer terms making monthly repayments more affordable.
On certain homes, Nicholas King offer a mortgage subsidy – giving you the equivalent a 2% interest rate until February 2025.
Many financial forecasters believe we have seen the peak in interest rates – which gives confidence to make a move now – the best way to plan your move is to speak to an independent financial advisor who can ascertain and understand the criteria that is key to your family and find the best product available many of which may not be easily available to the general public.
Call in the experts – if you don’t know where to start, visit our new build developments today and as well as finding you a dream home, we can introduce you to the experts.