What’s driving these reductions?
Oliver says: “Banks want and need to lend money, and there is a price war being fought under our very noses to meet lending targets. This is great news for homebuyers, not just because it means lower payments but also because lenders are able to lend more.
“Right now, househunters should not be hesitating to reserve. It is more likely, as affordability and rates continue to improve, that demand for new homes will increase forcing prices up again. 2023 is the year that canny buyers should make hay!”
If you’re looking for a mortgage and want to strike while the iron’s hot, here’s an update on some of the best deals available now and improved criteria for borrowing:
- Coventry Building Society – Now offering a 90 per cent LTV for new build houses
- Santander – Improvements on how they assess credit card debts in affordability calculations
- Virgin Money – Now lending at 5.5 times income for higher earners with bigger deposits
- Nationwide – Helping Hand products relaunched, after several months of not being available, allowing first time buyers to borrow more
- Nationwide – Housing allowance now accepted
- Nationwide – Foreign national policy improved
- Nationwide – Zero hour contract policy improved
- Metro Bank – Enhanced affordability (up to 5.5 times your income) for higher earners
- Halifax – Enhanced affordability available for five year fixed rates at 75 per cent LTV or below
