Persona Data w/c 24.7.23
Mortgage costs on the increase for UK housebuyers: Twenty7tec weekly update on best rates
This week’s data analysing the top ten UK lenders, Twenty7tec, leading adviser tech found steady initial rates above the board, revealing what three certain personas may expect to be offered.
It found:
The married couple
A married couple, aged 42 and 44, with 2 kids 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, up 0.64% since last week’s £3196.04.
5 year fixed
Best price stays at last week’s rate of £3088.72, whilst the average rises up 0.19% from £3119.22 from £3113.16.
The London professionals
A married couple, aged 45 and 48 with 3 kids. £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 top ten lenders initial rates is at £4199.88 up from £4163.58 the week before.
Remortgage
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 stays at £4147.61.
First Time Buyers
An unmarried couple, aged 29 and 28, no kids, buying a £525k house with a £50k deposit from the BOMAD, 25-year term, LTV 90.48%. She earns £85k, he earns £57k
Best initial rate for the past two weeks is a 63-month fixed-fee mortgage with HSBC at £3072.06 up from last week’s Halifax offering at £3069. The next best is a 62-month fixed-fee mortgage with Santander at £3115.84.
Average of the initial rates from the top ten lenders is £3132.64 up 1.04% since last week’s £3100.16.
James Tucker, CEO Twentytec says:
“It seems like it’s been a steady week for mortgages when looking at the top ten UK lenders, with some slight increases when looking at the averages from the top ten lenders . It will be interesting to see how things change as the weeks progress.”
