By Mr. Propwise Home buyers with loans pegged to the Singapore Interbank Offered Rate (SIBOR) have recently had some unpleasant experiences with their ballooning mortgage repayments. First, we saw the three-month SIBOR rise above 1 per cent for the first time in six years. This means all loans pegged to it will start to re-price
The Council of Mortgage Lenders said 19,000 loans worth £2.8billion were handed out to first-time buyers – a decline of 27 per cent compared to December.
The average interest rate for a two-year fixed rate home loan with at least a 25 per cent deposit was just 2.08 per cent in December. Demand dropped partially due to tough new lending rules.
Approvals up 42 per cent as first-time buyers try to stay ahead of Central Bank measures