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A good time to buy? Latest mortgage rates news

By Sophia Wood-Burgess

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If you’re trying to buy a property, especially if you are a first-time buyer, this is a market overview you’re going to want to know.

Quick facts:

More mortgage products for 10% deposits than we’ve seen in the last 16 years

• Number of deals available at 5% deposit is at the highest count in the last 2 years

• The Election is not stopping London property owners from putting homes on the market

Photograph by Foxtons Specialist Video & Photography

Inflation update

Last week, we had in some excellent news around inflation – it's hit the Government's 2% target. However, it is unsurprising that the Bank of England held its base rate at 5.25% mid-election. If you need to move, don’t let that slow you down. There’s good reason – even in the mortgage world – for you to start now. Here's why:

Lenders are feeling optimistic. NatWest, HSBC, Coutts and Atom Bank have all slashed their mortgage rates. That means there are more affordable options for you.

More choices for smaller deposits. Looking for a mortgage with a smaller deposit? Our partner mortgage broker, Alexander Hall have reported more options for buyers with a 10% deposit than they’ve seen in 16 years. They’ve also got the highest amount of 5% deposit products in 2 years. So even for a smaller deposit, you may have more properties within your budget.

Photograph by Foxtons Specialist Video & Photography

First time buyer? You’ve got this.

Navigating a property purchase for the first time can be overwhelming, but Foxtons and Alexander Hall are here to help. Here are some insider tips:

“Quite often we speak to clients who don’t understand what a Mortgage Adviser does. They assume they get the same information directly from their bank, but there are so many options their bank doesn’t offer, so they don’t realise what’s possible.”

~Stephanie Daley, Director of Partnerships, Alexander Hall

Expert advice makes the difference: Independent mortgage advisers, like Alexander Hall, can unlock a world of options you might not know exist. From 99% LTV mortgages (with just a 1% deposit) to joint borrower/sole proprietor deals, they can find the perfect fit for you.

The motivation to dive in: More and more first-time buyers are jumping into the market, thanks to rising rents and a desire for stability. Alexander Hall expects this trend to continue as lenders offer even more innovative solutions.

Rising opportunities: Alexander Hall are seeing a rise in 95% LTV deals – which only require a 5% deposit – and they expect even more competitive rates in this space soon. Whatever your situation, book a free consultation and you might be surprised by your options.

“From our own data we have seen the volume of first-time buyer purchase applications increasing. I expect this will continue as more innovation surrounding first time buyer affordability constraints continues throughout the year.”

~Stephanie Daley

House sales aren’t put off by election news, either.

Read why buyers aren’t changing their plans, even with an election looming.

We recently shared an article around how 95% of homebuyers are not put off by the election. In the article, we also looked at housing data and elections over the past 15 years. Here's what we found: many elections occur when the number of homes on the market is rising. Even bigger news, that number keeps going up after the election.

So far, we’ve been seeing the same trend around this election. The number of homeowners instructing Foxtons to get it done is increasing. So, it seems sellers are just as unfazed by the election as buyers are. That’s great news for your goals.

Photograph: Victorian Houses in London by Otakar Hyps | Unsplash

Let’s make it happen

Whatever your goals in London property, we can help you get started:

• Discover opportunities in the mortgage market with a free consultation from Alexander Hall.

• Our experts can help make a plan achieve your property sale in this market, just book a free Foxtons market appraisal.

• To start a search for your London home, either tell us what you’re looking for on My Foxtons or browse our homes on the market.

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