According to Balgores Property Group, leading estate agents in Essex, there has never been a better time to secure a mortgage, with an increasing range of products for buyers and record low costs for two and three year fixed mortgage deals.
Data from the Mortgage Advice Bureau (MAB) shows that the total number of mortgage products rose by 3% in February to 17,654 – a big leap of more than a third from the 12,940 available in February 2015.
There is also good news on interest rates. Analysis of Moneyfacts Average Mortgage Rate data shows the average two-year fixed rate mortgage fell to 2.54% in February, down January’s 2.56%. Meanwhile the average three-year fixed rate mortgage rate fell to less than 3% for the first time, down to 2.92% from 3.01% over the same period.
Martin Gibbon a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group commented: “There is such a wide choice of low interest rate mortgages on offer for buyers and it’s just getting better and better. Lenders are keen to lend, house prices are rising and a first rate rise won’t be for a good while yet.
“The Bank of England is unlikely to raise the base rate soon following the Monetary Policy Committee’s recent unanimous decision to keep it at 0.5% for an 84th consecutive month. It looks like buyers will be enjoying these very low interest rates for a few more months.
“All these conditions in the housing market make it a great time to buy. Throughout the whole of Essex, properties are selling very quickly and we haven’t seen anything like this in many years. For example in Romford, 26 buyers are chasing each property on average.
“Unless buyers are in a good position to purchase a property, they will not be able to compete with those that are. In this current market, most vendors are accepting offers from buyers who have already sold their home and are financially and legally prepared.
“My advice to buyers is make sure they are in a good position to move with an agreed sale on their property, a mortgage agreed in principle and a conveyancer instructed. If buyers are to secure their dream home, they must have a mortgage agreed.”
For further information, contact your local office or visit www.balgoresproperty.co.uk.