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There seems to have been a marked improvement in the property market in the past month or so. Something has changed, and last week in particular has seen a huge surge in mortgage enquiries.

The long, sun-drenched Easter weekend appears to have given many prospective buyers a real shot in the arm. Whereas, three to six months ago, Brexit uncertainty held many prospective buyers and sellers in shackles, those shackles are increasingly off.

There’s always a surge in activity levels during the Spring but this year it has been accentuated by the pent-up demand caused by Brexit. Reason is starting to prevail, with borrowers seeing an economy that is in working order, property at competitive prices and mortgage rates at historical lows.

Lender competition is as fierce as it has ever been, and borrowers are reaping the rewards. What we’re also seeing is more and more mainstream and niche lenders target the self-employed in a bid to get funds into the market. 

For the self-employed or contractor, for example, there has never been a better time to take out a mortgage. Meanwhile, first-time buyers continue to make hay while the sun shines.

With many amateur landlords having thrown in the towel, support from the Help to Buy scheme, lower property prices and rates at higher LTVs improving all the time, getting that first leg on the ladder is now far less of a challenge.

Those who aren’t buying are remortgaging in order to improve their homes, and many are picking up an even more competitive rate as they do so.

Mortgage rates from lenders are subject to the usual competitive jostling and as such, the main headline rates have reduced a touch. For standard residential mortgages, borrowers can obtain 2-year fixes at 1.35%, (3.84% APRC) and 5-year fixes from 1.78%, (3.79% APRC) whilst variable tracker rates are around from 1.29%, (3.82% APRC).

Those looking at Buy-To-Let can still obtain products from just 1.39%, (4.71% APRC) for a 2-year tracker or 5-year fixes are available from 2.04% (4.05% APRC).

Our Best Buy Recommendations (with good current service)

Residential 2 Year Fixed

Lender: Halifax
Initial Rate: 1.43%
Until: 30.06.2021
Subsequent Rate: 4.24%
Overall Cost Comparison: 3.83%

Residential Long Term Fixed
Lender: Platform
Initial Rate: 1.79%
Until: 30.06.2024
Subsequent Rate: 4.99%
Overall Cost Comparison: 3.79% 

Residential Variable 
Lender: Halifax
Initial Rate: 1.38%
Until: 30.06.2021
Subsequent Rate: 4.24%
Overall Cost Comparison: 3.80%

Lender: TMW
Initial Rate: 1.39% 
Until: 31.05.2021
Subsequent Rate: 4.47%
Overall Cost Comparison: 4.27%

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