Is Now the Right Time to Buy a New Home?
13th October 2023
With thanks to Paul Cleveland at Fairstone Financial Management.
If you’ve been reading the newspapers recently, you will have seen some good news for those looking to buy a new home or move house.
At the start of October, a number of leading mortgage lenders reduced their rates by between 0.3% and 0.7%.
What does this mean for me?
If you’re a first-time buyer looking to get onto the property ladder, need to take a second step up to a bigger home, or wondering whether now is the right time to downsize or invest in a rental property, you may well have questions about what the lower mortgage rates might mean for you.
For many homebuyers, the fact that mortgage rates have gone down is not the only thing that is giving them greater confidence in the market. The Bank of England held the UK base rate at 5.25% in September. The rate of inflation has also fallen in the past month. All these factors indirectly influence the rates on offer from banks and other mortgage lenders.
What can I afford?
If you’re wondering what you could afford and whether now is the right time to buy, the best approach is always to speak to an independent financial advisor. They will take time to understand your personal circumstances to recommend the right option for you.
In particular, by choosing an independent financial advisor, they will be able to research the whole of the mortgage market before making a recommendation. By contrast, going to an advisor at your regular bank or building society means that they will only be able to offer you their own mortgage products, which might not be best suited for your needs.
Please contact our New Homes Consultants today if you would like to be put in touch with our recommended independent financial advisors for personal advice.
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The opinions in this article are those of the writer. They are not those of Fairstone Financial Management or YTL Developments and are not intended to be financial advice. Always do your own research and seek independent financial advice when required.