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Mortgages Update: January 2023

Here’s a current update from the mortgage advice team…

“The initial panic in the market is coming to an end and mortgage lenders are back to lending at full capacity. Interest rates are starting to stabilise, and whilst they are slightly higher than they were early last year, we are seeing rates from most lenders starting to drop.

There are continuously new mortgage deals coming to the market, with many lenders catering for first time buyers with low deposits. Even with the Bank of England base rate increasing, lenders are still reducing their rates – this is a very good sign!

It is important to not let the media put you off from applying for a mortgage – lending is strong!

Everybody’s situation is different and there is a mortgage product out there for pretty much every scenario, so don’t assume you won’t qualify!House prices and interest rates can’t be accurately predicted, so there is never a better time to buy your new home than now.”

If you want to talk to a mortgage advisor today: