Experts say that the recent rise in mortgage lending (see my article 20% increase in UK mortgage lending) comes on the back of falling mortgage rates, driven by the Government’s Funding for Lending Scheme launched last August.
This has seen banks and building societies cut the cost of borrowing, resulting in some of the cheapest ever fixed rate loans.
Research shows that on 19th June 2013, Yorkshire Building Society launched the lowest ever ten year fixed rate mortgage at 3.8% to borrowers with deposits of 25% or more.
Understandably demand for 10 year deals is limited due to the high level of commitment needed. However, interest on 2 and 5 year fixed rates have soared in recent months as rates continue to fall.
The lowest five year rate available to home buyers is again from Yorkshire Building Society at 2.44% with a maximum loan to value of 65%.
Jonathan Waters, owner and managing director of the Ipswich based estate agents of the same name, said: “Competition between mortgage lenders is understandably great news for borrowers and great news for the Ipswich housing market. In addition to the other schemes currently available, all on all, the ability to get mortgages and the price you have to pay to get them is now at an all time low.”
Get more information from my article “I was a first time buyer 25 years ago”.
Estate Agents Ipswich – To get on the move with Jonathan Waters please contact:
625 Foxhall Road, Ipswich, Suffolk, IP3 8ND
01473 721133
jonathan@waters-ips.co.uk
35 Buttermarket, Ipswich, Suffolk, IP1 1BH
01473 281188
jonathanwaters@jonathanwaters.co.uk
Bristol Court, Betts Avenue, Martlesham Heath Business Park, Martlesham IP5 3RY
01473 620222
jonathan@waters-ips.co.uk
or visit www.jonathanwaters.co.uk
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