Mortgage rates update: average payment for First-time Buyer is ยฃ1085 per month ๐Ÿ’ณ

Mortgage rates update: average payment for First-time Buyer is ยฃ1085 per month ๐Ÿ’ณ

#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 youโ€™re thinking about buying a home, you might be wondering what the current mortgage rates are in the UK... ๐Ÿฆ

๐Ÿ“ข 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 ๐Ÿฅ‡


๐Ÿ”นThe current average asking price of a typical first-time buyer property is ยฃ228,551.
๐Ÿ”น For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now ยฃ1,085 per month if repaying over 25 years
๐Ÿ”นThe Base Rate was cut to 4.25% on 8 May 2025.
๐Ÿ”น Inflation in the month to April increased to 3.5%, up from 2.6% the previous month
๐Ÿ”นIt is widely expected that more cuts to the Base Rate are forecast as we get through 2025 
๐Ÿ”นBy Autumn 2025, it could fall to about 4%, although this depends on whatโ€™s happening in the wider economy
๐Ÿ”นBut itโ€™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
๐Ÿ”นIncluding what happens with inflation, falling swap rates, and no unexpected shocks to the economy

For the latest mortgage rates from Rightmove, click here ๐Ÿ’น

How much can you borrow with a mortgage?

๐Ÿ”ธ 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)
๐Ÿ”ธ 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 ๐Ÿ“ฉ

If you would like us to put you in touch with the right mortgage specialist, complete the form opposite โžก๏ธ


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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

#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

#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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