Persona Report w/c 4.9.23
Whispers of change for first-time buyers? Weekly best rates from top lenders
This week sees the best prices for First-time buyers dip, whilst, for others, the rates remain steady.
We found:
The married couple
A married couple, aged 42 and 44, with 2 children buying a £525k house. £385k mortgage, 15-year term, LTV 73.33%, earnings of £85k and £57k
2 year fixed
The best price remains at £3032.39 with Monmouthshire BS for a two-year fixed fee mortgage.
The average of the top ten lenders drops to £3188.81 from £3196.01.
5 year fixed
The best price is steady at £3088.72, whilst the average dips to £3089.93 from £3093.21.
The London professionals
A married couple, aged 45 and 48 with 3 children. £1m house. £500k mortgage, 15-year term, LTV 50%, both earn £85k each
Mortgage
The best initial rate stays with HSBC for a two-year fixed at £4101.56.
The average of the top ten lenders’ initial rates decreases by 0.21% from £4161.17 to £4152.19
Remortgage
The best initial rate is a two-year fixed is still with HSBC at £4101.56.
The average of the top 10 lenders’ initial rates dips to £4136.69 from £4143.40.
First Time Buyers
An unmarried couple, aged 29 and 28, no children, buying a £525k house with a £50k deposit from the BOMAD, 25-year term, LTV 90.48%. One earns £85k, the other earns £57k
The best initial rate is with Skipton at £2971.18 for a 64-month mortgage down 1.95% from £3029.15.
The average of the initial open rates from the top ten lenders drops from £3050.23 to £3043.41.
For a two-year fixed mortgage, the best rate is now with Skipton at £3184.79 with the average dropping slightly to £3229.13 from £3249.91.
The best rate for a five-year fixed fee mortgage is also with Skipton at £2971.8, whilst the average dips from £3043.41 to £3031.92.
Couple in their twenties
An unmarried couple, aged 28 and 29, on 38k and 32k, who have one child looking to buy a house 170k with a 20k deposit.
The best initial rate is the same as last week for a 24-month deal at £873.95 with Monmouthshire BS, where the average of the top ten lenders is up from £909.21 to £918.45.
Single person
Single person with no children after a 190k home with a 60k deposit.
The best initial rate is the same as last week at £686 for a 60-month deal with Monmouthshire BS, the average of the top ten lenders is up by £2.58 to £702.58.
