Some Good News On Mortgages

Wed 12 Feb 2025

Graham South FNAEA MInstLM, Sales Partner

Following the Bank of England’s decision to reduce the base rate of interest to 4.5% last week, lenders are now showing signs of taking this on board and we are now seeing sub 4% mortgages returning to the market, giving borrowers a further 'shot in the arm'!

Santander are the first to move and are due to launch four new two and four year products at 3.99% from Thursday 13th February, just in time for Valantine's Day.

There is always going to be a slight sting in the tail and this time, it’s the loan to value.

Buyers looking for either a new property purchase or remortgage will have to stump up a 40% deposit so first time buyers may struggle with this LTV, however, Santander have also confirmed that they will be introducing reductions on 80 other mortgage products by up to 0.4%.

As the sales market is still not breaking any records, mortgage lending is still way below figures required by lenders for a 'healthy' market.  This will hopefully fuel a bit of a price war between lenders which can only be good news for borrowers.

With many properties remaining available for much longer periods of time, now could really be a great time to get off the fence and pick up a good deal.

For further advice, pop in for a chat or give us a call.

We love to talk property.

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