Our Twenty7tec weekly update on best rates 31.7.23

Mortgage costs looking promising for first-time buyers: Our Twenty7tec weekly update on best rates

 

We have found some promising changes for first-time buyers, with other rates remaining steady from the top ten lenders.

 

We found:

The married couple 

A married couple, aged 42 and 44, with two children buying a £525k house. £385k mortgage, 15-year term, LTV 73.33%, earnings of £85k and £57k

2 year fixed 

Best price £3032.39 remains the same since last week. 

Average of the top ten lenders is £3216.75.

5 year fixed 

Best price stays at last week’s rate of £3088.72, whilst the average rises very slightly from £3113.16 to this week’s £3114.75.

The London professionals

A married couple, aged 45 and 48 with three children. £1m house. £500k mortgage, 15-year term, LTV 50%, both earn £85k each 

Mortgage

Best initial rate is a two-year fixed at £4101.56, same as the previous week.

Average of the top ten lenders initial rates down from £4199.88 to £4197.66.

Remortgage

The best initial rate is a two-year fixed at £4101.56, the same as the previous week.

The average of the top 10 lenders’ initial rates remains at £4147.61.

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%. Partner 1 earns £85k, Partner 2 earns £57k

The best initial rate drops from £3072.06 to £3063.85 for a 64-month fixed-fee mortgage with Accord. The next best deal is down from £3115.84 to £3072 for 63-month fixed-fee with HSBC.

The average of the initial open rates from the top ten lenders is down slightly by 0.7% from  £3132.64  to £3110.21.

 

For a two-year fixed mortgage, the best rate is with Skipton at £3283.28 up slightly from last week’s offer with Halifax at £3282.72.  The average of the two-year fixed fee offers for first-time buyers drops by 0.4% from last week’s £3327.67 to £3313.94 this week.

 

James Tucker, CEO of Twentytec says: 

“Things are remaining steady, with some promising decreases for first-time buyers, particularly when looking at longer-term fixed fee rates.”