House prices may be out of reach for many but banks are making it easier for first-time buyers to get on the property ladder by offering the lowest mortgage rates since records began in 1995. Interest rates on two and five-year deals have fallen to a 23-year low, according to the latest Bank of England figures. People looking to buy a property with a 5pc deposit and take out a loan for the remaining 95pc could get a two-year mortgage with an interest rate of 33.3pc, down from 4.02pc a year ago. For five-year mortgages, the average rate was 3.89pc at the end of October. It was 4.71pc in the same month the previous year. Both rates beat the record lows for each type of mortgage reached a month earlier, at 3.39pc and 3.95pc respectively, suggesting that lenders are increasing efforts to drum up business. Shaun Church of Private Finance, a mortgage broker, said the reason for the falling rates was stiff competition among lenders. Low-deposit mortgages, … [Read more...] about First-time buyer mortgage rates fall to record low
Spectator Money 24 July 2018 4:26 PM 24 July 2018 4:26 PM Share Twitter Facebook LinkedIn Email Whatsapp If you’re looking to take your first steps onto the property ladder, this week’s Best Buys – from data supplied by moneyfacts.co.uk – might help you along the way. See also Best BuysMoneyBlog Most Popular ReadRecentRead Don’t blame the Tories for a Brexit ‘no deal’ Brendan O'Neill Let funerals be sad Colin Brazier Forget the ‘Beatles’: here’s what happens to most British jihadi suspects Isabel Hardman Rewriting Kipling for the modern age Rod Liddle I was wrong about Boris Johnson Rod Liddle Jean-Claude drunker Jean Quatremer Recent Performing garage on an orchestra doesn’t lend the genre legitimacy – it just sanitises the music Pea … [Read more...] about Best Buys: First time buyer mortgage rates
Spectator Money 23 May 2018 2:18 PM 23 May 2018 2:18 PM Share Twitter Facebook LinkedIn Email Whatsapp If you’re looking to buy your first home, this week’s Best Buys – from data supplied by moneyfacts.co.uk – will help you find the best mortgage deals on the market right now. See also Best BuysMoneyBlogmortgage What to read next Best Buys: Two year fixed-rate buy-to-let mortgages Spectator Money Best Buys: Buy-to-let two year fixed rate mortgages Spectator Money Best Buys: Two year fixed-rate mortgages Spectator Money Best Buys: 5 year fixed-rate buy-to-let mortgages Spectator Money Best Buys: 5 year fixed rate mortgages Spectator Money Best Buys: Buy-to-let 5 year fixed rate mortgages Spectator Money … [Read more...] about Best Buys: First time buyer mortgages
Mortgage lending to home buyers has reached its highest levels for February in over a decade, a trade association has reported. Some 50,000 mortgages were handed out to first-time buyers or home movers in February this year - the highest figure for that month seen since 2007, UK Finance said. Within this total, 25,200 first-time buyer mortgages were handed out in February 2018, 2.4% more than in the same month a year earlier. There were 24,800 home mover mortgages completed in the month, the same as in February a year earlier. Meanwhile, there were 35,400 new home owner re-mortgages completed in February, 11.3% more than in the same month a year earlier. Buy-to-let lending for house purchase was down compared with a year earlier, but there was an annual jump in landlords re-mortgaging. There were 5,200 buy-to-let house purchase mortgages completed in the month, 8.8% down on the same month a year earlier. And 14,100 buy-to-let re-mortgages were completed, 20.5% more than a year earlier. … [Read more...] about Busiest February for mortgages since 2007
THE dream of owning a home is becoming increasingly remote for millions of young Brits. And that's not surprising when you think first-time buyers now have to fork-out nearly £50,000 for a deposit to get their foot on the first rung of the property ladder. But what if there was a way wannabe buyers could buy their own home without having to scrimp and save for that deposit? A decade ago, borrowers were able to take advantage of lots offers that meant they didn't need to stump up any money before getting their mortgage. But are these offers still around now? And are they worth looking at if you're desperate to get your first home but can't get enough money together?What are no deposit mortgages? When you're mortgage shopping, you'll see something called Loan to Value (LTV). This is simply the percentage amount of the property that is mortgages and the amount that is owned by you. So for example, if you're buying a home worth £100,000 and have a 10 per cent deposit saved … [Read more...] about What are no deposit mortgages, which lenders offer them and can first time buyers apply?