The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 85% LTV mortgage is now £1,148, up by £20 per month compared to last week, according to the latest figures from Rightmove.
While the average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 60% LTV mortgage is now £786, up by £17 per month compared to last week.
And according to Rightmove, the average asking price for a first-time buyer type property (2 bedrooms and fewer properties) is now £226,399.
Rightmove’s mortgage expert Matt Smith says that as expected we’ve seen another significant increase in average rates across all Loan-To-Value ranges.
“The jump in average rates is actually smaller than last week, however lender behaviour and the uncertainty surrounding the market at the moment suggests they will increase again, the extent of which hangs on the outcome of the upcoming inflation figures and the Bank of England’s announcement on 22nd June”.
He adds: “Looking forward, while we expect lenders to increase rates again it’s clear that they are grappling with the pressure to both remain competitive, but also not be an outlier.
“For those looking to take out a mortgage right now, it is likely to feel very frantic to secure the best rate possible quickly, and next week’s news has a lot of bearing on whether this period of uncertainty is set to continue for longer, or whether some stability may slowly come back to the market.”
