Market Report Excerpt - Interest Rate Cut Means Good News for Buyers
Interest Rate Cut Means Good News for Buyers in Edinburgh Property Market
With buyers facing stiff competition, many people are finding that they have to make offers on a number of properties before being successful in securing a new home. The disappointment of having offers be rejected can lead to frustration among buyers, but there has been some good news for buyers with the Bank of England opting to cut the Base Rate to just 0.25%.
This decision will help to make mortgage repayments more affordable for buyers, as well as for existing homeowners who are on variable rate mortgages.
There was further good news for those thinking of buying with the lenders in the Bank of England’s Credit Conditions Survey reporting an increased willingness to borrowers with housing equity less than 10% of the value of their home. As ever, though, the best advice when looking at mortgages is to think about how much you can afford rather than simply trying to maximise the amount that you can borrow.