Persona Report – w/c 25.9.23
How have mortgage offers from the top ten lenders changed since the Bank of England’s interest rates decision?
In a surprise move, the Bank of England last week left interest rates unchanged; many people are now wondering whether this is the peak of interest rates or just a pause of another rise.
Either way, the news will likely bring a sigh of relief to house buyers. At Twenty7tec, we’re predicting that there will be a spike in activity over the course of the next few hours as buyers refresh their interest and seek advice from their brokers.
Here’s what our data’s telling us about the changes in the best rates in the market for the top ten lenders following the Bank of England’s decision.
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 deal remains strong with Monmouthshire BS at £3032.39
The average of the top ten lenders dips slightly from £3168.03 to £3157.44.
5 year fixed
The best offer is now with Nationwide BS down 1.04% to £3040.56 from£3072.54.
The top 10 average drops to £3064.39 from £3074.43.
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 is a two-year fixed rate with Nationwide at £4077.81, down from £4101.56.
The average of the top ten lenders’ initial rates dips slightly from £4146.80 to £4128.04.
Remortgage
HSBC stays at number one with a rate of £4101.56, the same as last week.
The average of the top 10 lenders’ goes to £4102.25 from £4108.25.
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%. One earns £85k, the other earns £57k
The best initial rate is now with Accord at £2960 from Skipton’s £2971.18 for a 64-month mortgage.
The average initial open rates from the top ten lenders go from £3025.74 to £3000.48.
2 year fixed
For a two-year fixed mortgage, the best rate remains with Skipton at £3184.79, with the average decreasing from £3222.27 to £3213.45.
5 year fixed
Accord takes over Skipton for the best rate for a five-year fixed fee mortgage at £2960.06 from £3025.74.
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 remains with Monmouthshire BS for a 24-month deal at £873.95, where the average of the top ten lenders goes from £914.66 to £909.51.
Single person
Single person with no children after a 190k home with a 60k deposit.
Monmouthshire remains at the top of the leaderboard with a 60-month deal at £686.00. The average of the top ten lenders is now at £698.62 from £701.84.
