We have seen a busy start to 2024 with plenty of buyers out looking for property, particularly first time buyers who couldn’t get a look in the last couple of years due to high house prices and rising interest rates. Luckily, January saw interest rates starts to fall and although the Bank of England opted to keep the base rate the same due to not meeting their target on inflation, we continue to see rate cuts which is really positive.
Rishi Sunak has proposed a 99% mortgage meaning you could buy a property with just a 1% deposit, while this is a positive move to get more buyers on the ladder, there is the concern this could again push house prices up causing another housing bubble and potentially pricing out the people it is intended to help.
There are already plenty of ways to get people on the property ladder with as little as no deposit so I would advise anyone wanting to buy a property to talk to a local mortgage advisor to find out what your options are.
When it comes to homeowners with existing mortgages, you can find a new deal up to 6 months before your current one expires. As rates will most likely be higher for anyone coming off an existing rate over the next couple of years, it is ideal to look at your remortgage early so you can ensure you are prepared for the change.
Speak with Paisley Gray, our Mortgage and Protection Specialist:
| paisley@pmr-fs.co.uk | |
| 01702 529 656 | |
| 07949 537 024 |
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