3 reasons why now is the best time to get a mortgage

The spotlight has certainly been on the UK mortgage market in recent times. As owning a property becomes an increasingly common goal for a large proportion of the UK, it’s important for those looking to get on the ladder to consider their finances. Whether you’re a first time buyer, are looking to move home or are a buy to let landlord, now could be the perfect time to look at getting a mortgage to fund your property purchase.

Known to be a versatile market, interest rates on mortgages make a huge difference when it comes to looking at repayments. However, over the past 12 months, rates have been consistently falling to the point where the Bank of England have reported record lows for rates*. Both first time buyers and buy to let landlords have been reaping the benefits of these plummeting interest rates and taking advantage of a buoyant mortgage market. While these low rates haven’t begun to rise just yet, it’s likely that they will start increasing at some point in the near future, so it would be wise for anyone looking to obtain a mortgage to act now and secure the best deal to suit your circumstances.

The UK is experiencing economic growth across the board. House prices are increasing at a steady a sustainable rate of around 6.5% according to ONS figures*. This is great news for those looking at capital appreciation from property and a buoyant market allows individuals to buy and sell with ease. Many buyers were stung by the financial crash in 2008, which left some of those who’d just bought a property out of pocket. Almost 10 years later, it’s safe to say that the UK in particular is in a much better position economically and the property market has vastly improved.

After a buoyant 2016, it’s likely that the next 12 months will see a further boost to the market as buyers continue to take advantage of favourable rates. Mortgage rates are still low, but as previously mentioned it is likely these will start to creep up, so securing a mortgage whilst these great deals are still available is key. First time buyers also benefit from government incentive schemes such as Help to Buy and Lifetime ISAs – a great way to give new buyers a huge step onto the property ladder. More new housing on the way is also likely to see a jump in sale numbers and more people buying for both investment and personal use. No matter what your current situation, speaking to a mortgage broker now could help you on your way with your property journey.

If you’re considering using finance to help get you onto the property ladder, we at Expedite Finance can assist. We can research the market for you and help you find the best deal to suit your needs. We also have access to lenders and products which aren’t on the high street. We’re here to make your property journey as stress-free as possible so to find out more about our services, call us on 0800 2012 100.



Record low rates: http://www.telegraph.co.uk/business/2017/03/01/mortgage-lending-surges-interest-rates-hit-new-record-low/

ONS figures: http://www.thisismoney.co.uk/money/mortgageshome/article-4101552/Will-house-prices-continue-rise-2017.html

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