Rightmove has released its weekly mortgage report.
The current average asking price of a typical first time buyer property is £225,340.
For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was £223,426).
The average rate for a 95% loan to value mortgage fixed for 2 years is 5.65%. The larger deposit a buyer can put towards the purchase the lower mortgage rate that can be sourced.
For example the average 2 year fixed rate for a buyer with a 25% deposit is 4.85%. The average 5 year fixed rate is 4.74%.
To discuss your mortgage options get in touch with a local broker through Best Mortgage Services.
Best Mortgage Brokers 