Unbeatable mortgages drive affordability 

Mortgages with record low interest rates and deposits of only 5% are driving affordability to a 10-year high. Even 100% mortgages are now available.

Purchasers and homeowners looking to re-mortgage are enjoying the best conditions for a decade, with mortgage firm Private Finance claiming the average borrower is now saving £104 a month on repayments when compared to 2008, with average monthly repayments down from £804 to £700.

In addition, a stable interest rate and competition among mortgage lenders is paving the way for 100s of new home loan products, with rates that continue to be cut. To compare, mortgage rates were hovering around 6% 10 years ago. Today, you’ll find fixed rate deals available at less than 2%. For instance, someone borrowing £199,950 at 6% interest in 2009 would have repayed £1,285 per month. Today, the same person borrowing the same amount at 2% would be repaying £845.59 per month - a saving of £5,272.92 over the course of a year.  

As well as exceptional borrowing conditions, there are a number of other positives working in a buyer’s favour, and these include:-

Properties within all budgets

Our network of branches from Sydenham to Sittingbourne carries around 1,000 available properties at any one time, with homes available from as little as £100,000 (and sometimes less!). Register with a branch and you’ll be the first to view properties before they go public, or search here for our latest stock.  

Locations that offer value-for-money

If you want the most property for your budget, think about where you search. Thanks to improving transport connections, you can move further out of the capital and buy a bigger home at a price cheaper than you would expect, without compromising on commuter times into London. Our branches cover the main routes in from the South East. We have homes for sale near DLR stations, forthcoming Crossrail, and over-ground rail routes; within walking distance of the St. Pancras high-speed line and close to major motorway networks around the M25.  

First-timers are boosting the market 

A fluid property market needs first-time buyers and the Halifax announced this year that their numbers hit a 23-year high, now accounting for just over 50% of all house purchases with a mortgage. First-time buyers prop up the rest of the market and when there’s an increasing demand at the bottom of the property ladder, existing homeowners find it easier to sell and move up a rung. 

Prices are relative 

Affording a bigger home may seem out of your reach but consider that everything is relative. Any price trends affecting your existing home will also affect the property you’re thinking of buying. This makes purchasing your next home a more level playing field. To increase affordability, we can speak to the estate agent selling the property you'd like to make an offer on and negotiate the purchase price on your behalf. This is reassuring for customers who are not comfortable with the idea of negotiation.

If you want to explore the opportunities that low interest rates present, or take advantage of the current property choice, contact your local branch.

 

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