Buying a new home is always a significant decision, and with mortgage rates currently held at 5.25%, many potential homeowners might feel hesitant about jumping into the market. However, we believe that now is a great time to make your dream of owning a home a reality. Here’s why:
An Opportunity with Own New
At Skipton Properties, we understand the challenges that the current higher interest rates can pose. That’s why we’re offering an exclusive opportunity for our buyers to access mortgage rates as low as 2.71% on a fixed term for two years. Own New can give buyers access to much lower rates because we contribute 3% of the purchase price. To find out more about Own New, click here.
What’s happening with mortgage rates?
They are currently higher than they have been in 16 years…
- The average mortgage rate is held at 5.25%
- We seem to have reached the Peak Base Rate: Many experts believe that the base rate has reached its peak and could start to decline in the second half of this year. This potential decrease could lead to lower mortgage rates in the future.
- We may not see interest rates coming down significantly for a while: According to Rightmove, historical data shows that after periods of interest rate increases, rates tend to remain flat for a while before they eventually decline.
The Advantage of Acting Now
There are several reasons why buying a home now might be the best decision:
1. Lower Initial Rates: With Own New, you can lock in a rate as low as 2.71%* for the first two years. This provides a financial cushion while you wait for overall market rates to decrease.
2. Building Equity: By purchasing a home now, you start building equity immediately. Waiting for rates to drop might seem wise, but it also means missing out on potential appreciation in home values.
3. House prices could rise sooner than you think: Recent analysis showed a decline in house prices, however some have recently revised those figures due to improving market conditions. For those of you who’d like to do a deep dive into Savill’s latest analysis you can click here.
4. Don’t miss out: we’re nearing the end of build on most of our developments including Bolton Gardens, Silsden, The Alders in Skipton and Croft Mill, Foulridge.
Make Your Dream a Reality. View our beautiful new homes now and talk to us about how Own New could work for you….
For advice on your mortgage and Own New please click here.
*Example assumes a 3% homebuilder incentive and is based on mortgage rates available in the market, with a 2 year initial period and an LTV of 60%. Savings made in the initial fixed period. Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your home may be repossessed if you do not keep up your mortgage repayments. Rates valid as of 02/05/2024.
Bolton Gardens – Silsden
Croft Mill – Foulridge
The Alders – Skipton
