Although the ripples are small, it does appear that first time buyer mortgage seekers may soon be getting a break in rates. The first indications of a rate drop may be apparent soon and this should help those that are seeking a first time buyer mortgage to be able to save money, especially over the long term. While the changes in the first time buyer mortgage market may still be a few months off, experts are hoping that they occur and positively impact those seeking to become homeowners for the first time.
“Rates have fallen but they are still very restrictive given the current macro-economic backdrop,” said Lena Komileva, a market economist at Tullet Prebon.
Alan Clarke of BNP Paribas commented, “This is the first bit of helpful news for a while but it comes on the back of a sizeable upward shift the prior month, so rates are still higher than two months ago. If reports are correct that potential buyers are sitting on their hands in anticipation of possible stamp duty freezes, then to some extent it is academic what the cost of a two-year fixed rate is — new buyers are holding fire.”
Tags: adverse, credit, loan, mortgage, self, cert, council, car, home, improvement, holiday, remortgage, tracker, fixed, rate, mortgages council, car, tracker, mortgage, credit, home, fixed, rate, improvement, loan
Related reading: First Time Buyer Mortgage
Comment on this article