Mortgage lending is heating up! 1% rates available for some buyers

There couldn’t be a better time to buy a house with potential homeowners currently being offered mortgages that have interest rates below 1% for the first time in a few years. Interest rates could potentially fall even further, according to experts. After many months of uncertainty, it is great to see the housing market opening back up again in this way.

 

We couldn’t be happier to see this at Love Mortgages as we love to help our customers find the best deal on their mortgage and this opens up so many more possibilities to many of them. The housing market is getting back to normal after many months of uncertainty and apprehension and we are so happy to see this for both our customers and the industry.

 

 

 

Lenders are falling over themselves to offer these rates and there is plenty of competition between lenders to offer the best rate. There are plenty of lenders to choose from offering these brilliant interest rates – however, this is long after the Bank of England cut the base rate to the record low of 0.1%.

Lenders were very wary about who they might be lending to back then due to the uncertainty of the economy and housing market during the pandemic however this all seems to have changed now. Finally, lenders seem to be having a rate competition in the mortgage market once more. Rates as low as this haven’t been seen since before the pandemic however many lenders will have strict criteria that potential borrowers will have to adhere to. Some of these low-interest mortgages are only open to people remortgaging their property and others are needing a substantial deposit to be considered.

However, lenders are also beginning to offer decent rates on their five-year fixed deals so potential buyers can lock their rate in for even longer if they wish. If they qualify and pass the criteria, then borrowers could find themselves locked in with a really low deal.

Looking for a mortgage? Get the best advice today. Message us here or call us on 01244 90 44 10.

You might be reading this wondering why mortgage rates are so important. The team at Love Mortgages live and breathe mortgages so know exactly why they are important but borrowers themselves might not realise. The rate determines how much your loan balance will grow each month. If you have a high-interest rate, you will have higher monthly repayments.

This means that low-interest rates such as those mentioned above are great because the monthly repayments will be as low as you can possibly get them!

It is important to remember that these rates won’t necessarily be available for everyone. The team here at Love Mortgages will strive to help you get the best deal possible – and if that includes a mortgage with interest rates below 1%, then that’s amazing. However many lenders are choosing to offer these incredible deals to buyers who have large deposits – especially if they are remortgaging. Some borrowers might find that they don’t qualify for lenders criteria but we will do our best to get you a great deal and lock you into a low rate. That's one of the things that make Love Mortgages the ideal choice of mortgage broker. We have access to the widest range of lenders and offers - that we're guaranteed to find a great deal for your circumstances.

Mortgages can be a confusing topic so if you are struggling to understand what is going on, we would be more than happy to sit down with you and talk you through it. Low rates can be very tempting but it is important that potential borrowers know exactly what they are getting and how much it is going to cost them. It is vital that our customers make the most out of their money which is why we will always look at the total cost rather than just the dazzling rate and analyse whether it is the right one for you. We will always check the terms of the deal to see if it really is a deal for your situation. What might be a great deal for one borrower might not be for another.

If you are looking to take advantage of these extremely low-interest rates, then please don’t hesitate to get in touch. No matter what your situation is, we will take a look at the low-interest rate deals available to us and see whether you fit the criteria. We always strive to get you the best possible deal and pick the right mortgage for you and your circumstances.

We have access to a vast number of lenders and with more and more lenders starting to offer these low-interest rates, we hope to easily find the right deal for you. Our team have years of experience and extensive knowledge and know exactly what to look for and how to help you get it.

We know a mortgage is a massive financial commitment and it isn’t something to go into lightly. We will ensure that we give you the best advice we can and find the right mortgage for your situation. We will also make sure you understand everything that’s happening as it happens.

Whether you are looking to find out if a low-interest rate mortgage is available to you or whether you are simply wanting to discuss mortgages in general with us, please do get in contact. You can give us a call on 01244 90 44 10 and speak to one of our friendly team members who will do everything they can to help you achieve your goal. We offer mortgages, advice, and protection not only locally in the Mold and Chester area but also nationally so no matter where you are in the country, we are happy to help.