As we navigate the current housing landscape, mortgage expert Andy Mannion from RSC New Homes sheds light on why this is an opportune moment to consider buying a new home. Here's what you need to know:
A Year of Change
Comparing to this time last year, there's been a significant 25% decrease in mortgage rates. If you found home buying out of reach 12 months ago, it's worth revisiting your lending options as these lower interest rates can enhance affordability. Additionally, the market now boasts more attractive mortgage products.
Opportunities for First-Time Buyers
For those stepping onto the property ladder for the first time, there are exciting options available. Mortgages with up to 95% financing are accessible, and some lenders even offer 100% mortgages for current renters. This is a golden opportunity for first-time buyers to make their move.
Energy Efficient Lending
Lenders are increasingly favouring homes with high energy ratings. If you're looking at one of our stunning homes, you're in luck, as these properties boast A or B energy ratings, making them even more appealing to lenders.
The Own New Advantage
One of the standout opportunities right now is the "Own New" scheme, which leverages affordable mortgage rates, specifically for new build homes. – Meaning you could save £100’s each month.
New Build Lending
New properties mean fewer repairs, such as fixing boilers or roofs, allowing lenders to factor this into your lending potential, as homeowners will spend less on maintenance than an older home.
Market Enhancements
The past year has brought about significant changes, including enhanced lending criteria, particularly benefiting foreign nationals and self-employed homebuyers. These shifts mean more people can now qualify for mortgages, opening up a plethora of opportunities for aspiring homeowners.
In conclusion, the current housing market is ripe with potential. Whether you're a first-time buyer or looking to upgrade, now is a great time to explore your options.
Visit your nearest development and find out how we can also help get you moving with a range of schemes available, such as deposit contribution, Part Exchange or Stamp Duty paid.*
*Available on selected plots, terms and conditions apply. Please ask Sales Executive for details.
