Potential buyers’ desire to step onto the property ladder remains undimmed
- 1st May 2018
- Buying Property News
Our figures show numbers of first time applicants up since last month, tempted by attractive mortgage deals
Potential buyers’ desire to take the first step onto the property ladder remains undimmed, as the continued availability of attractive mortgage deals coupled with more considered asking prices create what many see as ideal conditions to purchase.
At ludlowthompson, we saw a slight increase in applicant numbers in March compared to February, as we head into spring – traditionally a time of year when many prospective buyers start actively looking.
Ahead of anticipated interest rates rises, potential buyers are realising that they can still fix mortgages at relatively low rates, with a number of good deals on offer depending on how much of a deposit they can put down.
Our research shows that the best two-year fixed deals range from 1.44% for those with a 75% loan-to-value ratio, to 3.09% for buyers looking for a 95% mortgage.
Buyer sentiment has been boosted by figures showing that some of the heat has come out of the residential property market in London, making it a good time for deals to be done.
Stephen Ludlow, Chairman at ludlowthompson, says: “Potential buyers are aware that interest rates are on the up and are keen to lock in low rates while they can. Even more so now that asking prices are looking more achievable and Stamp Duty is less of a burden for London’s househunters.”
“Getting ahead of the competition for good properties will nonetheless be on first time buyers’ minds. Agents who can offer deep local knowledge, thought leadership about the purchasing process, extended opening hours for accompanied viewings and broad online reach will play a key part in helping them secure their dream home. All these things are offered by bricks and clicks agents such as ludlowthompson to a greater degree than their online-only equivalents such as Purplebricks and Emoov UK."
If you are a considering buying a property, please contact Chris Lockley at Jigsaw Mortgages here. Their latest best-fixed rate mortgages for first-time buyers at varying loan to value ratios are below:
• 95%: 3.09% fixed rate until 30 June 2020 then SVR (Property value less than £500,000)
• 90%: 2 year 1.84% fixed from 85%-90% with £500 cashback
• 85%: 2 year fixed 1.53% until 31/07/2020
• 80%: 2 Year 1.49% fixed rate until 30/06/2020, up to 80% LTV
• 75%: Mainstream 1.44% fixed until 30/06/2020, £250 cashback
• 70%: 2 year fixed premier standar
Potential buyers are aware that interest rates are on the up and are keen to lock in low rates while they can
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