Average mortgage rate is 4.78% (5-year fixed with 25% deposit)... Latest figures right here š
šø Lead image FOR SALE by Cavendish Residential: Beautifully presented two bedroom semi detached house. Sought after location of Sherwood | Guide price Ā£242,995 šø
Latest UK mortgage rates from Rightmove š§®
š There has been lots of news about Base Rate rises and how they can impact mortgage rates
š The Bank of England (BoE) meet about every six weeks to decide whether the Base Rate should go up or down, or stay the same.
Base rate reduced from 5.25% to 5%, that's the first cut in last 4 years! šŖ
š A further cut to Base Rate has been forecasted by the end of the year
š And by December 2028, it could fall to about 3.25%
š³ The current average mortgage rate for a 5-year fixed rate mortgage is 4.78%, down from 4.8% last week. The current average rate for a 2-year fixed rate mortgage is 5.14%, down from 5.18% last week
š³ The lowest available 2-year fixed rate is 4.19%
š³ The lowest available 5-year fixed rate mortgage is now 3.83% (for 60% LTV), which is the lowest a 5-year fixed rate has been since before the mini-Budget in September 2022
Average First-time Buyer example in numbers
šø The current average asking price of a typical first-time buyer property* is Ā£227,191
šø For someone taking out an average 5-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now Ā£1,112 per month if repaying over 25 years
šø Compared with Ā£1,198 per month a year ago (when the average first-time buyer property asking price was Ā£223,614)
For more information on mortgages and to find out how much you could borrow, contact Emma (emma.travers@cavendishproperty.co.uk) and she'll put you in touch with a no-fee specialist š§
šø Emma Travers, Head of Sales, Lettings and Investments at Cavendish Residential šø
šø Lead image FOR SALE by Cavendish Residential: Beautifully presented two bedroom semi detached house. Sought after location of Sherwood | Guide price Ā£242,995 šø
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š Face-to-face visit (time to suit you, 100% accurate)... Email expert valuer lisa.dahl-parsisson@cavendishproperty.co.uk to get started š
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