What are the current mortgage rates? 📈
#CAVENDISHEXPERTS in 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...
So, what’s happening with mortgage rates right now?
🔹 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
🔹 On 23 March, the Base Rate increased to 4.25%, from 4% in February
🔹 Prices have reduced across all Loan To Value (LTV) ranges, for both two- and five-year fixed deals
🔹 Experts predict further reductions in the coming weeks
What are the current mortgage interest rates?
On Tuesday 28 March 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 £999 fee.
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 % 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
🔹 A good way to find out how much you could borrow is to use a mortgage calculator.
🔹 And to get a personalised result by applying for a Mortgage in Principle which will take you one step closer to a mortgage offer
If you would like to discuss your eligibility for a mortgage, get in touch with our team today.
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#CAVENDISHEXPERTS in 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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