What are current mortgage rates and availability? 📈
#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
Latest mortgage rates and news from Rightmove:
There has been lots of news about Base Rate rises and how they can impact mortgage rates. 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
🗝️ Key findings this month:
🔸The Base Rate was held at 5% on 19 September, after being cut in August for the first time in more than four years
🔸This follows inflation falling to the Bank of England’s 2% target for the first time since 2021 in May, and it has since fallen to 1.7%
🔸The current average mortgage rate for a five-year fixed rate mortgage is 4.64%, up from 4.61% last week
🔸The current average rate for a two-year fixed rate mortgage is 4.94%, up from 4.91% last week
🔸The lowest available two-year fixed rate is 3.94% and the lowest available 5-year fixed rate mortgage is now 3.77%
🔹 A further cut to Base Rate has been forecasted by the end of the year
🔹 And by Autumn 2025, it could fall to about 3.5%
🔹 The current average asking price of a typical first-time buyer property* is £226,868
🔹 On a five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,088 per month (over 25 years)
🔹 Compared with £1,167 per month a year ago (when the average first-time buyer property asking price was £224,263)
Are you looking for a mortgage? 🤔
Contact Emma by completing the form opposite, or by email: emma.travers@cavendishproperty.co.uk 📧
📸 Emma Travers, Head of Sales, Lettings and Investments at Cavendish Residential 📸
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