Encouragement for First Time Buyers Looking to Purchase Their First Norwich Property

13/07/2016

Since the Brexit, the property market has had a gloomy cloud filled with uncertainty lurking over it, but experts have revealed exciting news which will definitely please first time buyers, who have found their route onto the property ladder a difficult obstacle to climb.

 

Competition amongst mortgage lenders has seen interest payments on a £130,000 95% mortgage condense from an average of £11,327 over two years in 2015 to a reduction of just £10,019 this year, signifying that up to £1,300 can be saved over the two year period.

 

The government introduced the Help to Buy scheme to help struggling first time buyers negotiate a manageable mortgage with only a small deposit. With increased competition between lenders combining with the scheme, it has resulted in a gradual decline in the interest rates charged on high loan-to-value mortgages.

 

The rates on 95% of mortgages have fallen to a record low from 4.71% in 2015 to just 3.93% in the current market. Even with the Brexit uncertainty, there is still a diverse range of property for sale in Norwich and this news will certainly inspire hope with first time buyers who will be given confidence in the more affordable mortgage payments.

 

Even paying both the capital and interest on a mortgage, it still works out an average £1,282 cheaper than renting in the UK.

 

If you are a first time buyer and would like to discuss your options with a Norwich estate agents, abbotFox are Norwich’s largest independent agents and will be happy to offer you any confidential advice you may need. Call the office on 01603 660000 or email info@abbotfox.co.uk today.

 

Josh Cousens - abbotFox

Image sourced from Flickr - Michael Button

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