Keeping doctors and dentists informed with the latest mortgage news and rates.
There has been no change to the 0.5% base rate, and mortgage rates in September fell again, reaching the lowest level ever. This is backed by data from Bank of England (BoE) and Financial Conduct Authority (FCA). There is still nothing set in stone for when an increase could materialise but borrowers continue to take advantage of remortgaging onto a fixed-rate to secure a low-rate for the future.
Are you getting the best rate on your existing mortgage?
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.
Mortgages for doctors and dentists
View sample rates below – ACT NOW
- 2 Year @ 1.44%
- 3 Year @ 1.94%
- 5 Year @ 2.29%
- 10 Year @ 3.14%
Offset Products
- 2 Year Fixed @ 1.64%
Smaller Deposit – Purchase/Remortgage
- 90% 2 Year @ 2.59%
- 85% 2 Year @ 1.85%
Buy-to-let arrangements for Purchase/Remortgage
- 75% 2 Year fixed @ 2.84%
The average lender’s Standard Variable Rate is now 4.50% (BOE September 2015)
The above does not constitute advice and advice should be sought in all instances before acting on it
Mortgage options
Most borrowers in this market are choosing the option of a fixed-rate mortgage, offering them security for future mortgage payments. This is in light of the potential rise increase in 2016.
“As a result, nearly four in five mortgage advances were at a fixed rate in Q2,” Mortgage Advice Bureau.
Although, there have been no further announcements regarding the rise in the interest base rate, experts continue to suggest an increase in 2016, as early as Q1.
Mortgage calculators
To calculate your potential mortgage borrowing or your monthly mortgage payments why not try one of our online mortgage calculators?
- Mortgage Affordability Calculator
- Mortgage Cost Calculator
- Mortgage Loan Calculator
- Mortgage Calculator
Since the Mortgage Market Review (MMR) came into force last year, affordability plays a big part in the mortgage application process. Lenders have to assess your ability to pay back the loan instalments, taking into account future rate rises.
These measures have been implemented to help ensure that the financial market doesn’t get “carried away” with irresponsible lending again, as it did pre-receession.
Use our Mortgage Affordability Calculator to calculate some basic figures and then contact the Dental & Medical Financial Services team who can help source you the best lender and best rate for your personal circumstances.
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.