Keeping doctors and dentists informed with the latest mortgage news and rates.
The first quarter of 2016 saw consistently high results for property transactions markets, with landlords rushing to beat the 1 April deadline for SDLT, and residential home owners still wanting to catch a deal with low-rate remortgages. There is suspicion that the buy-to-let interest may slow down after April – we’ll have to watch the space to see.
Read more, including this month’s BEST RATES here.
This does not constitute advice and advice should be sought in all instances before acting on it.
Your property may be at risk should you be unable to maintain any agreed mortgage payments over the term agreed.
Property performance update – Q1
In a warm economic climate, with rock-bottom interest rates, there are opportunities for most borrowers, especially those with equity in their property or savings to go towards a deposit.
According to the Office for National Statistics (ONS) house prices rose by almost 8% in the year to January 2016, the biggest increase since March 2015.
The British Bankers Association (BBA) reported that mortgage approvals were slightly down in February compared to January though.
- February 2016 – 73,871
- January 2016 – 74,085
However, compared to February 2015, approvals in February 2016 rose by 26%, with the value of loans increasing from £10.3 billion to £13 billion.
In the same period, remortgages rose by 24% with 40,749 approvals compared to 32,755 in the prior year, resulting in £7.3 billion in value, compared to £5.3 billion last year.
This represents a 38% increase in the value of remortgages year-on-year for the month of February.
The market is unsure how April 2016 will shape-up, with the new SDLT rules for landlords putting a spanner in the work for property investors. Time will tell how much of an impact this new legislation will have on the property market over the next few months.
Mortgages for doctors and dentists
Term | Type | Rate of interest |
---|---|---|
2 year | FIXED | 1.50% |
2 year | TRACKER | 1.39% |
3 year | FIXED | 1.99% |
5 year | FIXED | 2.27% |
10 year | FIXED | 2.75% |
2 year | FIXED (Offset) | 1.79% |
2 year | 10% deposit | 2.24% |
2 year | FIXED - 15% deposit | 1.74% |
2 year | FIXED - Buy-to-Let | 2.24% |
The average lenders Standard Variable Rate (SVR) is 4.67% at March 2016.
Figures are sourced from Trigold Prospector. Please note rates do change daily.
Read more of Chris’s monthly mortgage updates:
Get a mortgage review with Chris
If you would like us to undertake a review of your current mortgage deal or you are thinking of purchasing in the near future and require funding, please contact Chris for a free, no obligation appraisal.
Tel: 01403 780 770