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Often get asked when is the right time to buy? There’s no one-size-fits-all answer. It indeed depends on your personal financial situation, goals, and needs. The worry of property prices dropping affects all homeowners but the market has so far remained resilient. It was widely reported last November that due to the economic environment we faced, house prices were likely to drop by 30% in 2023.  We are yet to see a significant decline. I always ask my customers, what’s the goal and in what time frame? As long as you continue to repay your mortgage you will still be reducing your balance.  If anything were to change with house prices your onward purchase would equally be affected making it all relative.

The mortgage market is still strong and offering innovative products to help home buyers.  We have seen over the last month interest rates decreasing. You can now get a 5 year fixed rate at 90% LTV with Skipton at 5.38% with a £1295 fee and on an apartment sold at £350,000 this would cost you £1605.71 per month with a 40 year term. Six weeks ago, this would have been over 6%. It’s important to keep in mind that interest rates can vary based on individual circumstances and the lender’s criteria, so make sure you get advice from a mortgage broker on what would be best for you.

Reasons to remain positive

  • You can get up to £20,000 more lending with lenders like Leeds who reward you for buying an energy rated home of A or B.
  • Interest rates continue to fall (albeit slowly) and if you reserve a rate and a property today, the rate can be amended until completion. If the interest is better than you reserved, brokers can change that free of charge, if they worsen you have the security of the original product
  • Seek help from family, they can help boost your income or deposit, or both. There are lots of ways for them to help, ask a mortgage adviser for more information.
  • Buying a property is more financially secure than renting. Rents are set to increase 35% over the coming year, but if you instead opt for a fixed rate mortgage you cannot be evicted (subject to you making the repayments),  nor have the rent increased or indeed worry about how you choose to decorate because you own it.

Before making any decisions, it’s crucial to conduct thorough research, assess your financial situation, and consult with mortgage professionals to ensure that you make the right choice for your specific needs and circumstances.

**Rates subject to change but were correct at time of writing 08/10/2023.  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Early repayment charges apply during the fixed rate period. **