Help for First Time Buyers entering the housing market?

Monica Bradley, our associate Independent Financial Adviser from Kingswood Law, comments on the latest Bank of England’s MPC’s decision to hold interest rates at the record low of 0.5%.

“The Bank of England’s Monetary Policy Committee has again decided to hold interest rates at the record low of 0.5% for the 35th month and has announced that it is to increase its Quantitative Easing (QE) programme as it bids to stave off a recession.

Overall Product Numbers
Overall mortgage product numbers reduced a little in January, although we continue to see an increase in the number of mortgage products both at 90% and even 95% loan to value.   This will enable more potential purchasers and in particular first time buyers to potentially enter the housing market.

Average Rates
February has witnessed a small rise in the average cost of 2, 3 and 5 year fixed rates and also in 2 year trackers, although all three categories of fixed rates remain below the same period in 2011. Average initial rates for fixed deals are currently 4.36% (2yr),  4.63% (3yr), 4.64% (5yr) and 3.54% for 2 year trackers.

The UK is directly affected by what happens in the eurozone and with this latest round of QE and with the base rate again held at 0.5%, this could end up providing a boost to mortgage borrowers. “

To find out how the latest base rate decision affects you or if you are a first time buyer looking to enter the housing market call Monica Bradley from Kingswood Law on 020 8643 7777.

With offices in the heart of Cheam Village, within walking distance of Christies’ Cheam office, and backed by a robust administration team, you can rest assured that you will be in safe hands when Kingswood Law takes care of your finances. As such, when you are considering purchasing a new home, remortgaging or buy to let, Christies recommends using Kingswood Law to ensure you find the best deal and the one most suited to you and your circumstances. In addition, Kingswood Law offers specialist advice on protecting your home, income and family, as well as a comprehensive estate-planning service*.

If you would like further information about their services please call 020 8643 7777 or visit www.christiesworld.com and click on Financial Services. Christies Estate Agents work in close association with Kingswood Law to offer its customers unbiased independent mortgage advice.

*Estate Planning services are provided by the Countrywide Group. Your home may be repossessed if you do not keep up repayments on your mortgage. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £95. Your home may be repossessed if you do not keep up repayments on your mortgage.

020 8643 7777 - sales@christiesworld .com - www.christiesworld.com