As we approach the end of the year there are still some extremely low interest rates available, with several lenders dropping rates again over recent weeks. Experts in the Times reminded borrowers of the importance of taking set up costs into account when working out the total cost of a deal, rather than just being attracted by the headline rate.
The Guardian reported this weekend on improvements to the ‘credit repair’ side of the market, with the recent launch of two new lenders, giving more choice to borrowers who have experienced problems securing a mortgage with a high street lender. Mortgage rates vary depending on the severity of the issues experienced, so experts recommended that homeowners always obtain a copy of their credit report prior to getting advice on the best route to take.
There was encouraging news for First Time Buyers too, with the Sunday Telegraph revealing that the proportion of homebuyers under the age of 35 has been increasing steadily over the last 5 years. The Government Help-to-Buy initiatives have been helpful, alongside lenders offering a greater number of low-deposit deals. In a climate of low interest rates however, it is important for buyers to be aware of potential increases in the years to come.
What the papers say – 31st October and 1st November 2015