Competitive mortgage rates
With lenders competing in the marketplace, mortgage rates remain competitive.
However, borrowing may not remain this attractive forever. By getting a mortgage on a bigger home now, you could take advantage of low interest rates to buy the house you’ve always dreamed of. And if you fix your mortgage repayments, you’ve got the added reassurance of knowing what your repayments will be, even if the base rate goes up.
Property values have been going up
The demand for property in the UK continues to outstrip supply. The average house in Britain will be worth £220,000 this year - up £9,000 on 20161 - which, combined with the low cost of borrowing, makes buying your next home a great investment for the future.
There’s more choice of mortgages
In recent years, a lot more mortgages have come onto the market for buyers wanting to trade up. This has made it easier for some people to buy the home they’ve always wanted, especially if they want to step up the property ladder into a larger home. With competition between lenders still fierce and interest rates low, this trend seems set to continue.2