Mortgage rates are dropping sharply as major lenders like Nationwide and others announce significant reductions, particularly for remortgages, following the Bank of England’s recent base rate cut.
This is fueling a surge in first-time buyer activity nationally, however in Central London the first time buyer percentage of transactions is lower than the national average.
Experts predict UK mortgage lending growth to double this year, driven by lower rates and increased consumer confidence after a stagnant 2023.
It is important to note, that due to higher property values in central London, even with lower rates, affordability is still a major factor to overcome for many buyers wanting to purchase in the area.
Standard:
Purchase 2-yr fix at 3.96% (60% LTV)
Remortgage 5-yr fix at 3.89% (75% LTV)
Purchase 2-yr fix at 4.95% (90% LTV)
Buy-to-Let:
2-yr fix at 4.16% (75% LTV)
International:
Buy-to-Let 2-yr fix at 4.74% (60% LTV)
Buy-to-Let 5-yr fix at 4.55% (60% LTV)
Buy-to-Let (Foreign National) 5-yr fix at 5.25% (75% LTV)
Residential 2-yr fix at 4.84% (75% LTV)
Residential 5-yr fix at 4.40% (75% LTV)
Interested in exploring your mortgage options?
Contact Garton Jones today for a free consultation and find the best solution for you.
marketing@gartonjones.com
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