Is now the perfect time to find a new home?
Following a period of uncertainty, it’s now seeming like the perfect time to invest in your dream home, as more fixed deals edge towards 4%.
With Santander and Barclays being the latest major mortgage lenders to slash their rates, Halifax, Nationwide and The Mortgage Lender have also led the way in making these changes.
But what does this mean for you when it comes to buying and/or selling your property?
What do reduced mortgage rates mean for me?
Savings for one!
Despite the recent rise to 4% on the Bank of England’s base rate, following a meeting of the Monetary Policy Committee, this increase would typically only affect those on a tracker product. This means that opting for a fixed rate could result in monthly savings for yourself in terms of repayments.
Using Barclays as an example, it now has a five-year fixed rate deal for borrowers with a 25 per cent deposit at 4.41 per cent – a reduction of 0.27 per cent. This means that on a £200,000 mortgage, spread over 25 years, the rate reduction would save customers £31 a month or £372 a year.
This means that in some cases you can spread the budget on what you are willing to spend on tour new house as monthly repayments will be a touch more affordable.
More willingness from lenders to be accepted for a mortgage
A reduced rate could also mean a higher probability of being accepted for your mortgage.
In the initial stages of the cost of living crisis, lenders set out stricter conditions for applicants to meet due to fears of missing payments etc.
However, with these new attractive offers, it would appear that lenders are trying to entice customers to use their services, which could mean a loosening of the previously set criteria.
Which means you would be one step closer to securing your property.
Browse our new homes for sale
Felling inspired to start the search for your new home? We have a number of homes for sale in Newton Mearns, Whitecraigs and Clarkston – as well as some city centre properties.
From new build homes to first time buyer properties and family four and five bedroom homes, the options are endless.
Click here to browse our current homes for sale.