Average mortgage rate for a 5% deposit falls to 10-year low – great news for first-time buyers
- 7th November 2018
- Buying Property News
The average rate on a two-year fixed mortgage is the lowest since 2008
In the recent budget, the Chancellor issued a rallying cry for us to ‘pull together to build the bright, prosperous future that is within Britain’s grasp.’ Now is a great time for people to invest in their own future and take their first steps on to the property ladder.
If you are currently a prospective first-time buyer, the recent exciting news is that the average rate for a two-year fixed mortgage for just a 5% deposit is now only 3.39%. That’s the lowest level since 2008.
Banks had tightened their lending criteria following the financial crisis, but first-time buyers are at long last being rewarded for their patience.
That means for those looking to take their first steps on to the property ladder in London, now could be the best opportunity in a long time to buy even with just a small deposit.
With London’s traditionally strong property market proving resilient despite ongoing Brexit uncertainties, buying a property in the capital now represents a good investment opportunity.
Stephen Ludlow, Chairman of ludlowthompson, says: “Many people have been waiting for the perfect time to make their first house purchase.”
“It now seems that, with rates on fixed mortgages at a ten-year low, this is a great time for people to buy their first property.”
“London is the ideal place to live and work for many young people. Transport links, famous cultural hotspots, and a thriving social centre are just a few of the reasons why first-time purchasers are buying a property in the capital. Perhaps it’s time to take advantage of low rates!”
If you are considering buying a property, please contact Chris Lockley at Jigsaw Mortgages here.
Here is a selection of recent reviews of happy customers of ludlowthompson via Google:
- David Turner on Google Reviews
“After recently starting our search as first-time buyers we are still in the early stages. We met with Martin in Lewisham and he was really helpful with information about the property but also about the general market as well. He had a couple of properties he was able to take us to, all within our original specifications. I would happily go out to view with Martin again!”
- Harriet Denis Le Seve on Google Reviews
“Bought my first property in Camberwell with Ludlow Thompson. I was looked after excellently by Georgina Witts who was always available for a quick call or email no matter what time. As a first-time buyer, I really appreciate Georgina's genuine care and attention for all my queries and catering to my many visits to the property before completion. Would highly recommend these guys!”
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period we were ranked as the number 1 agent in the UK on allAgents.co.uk out of 15,000+ agents, with 5200+ 5* reviews, and we are also linked with Feefo - independent review company and global Google Partner - giving the customer another place to search for independent reviews of ludlowthompson and the individuals that work here.
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