Receiving a helping hand in life can make a big difference when you are looking to achieve aims or goals. This is definitely the case when it comes to buying a home or getting on the property market. The size of deposit required and the level of interest rates associated with mortgages provided by the major lenders are two of the biggest barriers to obtaining property but in 2016, there have been a number of changes which has made the market more attractive to buyers.
The Government has been behind Help To Buy support, including ISA campaigns, and they’ve also got involved with the market itself. Not everyone agrees with Governments aiming to influence markets but the limitations placed on the But To Let market is likely to have created more opportunities for buyers looking to find a property.
Further assistance for buyers has been offered by Virgin Media. The company has announced a reduction in rates across their product ranges, including:
- Core residential services
- Buy-to-let services
- Help-to-buy services
The new buy-to-let rates have been set at 75% LTV and there is a two year fixed rate of 2.19% or a five year fixed rate of 3.19%. Both of these options come with a product fee of £1,995 and there is a £500 cash-back offer available for purchase and re-mortgage customers.
Find the mortgage option that is right for you
There is also an offering of two year fixed rate residential rates of 1.44% which are available up to a 65% LTV. This is available for a £995 product fee. The two year fixed rate for the 90% LTV option has been reduced to 2.35% and the five year fixed rate 65% LTV is now on offer for 1.99%.
There have also been changes in the Help-To-Buy range of products. The 95% LTV comes with a two year fixed rate which has been reduced to 3.79% while the five year fixed rate stands at 4.39%. With respect to the Help-To-Buy equity loan product range, the two year fixed rate for up to 75% LTV has been reduced to 1.65% and the five year fixed rate up to 55% LTV is now available at 2.19%. Both of these options are available at £500.
It is good to see an increasing range of options and support for people looking to find a place on the property ladder. If you are interested in finding out more about your full range of options or you just want to learn more about what is available in Stockport, we are always happy to help. The current status of the property market has made it more attractive for first time buyers to find a product which suits their needs, so this could be the right time to buy for many people and families.
For all your property needs, please contact Spencer Harvey Estate and Letting Agents on:
0161 480 8888
https://www.spencerharvey.co.uk