Average 5-year fixed rate mortgage is 4.81%... Find out how much you can borrow right here 🧮
#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 Bank of England Base Rate was held at 4.75% on 19 December. 🔹However, inflation has climbed above the Bank of England’s target of 2% in November, rising to 2.6%
🔹It is widely expected that the Base Rate will be held at 4.75% in December, with more cuts forecast in 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
🔹The current average asking price of a typical first-time buyer property is £225,086. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,097 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 a mortgage specialist, complete the form opposite ➡️
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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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