An “autumn mortgage bonanza” set to help homebuyers

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Homebuyers could be set to benefit from a range of new mortgage deals offering cheaper rates which have been released.

An unprecedented 65 new loan products have arrived in the last month, which could make purchasing a new home more accessible for buyers this autumn. And with October seeing a reported £26 billion worth of mortgages maturing, this announcement couldn’t have come at a better time as lenders fiercely compete for new customers.

According to a report from financial data analyst Moneyfacts, the majority of the deals are for those with deposits or equity between 20 and 25 per cent. 

Who’s benefitting from the autumn mortgage bonanza? 

The latest figures from Moneyfacts suggest that those with a deposit of around 20-25 per cent (looking for a mortgage of 75-80 per cent) will be in the best position thanks to these new mortgage products and rates.

Those looking for an 80 per cent loan-to-value (LTV) mortgage are certainly being looked upon most favourably in the latest product release from lenders. Not only has the amount of mortgage products available to those with a 20 per cent deposit increased (up from 638 in August 2019 to 663 products in September 2019), the average mortgage rate on a five-year fixed-term deal has fallen by 0.10 per cent (down from 2.87 per cent in August to 2.77 per cent in September).

This increase in products available and the dropping mortgage rates means there could be no better time for those looking for an 80 per cent LTV deal to purchase a new home.

For other LTV values, there has also been an increase in products. Buyers looking for 60 per cent (8 more mortgage products available), 75 per cent (19 more mortgage products available) and 90 per cent LTV (12 more mortgage products available) will also benefit from the new deals from lenders. There have also been slight decreases in the average rates for a five-year fixed deal on these LTV mortgages.

Offering affordable homes for all buyers

At Avant Homes, we understand that all homebuyers have different wants, needs and budgets when it comes to buying a new, or a first, home.

That’s why we strive to offer a wide range of homes suited to all buyers across the Midlands, Yorkshire, North East and Scotland. With the excellent mortgage rates and deals available to the buyers with an upwards of 10 per cent deposit this autumn, now could be the time to buy the perfect Avant home for you.