Keeping doctors and dentists informed with the latest mortgage news and rates.
Mortgage rates are the lowest ever on record with the average interest rate on an outstanding mortgage falling below 3%. The Bank of England has also indicated that despite high unemployment and wage growth prospects, they will not be raising the base rate for a while, due to wider global turmoil.
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.
Exceeding all expectations
Even in December, which is a historically quiet month for mortgage lending in general, figures exceeded all expectations to close 2015 on a high note. Whilst mortgage lending fell slightly from November, final results were miles apart from a year prior.
Mortgage lending statistics
- November 2015 – £18.7 billion
- December 2015 – £18 billion
- Buyers – £12.3 billion
- Remortgages – £4.8 billion
- Mortgage extension – £918 million
- December 2014 – £14.7 billion
- Buyers – £10.1 billion
- Remortgages – £3.8 billion
- Mortgage extension – £738 million
Graph provided by: Bank of England / HighCharts
Record low interest rates
The average mortgage interest rate also fell to 2.99 percent, which marks the first time in 16 years for the rate to fall lower than 3%.
Graph provided by: Bank of England / HighCharts
In addition, total debts fell by £5bn to £1.28 trillion following a rise in mortgage repayments.
Mark Carney has also indicated that a rise in the base rate of interest is unlikely now due to global market turmoil, specifically with China, that poses a risk to the UK economy. There was an expectation of a rate rise to follow suit on the Federal Reserve in December, particularly as the UK is seeing record low employment and an expectation of wage growth.
Mortgages for doctors and dentists
View sample rates below – ACT NOW
Term | Type | Rate of interest |
---|---|---|
2 year | FIXED | 1.50% |
3 year | FIXED | 1.99% |
5 year | FIXED | 2.24% |
10 year | FIXED | 2.75% |
2 year | FIXED (Offset) | 1.79% |
2 year | 10% deposit | 2.24% |
2 year | FIXED - 15% deposit | 1.75% |
2 year | FIXED - Buy-to-Let | 2.29% |
The average lenders Standard Variable Rate (SVR) is 4.46% at February 2016.
Figures are sourced from Trigold Prospector. Please note rates do change daily.
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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