Figures recently released show that the average loan rate is 3.55%, this is a marked drop from March 2009, where, just before the base rate was slashed to 0.5%, the average rate was 4.08%.
These rates have meant that homeowners are saving on average £500 a year, which given the rising cost of living is a substantial saving.
These new figures come alongside the reintroduction of 100% mortgages and other new mortgage deals, where first time buyers and homeowners with little equity are enjoying more choice when considering the package that is right for their circumstances. Obviously any such mortgage package comes with stringent checks and many first time borrowers may need to ask their parents to act as guarantor.
The more mortgages available to people the more the market can keep moving. so long may it continue!