Welcome to our Springtime Spread the Word. We’re loving the lighter, brighter days and hoping to see some sunshine ☀️
Wishing you an enjoyable Easter. For many, now is an excellent opportunity to crack on with long-overdue gardening and DIY projects. Every year, spring is a popular time to sell your house or decide to move. Typically, it takes around six months to buy and move into a new home. So, if you want to be in your new abode by the end of summer or early autumn, now is the time to start looking and getting your financial affairs in order!
MORTGAGE NEWS
monthly mortgage repayment for a first-time buyer is 19% lower than the typical rent
The average monthly mortgage repayment for a first-time buyer in Great Britain is £1,038, 19% lower than the typical rental payment of £1,248. According to data from Zoopla, this is based on a 20% deposit against an average first-time buyer property priced at £253,700.
It also coincides with a 32% increase in average rental payments over the last five years.
The gap between an average monthly mortgage and rent payment was found to be the largest in the North East, where mortgage payments were 24% lower than rents.
The smallest differences between the cost of renting and paying a mortgage were found in the East Midlands and the South East, both with a 1% gap.
The only region where renting was cheaper than paying for a mortgage was in the East of England, where mortgage repayments were 6% higher or £70 more than renting at £1,298 per month.
SOURCE: Mortgage Solutions
🏆 We’re Award Winning!
We’re incredibly proud to have won six industry and local awards for our quality service.
Best Mortgage & Protection Advice Company, 2024 Southern Enterprise Awards
Best Bespoke Mortgage & Protection Advisory Firm - Oxfordshire, 2022 SME UK Enterprise Awards
Best Mortgage & Protection Service Provider UK, 2021 Southern Enterprise Awards
Customer Service Excellence Award, 2021 Southern Enterprise Awards
Best Bespoke Mortgage & Protection Advisory Firm, 2020 Midlands Enterprise Awards
Top 3 Finalist Mortgage Adviser of the Year, 2021 Unbiased Trusted Professionals Awards
Mortgage shelf life shrinks and rates fall by largest margin in half a year – Moneyfacts
The average mortgage shelf life has fallen to 16 days from 36 days a month ago, and average mortgage rates have reported their biggest fall since October.
According to a report from Moneyfacts, the average mortgage shelf life this time last year was 15 days, and in 2023, it was 16 days.
The report found that average two- and five-year fixed mortgage rates decreased by 0.13% and 0.1% to 5.39% and 5.22%, respectively, the largest cut in around six months.
Looking at average fixed rate pricing last year, the average five-year fixed rate was 5.34%, while the average two-year fixed rate was 5.76%.
Moneyfacts said the margin between the average two-year fixed rate and the average five-year fixed rate was 0.17%, the lowest it has been since January 2023.
The report noted that two-year fixed rates have been higher than five-year fixed rates since October 2022.
SOURCE: Mortgage Solutions
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WHY CHOOSE STRATTON THORPE MORTGAGE SOLUTIONS
Our team, an Oxfordshire-based mortgage and protection broker, has over 85 years of combined property industry experience. We help first-time buyers, homeowners, and investors streamline the process of securing their next mortgage, putting YOU at the heart of everything we do.
Free, no-obligation initial consultations.
Flexible appointments to suit you and your busy lives.
Access to a vast range of options, including broker-exclusive deals.
UK-wide coverage is available remotely via telephone and video appointments.
Full support throughout the home-buying and remortgage process.
Specialists in remortgage, new homes, first-time buyers, shared ownership, buy-to-let, and more.
Protection experts helping you with life insurance, critical illness, and income protection cover
Referral incentive scheme available. (T&Cs apply. Please see Referrals page)
