Instant Valuation

Inflation is apparently on the up.

By the end of last month, May, it had reached a 5 year high of 2.9%, mainly because of rising prices of imported food and clothes.

When inflation rises, economists often predict mortgage rate increases, but will they rise, in these politically volatile times?

You can currently find two year fixed mortgages for under 1%, which after the heady heights of the late 80s, may appear faintly ridiculous. There are catches however. Unlike the 80s and 90s where first time buyers could blithely apply for 100% Loan to Value mortgages, deals like these from under 1% to 2% come with requirements.

Hefty deposits.

With the average house price in our corner of north Norfolk touching £200,000, you would need a 40% deposit to get anywhere near 1% fixed, which is £80,000 in savings.

You can get mortgages of around 2% fixed with a 10% deposit but high application fees are often attached.

The lenders also look carefully, not just at income and deposit, but also affordability.

There are useful repayment calculators too for you to access, like this, but we always advise you to seek the professional help of an Independent Financial Advisor.

We do believe, at Pure North Norfolk, that with the uncertainty over a hung parliament and Brexit, that mortgage rates are likely to remain at historic lows.

It's never been a better time to get on the property ladder, as long as you meet the strict criteria set by banks and building societies. 

It's worth noting too that house prices in and around Fakenham are still on an upward curve.

If you need any more buying or selling advice from one of north Norfolk's leading independent estate agents, please get in touch.