Competitive mortgage rates
With lenders competing in the marketplace, mortgage rates are highly competitive.
By getting a mortgage now, you could take advantage of low interest rates and if you were to fix your mortgage repayments, you’ve got the added reassurance of knowing what your repayments will be.
Rents are high
While competitive mortgage rates are available, UK rents continue to rise in almost every area of the country 1. With tenants typically spending half2 of their income on rent on average, as a first-time buyer you could end up spending less on a mortgage each month than you currently spend on rent.
Property values are 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 20163 - which, combined with the low cost of borrowing, could make buying your first home a great investment for the future.
For handy home buying advice, go to our key steps checklist.