The right mortgage broker is critical in getting you the house of your dreams 💭
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
If you’re thinking about buying a home, you might be wondering what the current mortgage rates are in the UK... 🏦
📢 The person to best guide you through this is a qualified mortgage broker: they are critical in the entire process of securing the funds you need and liaising with your solicitor to ensure everything runs smoothly 🥇
🔹The Bank of England Base Rate was cut to 4.5% on 6 February, the lowest level since June 2023
🔹It is widely expected that more cuts to the Base Rate are forecast as we get through 2025
🔹By Autumn 2025, it could fall to about 4%, although this depends on what’s happening in the wider economy
🔹But it’s difficult to predict when we could start to see more sizeable drops in mortgage rates, mostly because their movement is dependent on several factors
🔹Including what happens with inflation, falling swap rates, and no unexpected shocks to the economy
🔹Speaking of inflation: it fell to 2.8% down from 3% the previous month
🔹The current average asking price of a typical First-time buyer property is £227,212. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,102 per month if repaying over 25 years
How much can you borrow with a mortgage?
🔸 The amount you can borrow with a mortgage is determined by an affordability assessment and your interest rate is determined by the amount of deposit you have, otherwise known as loan-to-value (LTV)
🔸 LTV is expressed as a percentage, and it reflects the size of the mortgage you need as a proportion of the value of the home you want to buy. The bigger the deposit you have, the lower the LTV, and vice-versa
For more information, read Rightmove's article in full by clicking here 📩
If you would like us to put you in touch with the right mortgage specialist, complete the form opposite ➡️
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🌟 Instant online valuation (immediate response, 60-70% accurate)... Click here 🌟
🌟 Remote consultant valuation (24-hour response, 80-90% accurate)... Click here 🌟
🌟 Face-to-face visit (time to suit you, 100% accurate)... Email expert valuer lisa.dahl-parsisson@cavendishproperty.co.uk to get started 🌟
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#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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