Mortgage Rates Drop: Homebuyers Rejoice!
- Sarah Ruivivar
- Nov 12
- 2 min read
If you've been holding your breath for some good news in the housing market, it's time to exhale with glee.
Mortgage rates have taken a delightful dip, slipping below the 5% mark, and lending limits are on the rise, making homebuying dreams a little more attainable.
The Moneyfacts average mortgage rate has dropped to a cheerful 4.99% this November, down from last month's 5.01%. Rachel Springall from Moneyfactscompare.co.uk notes that this is a milestone moment, especially for those about to transition from their fixed-rate cocoons. However, she warns that with sticky inflation and budget uncertainties, this rate reprieve might not last forever.
Meanwhile, HSBC is shaking things up by offering mortgages to its UK premier customers at a whopping 6.5x income for 90% LTVs or less. Simon Gammon from Knight Frank Finance is buzzing with excitement, calling it the highest income multiple seen in years. This move reflects a more confident regulatory environment and HSBC's eagerness to expand its market presence.
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While this is a positive step towards boosting homeownership and housebuilding, the big question remains: will this spark a surge in demand amidst looming tax changes in the upcoming Budget?
For those ready to pounce on these opportunities, now might be the perfect time to seek advice and secure a sweet new deal. So, grab your calculators and start dreaming of that new front door – the market is looking a little brighter today!
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Access from your preferred podcast provider by clicking here
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