Mortgage rates update: average payment for First-time Buyer is £1085 per month 💳
#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 current average asking price of a typical first-time buyer property is £228,551.
🔹 For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,085 per month if repaying over 25 years.
🔹The Base Rate was cut to 4.25% on 8 May 2025.
🔹 Inflation in the month to April increased to 3.5%, up from 2.6% the previous month
🔹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
For the latest mortgage rates from Rightmove, click here 💹
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 📩
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