April 2015 Update

We are quarter of the way through 2015 already – how time flies! Spring is making an appearance and summer is just around the corner.

Following the Fixed-term Parliaments Act 2011, the date of the next general election has been set as Thursday 7 May 2015.

  • Are you thinking of buying a property?
  • Do you want to re-mortgage and fix your rate?
  • Interested in releasing capital?
  • Would you like to reduce your monthly repayments?

The best advice is not to let the forthcoming General Election delay your decision.

Current interest rates can go only one way – upwards, and, according to the mortgage market, there is a possibility that they may do so before next May.

One latest UK Mortgage report shows that the average two-year fixed rate mortgage fell by a 0.13% last month to just 3.39%.

If you have significant equity in your home or a sizeable deposit, the lowest two-year fixed deal on the market offers borrowers with a 40% deposit the chance to secure a mortgage at a rate of just 1.49%. The best 5 year fixed rate at the same loan to value ratio would cost 2.59% (all details correct at time of publication).

Interestingly, research also shows that the perceived cost of moving puts off 46% of people from taking the plunge – however, 64% of people have grossly over-estimated the cost!

Contact John M. Lewis & Co. for competitive conveyancing rates and unrivalled service.

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