ISSUE NO 20
October 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?
- House asking prices rose by 0.8% in September, with the average asking price of a home in Great Britain at £370,759. The number of Sales is currently up huge 27% above this time last year which is great news.
- Are Interest Rates falling or rising?
- The Bank of England last met on 19th September. They kept rates the same at 5.00% but the outlook still suggests a further 0.25% reduction before the end of the year.
- Inflation
- In August 2024, the UK’s annual inflation rate remained the same at 2.2%.
- The target level is 2.0%
- Mortgage Rates
- Mortgage Interest rates continued to decrease in September. The best 2 year fixed deal currently sits at 3.99% and the best 5 year fixed rate is 3.69% (based on 60% loan to value)
LOWER RATES – WHAT DO WE DO?:
We are constantly checking and amending our clients mortgage offers as soon as we see there’s a lower rate available with their lender. We do this right up to the point of exchange. We recently managed to save our client a huge amount per month by doing this!
Our client has 3 mortgages due to complete this month, originally applied for in June. During these 3 months, we have had multiple rate reductions.
Mortgage 1: WAS 5.26% / NOW 4.46% – saving £276.31 per month
Mortgage 2: WAS 4.80% / NOW 4.21% – saving £120.29 per month
Mortgage 3: WAS 4.99% / NOW 4.64% – saving £42.86 per month
Total saving £439.46 per month!
