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At White & Sons we work very closely with a mortgage specialist firm, Bond & Associates, who have access to an extensive range of products. They have kindly provided some general observations on what you can expect in the current mortgage market.
- You can now put down a minimum 5% deposit for flats (previously 10 or 15%) and a minimum of 10% deposit on new build flats (previously 15 or 20% ) deposit. Allowing first time buyers to get on the property ladder sooner.
- Interest rates across the market are remaining rather low; with a couple of lenders reducing their rates from today (17/01/2022) by around 0.15%, even though the Bank of England base rate has risen to 0.25% (from 0.1%).
- There has been increased lending for Joint Borrower Sole Proprietor mortgages across the market. This is where Mum and/or Dad (or Grandparents) go on the mortgage with the purchaser, so you can factor in their income, to borrow more. They don’t own the property, only the purchaser. Another option for those starting out on the property ladder.
If you are looking for specific mortgage advice then contact anyone of our offices and they would be delighted to refer you to Bond & Associates.
Photo by Scott Graham on Unsplash
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Est.
1817
1817
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Established in 1817 White & Sons are award winning independent estate agent with offices in Dorking, Reigate, Horley, Oxted & Leatherhead. We are a forward thinking business which uses cutting edge technology backed by 200 years of experience to assist with all your property related matters.
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