'Tis the season to be buying.
Buyer confidence is on the rise!
The best mortgage rates are currently standing at 4.5% for a 5-year fixed term and 5% for 2-year fixed terms.
Increased borrowing capacity:
Several lenders now offer residential mortgages extended up to age 80!
This unique flexibility has proven beneficial for both purchase and remortgage customers. The only requirement is proof of a pension contribution, streamlining the process for convenience.
UK mortgage approvals exceeded expectations in October, with net mortgage approvals for house purchases rising to 47,400 in October from 43,700 in September, the latest Bank of England data showed yesterday.
The number in October was well above economists’ expectations of 45,000 and the highest since July. However it was still more than a quarter (28%) below the level in October 2019, before the pandemic.
Net approvals for remortgaging increased to 23,700 from 20,600 in the corresponding period.
The data released on Wednesday suggests an easing in the housing downturn, after a fall in the cost of some popular mortgage products following the Bank of England’s decision to leave interest rates unchanged at 5.25% in September and November.
Jason Tebb, chief executive of property search website OnTheMarket.com, said it was “clear that the pause in interest rate hikes has boosted market stability and buyer confidence”.