Great deals for property buyers in London
Mortgage lenders are offering great savings on mortgages with some giving better deals than were available before the rate rise in August. Winter is here and the evenings are darker for longer. It can be a quieter time of year all round. When Brexit negotiations are brought into account it means that the market has the potential to slow right down.
Lenders however, have targets to meet before the end of the quarter. This is proving to be good news for purchasers who wish to buy in the last few weeks of the year.
Incentives on offer from Mortgage Providers
Lots of financial institutions around the country are offering incentives to draw people to them. Some of the incentives on offer are cashback on completion or free legal fees. It is worth looking at each offer and the cost of the associated mortgage to make sure it isn’t costing you too much in the long run. Some banks, while giving a great offer, will put their fees up to cover some of the cost.
It makes sense to use a mortgage calculator and work out if it really is the deal for you. Some lenders are also offering large multiples on income to secure a loan. Deals of up to six times the annual salary are out there currently.
Should you consider fixed mortgage rates?
Fixing your mortgage could be a good way to save money. Fixing for two, five or ten years can make good financial sense. Moneyfact’s Rachel Springhall said, ‘The mortgage market is still very much alive as lenders fight it out to not just entice new borrowers onto their books, but also retain existing customers who may be coming off their deal.‘
The average 10-year fixed mortgage is now sitting at an impressive 3.08% which gives great stability for future repayments. A two-year fixed may be a better option if you are going to move home again in the near future. Some institutions do charge a fee upon breaking a fixed term.
Finding the right deal for you if you’re buying a home in Hayes
The general consensus is that there are great deals out there. It’s just a case of doing your homework to discover which one is right for you. If you would like to discuss purchasing a property in the Hayes and surrounding areas, give our team of professionals a call. They can answer any questions you have for them.