As a new year stands ahead of us, Andrew Mannion, Group New Build Development Director at Mortgages First & RSC New Homes, explains why now is an ideal time to purchase a new home.
“The tide appears to be turning in from a mortgage perspective. Inflation is easing and the markets are pointing towards base rate reductions in second half of 2024. This in turn provides the markets with confidence, which has resulted in the first sub 4% mortgage product since the mini budget of October 2022.
He continues: “Mortgage lenders are keen to lend, we have seen some great improvements to lending criteria and affordability over the last few months, since interest rates have started to fall. Buying a new build property also means purchasers can benefit from further enhancements to affordability and even more competitive rates due to energy savings being factored into mortgage affordability. These are available through the green mortgage ranges offered by the majority of high street lenders.
There has never been a better time since October 2022 to look to obtain a mortgage!”
