The interest rates charged on mortgage loans could fall further this year.
The Centre for Economics and Business Research (CEBR) is predicting a slowdown in UK economic growth as a result of yesterday’s Budget, which it says could result in the Bank of England Base Rate staying at its current level of 0.5% until the end of 2012.
The continuing low Base Rate could prompt lenders to reduce mortgage rates from an average of around 4% to 3% by early next year, according to the CEBR.
The news comes hot on the heels of a report from data website Moneyfacts, which revealed that mortagage rates have fallen to a seven year low.
The average rate on a two-year fixed rate mortgage deal now stands at 4.52%, its lowest level since September 2003.
The cost of fixed rate mortgage deals has been falling since September last year.
Among the best two-year fixed rate mortgages currently available are a deal from The Co-operative Bank at a rate of 2.95% and a deal from HSBC at 2.99%.
Yorkshire Building Society also offers a two-year fixed rate mortgage deal at 3.05%.
Showing posts with label first-time buyers. Show all posts
Showing posts with label first-time buyers. Show all posts
Friday, 25 June 2010
Saturday, 5 September 2009
Mortgage enquiries by first time buyers on the up
A new report has found that there were more first-time buyers looking for a property and a mortgage in July than the previous month.
Conducted by Unbiased.co.uk, the research showed that 43 per cent of all requests put to the website in the month were about mortgages for a new home, which is back up after a lull in June.
David Elms, chief executive of Unbiased.co.uk, said: "These July figures suggest that after a slight drop off last month, there is regained interest from first-time buyers thinking of entering the market .
"The second most popular request was for remortgaging, which took 30 per cent of all enquiries the site received, however this is three per cent down on the previous month's figures.Nationwide recently published figures for house prices in August showing that recent rises have continued in the month, which could affect first-time buyers looking to get a mortgage
Conducted by Unbiased.co.uk, the research showed that 43 per cent of all requests put to the website in the month were about mortgages for a new home, which is back up after a lull in June.
David Elms, chief executive of Unbiased.co.uk, said: "These July figures suggest that after a slight drop off last month, there is regained interest from first-time buyers thinking of entering the market .
"The second most popular request was for remortgaging, which took 30 per cent of all enquiries the site received, however this is three per cent down on the previous month's figures.Nationwide recently published figures for house prices in August showing that recent rises have continued in the month, which could affect first-time buyers looking to get a mortgage
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