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Will the news on mortgages change your property search?

By Sophia Wood-Burgess

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New cuts to mortgage rates were just announced, and they couldn’t have come at a more opportune time. Are you making the most of your options in your search for a new home?

Mortgage interest rates are coming down. Earlier this week, Halifax have cut rates on a range of products – some by nearly 1%. Followed their lead, HSBC, NatWest and TSB have now cut rates. Two-year and five-year fixed rate mortgages are at their lowest average in almost seven months (source: Moneyfacts) while mortgage approval rates are the highest they’ve been in seven months (source: Bank of England).

At the same time, sellers with new motivation to list their property are flocking to the New Year market. So, as a buyer, you have more opportunities to find the right home and a better chance of affording the home you want if you start right now. So, it’s worthwhile to ask:

1. With significantly cheaper rates than last year, is it time to make my move?

2. If I have better borrowing power, do I want to aim higher?

You’re a conscientious buyer, you’ve bided your time and your clued into the market…you’re even reading an article about it on an estate agency website. So while you’re at it, take a look at what you want and need out of a new home, and whether you can get that today.

Living in a property that doesn’t suit your lifestyle is draining – you want the children to have space to play outside or a commute to work that doesn’t leave you exhausted. When an opportunity to move into a home you love arises, you want to grab it. Yet, moving is expensive. It’s not something you want to do frequently, so if you can aim a little higher and buy a home you’ll love for longer, it’s worth looking into.

Talk to a mortgage advisor, like our partner mortgage broker Alexander Hall, about your borrowing power – what you can apply to borrow that will be approved by lenders – off the back of the falling rates. We bet you’ll be pleased by what you can afford to do now.

Plenty of buyers in the market

Read: Your new home is waiting in the new year market – here’s how to find it

January marks the big New Year rush. Rightmove stated that, last year, “the number of buyers sending enquiries to estate agents about homes for sale more than tripled (+250%) from the Christmas Day lull to Boxing Day” (source).

So, although there will be a lot of property on the market, for the homes that do everything well – right price, right marketing, right features – there will be a lot of competition. Here’s how to prepare, so you can beat the rush and grab January by the Foxtons.

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