What do better mortgage deals mean for you?

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With the arrival of sub 4% mortgage deals, banks are attempting to outdo each other by setting headline-grabbing rates. And with better deals on the horizon, with lower rates for those with smaller deposits, homemovers are starting to make a move.

Your property’s value will increase
As interest rates lower, demand for your home increases. Your home has become more affordable to buyers who need a mortgage to purchase it. A rejuvenated property market, which is enduring a shortage of homes, means your property's value increases. But as prices rise, you may have to borrow more, so it could be worth making an early move to get ahead of buyers returning to the market.

A quicker sale
With more buyers returning to the market, you are more likely to achieve a quicker sale. Let’s be honest: once you have decided to move and have found the right home, you want the entire process over and done quickly. Better mortgage deals mean more buyers are in a position to move. This also applies down the chain, meaning you are less likely to encounter delays.

An increase in certainty
The UK property market performed far better than many expected in 2023. In the aftermath of so many interest rate increases, the steadying of the base rate towards the end of last year came as a big relief to many homeowners and homemovers. Lowering interest rates and a positive outlook for the year ahead mean you can feel more confident as confidence in the market increases.

Lower mortgage payments and faster equity growth
Lower rates mean lower mortgage payments, with more of your payment contributing to the outstanding balance of your mortgage. This means you can build up equity far quicker. If you are planning on moving to your forever home in a few years, lower rates mean that you can move up the ladder more quickly. Financing home improvements also becomes more affordable.

There are other ways to save
Moving to a better home and making good investments has a hugely positive impact on your life. There are plenty of ways to make moving a viable financial option to counter slightly higher interest rates. If you can save on your commute, enjoy greater energy efficiency, have a better work-from-home space, and make your family happier, you will save money.

Your property story can begin
Are you a first-time buyer, downsizing, planning on retiring to a holiday home, or want to boost your pension while living in a more compact, energy-efficient property? Perhaps you love restoring and improving properties, like living in them for a few years, then moving on to the next project. Maybe you could be a fully-fledged buy-to-let investor?
 
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