Is now a good time to get a mortgage?
If you’re thinking about buying a new home, you might be wondering what the current mortgage rates are in the UK and what your options are. In this blog, we share latest news from the mortgage market and why speaking to a mortgage advisor is a great starting point.
In recent months, the news on the mortgage scene has become more and more positive, with inflation returning to its 2% target and more stablised mortgage rates entering the market. An example of this being Nationwide, a major high street lender, who are now offering a five-year fixed rate mortgage with a sub 4% rate* as of the 24th July 2024.
What’s currently happening with mortgage and interest rates?
As of 1st August 2024, the Bank of England (BoE) announced it will reduce the Base Rate to 5% this month, a reduction of 0.25%, and the first cut in four years. According to Rightmove, economists are predicting that we should start to see mortgage rates continue to fall over the coming months, just not to historic lows. This is reviewed every six weeks by the Bank of England’s Monetary Policy Committee where a vote is conducted as to whether interest rates should go up or down, or stay the same.
With mortgage rates showing signs of improving and various competitive buying schemes available with Gleeson, there's never been a better time to make your move and buy new.
Own New Rate Reducer scheme
Earlier this year, the Own New Rate Reducer scheme became available to both first time buyers and existing homeowners. Exclusive to new build homes only, you can purchase your dream Gleeson home and access some of the most competitive interest rates on the market with the Own New Rate Reducer scheme. Own New work with homebuilders and lenders behind the scenes, taking a contribution from the homebuilders and using this with the lender to reduce the interest on mortgage payments for the initial term. To find out if this scheme could help you with your next move, visit our dedicated page here.
Speak with a mortgage expert
Choosing the right mortgage can sometimes feel a little overwhelming, with so many different options to pick from and numerous factors to take into consideration, we would recommend speaking to a mortgage advisor for help.
A mortgage advisor (sometimes referred to as a broker) is a qualified professional who specialises in finding the most suitable mortgage for your personal financial situation.
At Gleeson, we work with new build mortgage specialists Meridian Mortgages and the Mortgage Advice Bureau, who are fully equipped to help you find the right mortgage product for you. Whether you decide to use them or not, having a mortgage advisor will be incredibly helpful and alleviate any worries you may have.
Start your journey today and let us help you find a home that is right for you. Discover your nearest Gleeson development here: https://gleesonhomes.co.uk/find-your-home/
