Keeping doctors and dentists informed with the latest mortgage news and rates.
The Bank of England’s recent credit report announcing results from April 2015 show over 68,000 mortgages were approved in that month alone. This represents an almost 10% increase since March 2015 and the highest number of approvals since February 2014.
Homeowners are also paying the lowest ever mortgage rates – are you?
This does not constitute advice and advice should be sought in all instances before acting on it
Over £11 billion in lending in April 15
The figures show that in April 15, £11.1 billion in total loan value was lent to over 68,076 buyers.
It’s a 9% increase on April 2014 which experts believe is due to the public re-gaining confidence in the mortgage market as the Mortgage Market Review settles plus, a positive outlook for the UK economy in 2015.
Continuing low mortgage rates
With the Bank of England (BOE) base rate continuing at 0.5%, the average mortgage interest payment was just 3.01 for Quarter 1 (April, May and June 2015).
This is reported by BOE and the Financial Conduct Authority (FCA) to be the lowest ever recorded interest level in eight years, since this means of recording started.
Subsequently, the competition amongst lenders continues, with some even having to go the extra mile by offering incentives such as cash-back.
Big boost in remortgages
Remortgages and approvals have accelerated at twice the level that house purchases have within the last year. Many borrowers can save significantly each month by changing their mortgage and escaping their current lender’s Standard Variable Rate (SVR).
Locking in a good deal
The attitude of many is that these low rates of interest won’t be indefinitely available so “make hay whilst sun shines”! Borrowers are therefore planning to lock in a good deal whilst they are available.
Examples of the latest interest rates – ACT NOW
- 2 Year @ 1.24%
- 3 Year @ 1.74%
- 5 Year @ 2.14%
- 10 Year @ 2.99%
Offset Products
- 2 Year Fixed @ 1.44%
Smaller Deposit – Purchase/Remortgage
- 90% 2 Year @ 3.09%
- 85% 2 Year @ 2.04%
Buy-to-ley arrangements for Purchase/Remortgage
- 75% 2 Year fixed @ 2.79%
The average lender’s Standard Variable Rate is now 3.46% (BOE April 2015)
The above does not constitute advice and advice should be sought in all instances before acting on it
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