1% Mortgages Proving Popular Amongst First Time Buyers

As the dynamics of the mortgage market continue to shift, staying informed and adaptable is more crucial than ever. This week, we bring you important updates on our services designed to navigate these changes, ensuring you make the most of your current opportunities.

Responding to Rising Rates with Flexi Lock
In recent days, we’ve observed significant rate increases from lenders, with some products seeing hikes of up to a quarter of a percent. 

For example, Nationwide – the UK’s biggest building society – increased rates on deals by up to 0.25 percentage points on Tuesday. The average rate on a two-year fixed deal is now 5.87%, according to the financial information service Moneyfacts. That is still about a percentage point lower than last year’s peak.

In these fluctuating market conditions, our Flexi Lock service has become an essential tool for both current and prospective homeowners. This service allows you to lock in a rate early on in your mortgage process and maintain the flexibility to switch should a better rate or product become available. As rates climb, securing your mortgage deal promptly can save you significantly in the long term.

Spotlight on the £5k Deposit Mortgage
Amidst rising rates, the new £5k Deposit Mortgage (also known as the 1% mortgage) has sparked considerable interest, proving to be an advantageous deal for those looking to step onto the property ladder.

Here are the key features of this unique offering:

Eligibility: Exclusively available to first-time buyers.
Minimum Deposit: Just £5,000 to get started.
Maximum Property Value: Up to £500,000.
Loan to Value: Up to 99%
Property Restrictions: No flats or new build houses.
Geographic Availability: Available across the UK, except in Northern Ireland.

Your Next Steps
Whether you’re exploring your first home purchase or looking to secure a more favourable mortgage rate amid market volatility, our team is here to assist. The Flexi Lock service, combined with our tailored mortgage products like the £5k Deposit Mortgage, provides robust solutions catered to your needs.

Speak to our award winning mortgage brokers
Get in touch now on 0208 364 3444 alternatively click here to schedule a free consultation call.

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