ISSUE NO 14
April 2024
Welcome to our monthly Newsletter. Each edition will give you insight to the world of Mortgages and Housing.
We hope you enjoy!
The Inspired Team x
MARKET UPDATE:
- What’s happening with house prices?
o House asking prices rose again in March by 1.5%, with the average asking price of a home in Great Britain at £368,118. The number of sales being agreed is now 13% higher than at this time last year
- Are Interest Rates falling or rising?
o The Bank of England kept rate at 5.25% in March with one of the panel suggested a rate cut. Analysts still remain hopeful of 2 rate cuts in 2024.
- Inflation
o Inflation dropped to 3.4% on March 12th. Inflation in UK shops have dropped to their lowest level for 2 years. The target remains at 2% and analysts are still confident this can be achieved as early as April.
- Mortgage Rates
o Mortgage Interest rates rose slightly in March. The best 2 year fixed deal currently sits at 4.52% and the best 5 year fixed rate is 4.16% (based on 60% loan to value)
DO YOU KNOW SOMEONE SAVING TO BUY THEIR FIRST HOME?:
A mortgage lender has released a mortgage product for first time buyers with as little as £5,000 deposit.
Here’s what you need to know:
- Minimum £5k deposit
- For joint applications, only 1 applicant must be a first time buyer
- 5 year fixed rate product
- LTVs between 95.01% and 99%
- House purchase between £100k and £500k
- Min loan £95k / Max loan £495k
- Subject to affordability, criteria and credit score
