The Times - Zero inflation cuts cost of home loan deals
Brokers believe mortgages will stay lower for longer now that inflation has dropped to zero, meaning that the housing market looks increasingly bright this spring. Halifax’s February housing market confidence tracker showed buyer and seller sentiment were at their highest levels since its launch in 2011, while the Building Society Association’s property market tracker found that 36 per cent of people believe now is a good time to buy, suggesting optimism is back after a long, slow winter.
One of the positives to emerge from the mortgage market recently, particularly for first-time buyers, is the level of deposits borrowers need to secure these decent rates. Aaron Strutt, of Trinity Financial, the adviser, says: “As long as you can put down a 10 per cent deposit it is possible to access particularly cheap mortgages, often well below 3 per cent. Ten per cent is becoming the new deposit benchmark for first-time buyers. To access these cheap fixes borrowers need to have a good credit score, a clean credit history and a good salary, but if they can meet these requirements they are likely to be spoilt for choice.”
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