Keeping doctors and dentists informed with the latest mortgage news and rates.
Mortgage approvals for December 2015 rose unexpectedly compared to market predictions, but following the general trend for 2015. British house prices also continue to rise, largely thanks to the continued low cost of borrowing, as well as increased employment levels. There is also a surge of buy-to-let investors still hoping to beat the tax hike on 1 April.
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.
Rising mortgage market
It has been a busy start to 2016 for mortgages at Dental & Medical Financial Services, and within the market as a whole.
It appears those who were “hanging in there” to see if the rates could possibly drop any lower, are finally using the motivation from the new year to organise their re-mortgage and gain a lower rates of interest by securing a fixed rate mortgage arrangement.
In December 2015, almost 71,000 mortgages were approved, an increase from just under 70,500 in the month prior. Predictions by Reuters was for a fall to under 70,000 for the final month in the year.
Buy-to-let is also still attracting significant interest, despite thoughts that the new Stamp Duty Land Tax (SDLT) increase coming in from 1 April 2016, could “turn-off” property investors all-together. Instead it appears to have given them a rod to stoke the fire, and they are determined to beat the system, find their next property and sign and seal their mortgage deal in the coming weeks.
Are you looking for a buy-to-let – time is running out to act with under 6 weeks and counting until the extra SDLT will be added to all buy-to-let purchases.
Read more – Can you avoid the extra Stamp Duty Land Tax
Mortgages for doctors and dentists
View sample rates below – ACT NOW
Term | Type | Rate of interest |
---|---|---|
2 year | FIXED | 1.49% |
3 year | FIXED | 1.99% |
5 year | FIXED | 2.29% |
10 year | FIXED | 2.99% |
2 year | FIXED (Offset) | 1.69% |
2 year | 10% deposit | 2.24% |
2 year | 15% deposit | 1.79% |
2 year | FIXED - Buy-to-Let | 2.49% |
The average lenders Standard Variable Rate (SVR) is 4.49% at January 2016.
How a mortgage adviser can help you
An independent mortgage adviser will be able to select from all mortgage products available on the market, and help you to select the best one for your situation, taking into account your short and long-term financial goals.
In addition, using a mortgage adviser who has relationships with specialist mortgage lenders, that understand the way in which dental and medical income is received, can help secure the best deal for your home.
Read more: Mortgages for doctors
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