What are the current mortgage rates and how much could you borrow? š
#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
What are the current UK mortgage rates?
š¹ 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
š¹ On 11 May, the Base Rate increased to 4.5%, from 4.25% in March.
š¹ All in all the rates are relatively stable which is reassuring for movers
What are the current mortgage interest rates? (on Tuesday 23 May 2023)
Average fixed-term mortgage rates for home-buyers with 5-10% deposits
Average fixed-term mortgage rates for home-buyers with 15-25% deposits
Average fixed-term mortgage rates for home-buyers with 40% deposits
These rates are provided by Podium and are an average based on 95% of the mortgage market. All rates are based on products with a circa Ā£999 fee.
Average monthly mortgage repayments by average house price
*Based on a 5-year fixed, 85% loan-to-value, 25-year term mortgage
**First-time buyer homes includes all 2-bed properties and smaller that come to market (houses and flats); second-stepper homes includes 3-4 bed properties, excluding 4-bed detached houses; and top-of-the-ladder represents asking prices at the top end of the market, covering all 5-bed homes and above, as well as 4-bed detached houses
Source: Rightmove House Price Index and Podium data
How much can you borrow with a mortgage?
š¹ 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)
š¹ LTV is expressed as a % and it reflects the size of the mortgage you need as a proportion of the value of the home you want to buy
š¹ The bigger the deposit you have, the lower the LTV, and vice-versa
š¹ A good way to find out how much you could borrow is to use a mortgage calculator.
š¹ And to get a personalised result by applying for a Mortgage in Principle which will take you one step closer to a mortgage offer
Photograph: Sam Barker, Associate Director at Cavendish Residential
If you would like to discuss your eligibility for a mortgage, contact Sam and he will put you in touch with the BEST advisor for your specific needs (sam.barker@cavendishproperty.co.uk) š
Please note: Cavendish Residential are not authorised to give financial advice; the information and opinions provided in these articles are not intended to be financial advice and should not be relied upon when making financial decisions.
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