Persona Report – w/c 9.10.23

Rates drop for housebuyers: this week’s best offers from top ten lenders 

We’re seeing some significant shifts this week for the best rates for all persona, with the most prominent being for the London Professionals, whose best rate has dropped 8% since last week.

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 

Skipton takes the lead with the best offer at £2868.27, down 5.4% since last week’s best offer of £3032.39.

The average drops 2% from £3132.64 to £3068.77.

 

5 year fixed 

The best offer stays with Virgin Money for a rate of £3018.70, the same as last week.

The top 10 average dips from £3073.83 to £3026.78.

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 decreases by 8% from 4047.72 with Barclay Bank to £3714.72 with Skipton BS.

The average of the top ten lenders’ initial rates drops to £4068.34 from £4128.04.

 

Remortgage

Barclays knocks HSBC from the top spot with a rate of £4027.42 from last week’s rate of £4101.56.

The average of the top 10 lenders’ goes to £4012.95 from £4054.33. 

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 moves from Accord at £2960 to Skipton BS at £2900.

 

The average of the initial open rates from the top ten lenders dips to £2973.66 from

£2,997.63.

 

For a two-year fixed mortgage, the best rate stays with Skipton BS, but at a new rate of £3115.97 from £3184.79, the average is now at £3180.20 from £3209.89.

Skipton BS takes the lead for the best rate for a five-year fixed fee mortgage at £2900.04.

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 stays with Monmouthshire BS for a 24-month deal at £873.95,  the average is now at £904.68 from £906.62.

 

Single person

Single person with no children after a 190k home with a 60k deposit.

Skipton BS takes the crown for best offer this week, replacing Monmouthshire’s run with the offer of £604.68 for 27 months. 

 

The average of the top ten lenders drops slightly from £695.33 to £683.63.