Cheapest ever mortgage rates are good news for Swindon homeowners and first time buyers
Tue 06 Jun 2017
If the General Election debates proved one thing it is that the desire to own your own home remains a key issue for most people in Britain, and what’s true of London, Reading and St Albans is equally true of Liden, Redhouse and St Andrew’s Ridge.
Regardless of politics, anything that makes buying a property easier for people in the Swindon area will always get the Dewhurst vote. Financial stories may have been knocked off the front pages by all the political hue and cry, but the latest news on cheap mortgages is excellent news for homeowners of all political bents.
Official figures released at the start of June reveal that mortgage rates in Britain have tumbled to an all-time low. The average rate for a two-year fixed deal is now just 1.26% as war breaks out between lenders to attract business. The latest figures mean that the average borrower is now paying £276 a year less than they were 12 months ago.
A string of major lenders have rushed out cheap deals, with Yorkshire Building Society launching the lowest UK rate on record. Its two-year 0.89 per cent standard variable rate mortgage is available to borrowers with a 35 per cent deposit. Santander and Nationwide – Britain's biggest building society – also cut their rates last month.*
“Given the mortgage rate battle between lenders, savvy homeowners will be eagerly reviewing their current deals,” says Chris Dewhurst, director of Dewhurst & Co.
“These latest offers should act as a wake-up call to millions of borrowers with expensive standard variable rate mortgages, which usually range between 3.75 per cent and almost 6 per cent. Why pay 6 percent when you can pay 0.89%?”
The launch of the first sub-one per cent mortgage deals means borrowers with a 40 per cent deposit will see their monthly repayment on a £150,000 mortgage fall from £616.25 to £583.14.
“Cheap mortgage rates are especially good news for first-time buyers,” continues Chris. “Rising property prices have meant many young people find it harder to save a deposit and get onto the housing ladder. The lowest interest rates may still be reserved for borrowers with big deposits, but there are now plenty of competitive new deals for first-time buyers with just 5% to put down.”
“Throw in the fact that property prices in the Swindon area are extremely competitive and it’s clear that first-time buyers here have a big advantage over people living elsewhere in a 60-mile radius. Why buy a tiny one-bedroom flat in Oxford, Bristol or Bath when you can buy a nice 3-bed house in Swindon for the same price?”
LET US HELP YOU SELL YOUR PROPERTY THIS SUMMER.To get a FREE valuation in 24 hours, please contact Chris Dewhurst on 01793 701111 or chris@dewhurstandco.com
DEWHURST & CO. 1996 - 2017. 21 YEARS AS PROPERTY EXPERTS IN ONE OF THE BEST TOWNS IN BRITAIN.
*Dewhurst & Co does not give financial advice. Before taking out a mortgage you should get professional advice from an Independent Financial Adviser (IFA).