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There has been a lot going on in the property market recently and it is not a surprise that the Bank of England base rate has been increased again, as it had been anticipated this might happen.
The rate has been increased by a further 0.25%, taking it to 4.5%, the highest it has been since 2008.
Whilst we might have witnessed a ‘mini’ recovery in recent months, we need to hope that this is the last increase for a period of time. The Bank of England have actioned this latest increase to further combat inflation.
Great news for first time buyers who are looking to start out on the property ladder. Skipton Building Society launched a new mortgage product this week for first-time buyers who are currently renting a property.
Purchasers can borrow from 95-100% (without a deposit!!!) on a 5 year fixed deal at 5.49%. Buyers will also be able to borrow up to nearly 4.5 times their salary, and borrow up to a maximum of £600,000.
In recent years it has been extremely difficult for first-time buyers to save up for large house deposits when they have no evidence of affordability in their credit history to obtain a mortgage but this will open up the first time buyer market again. And with rents at an all-time high, first-time buyers have not been able to save up for a deposit.
We are in no doubt that Skiptons new product will be very popular. Just keep in mind a good credit history and rental history will be required.
*NB: Please always seek financial advice from an independent financial advisor
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