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Now is the best time to borrow money for property

5th September 2018

With the recent increase in the Bank of England’s base rate, it might seem like a bad time to buy property. Maslen Estate Agents is here to change your mind - and show you why now is the best time to borrow money for property. 

The Bank of England recently increased the base rate from 0.5% to 0.75%. The base rate is the official borrowing rate. It's what the Bank of England charges other banks and lenders when they borrow money. It influences what borrowers pay and what savers earn. 

The Bank of England Governor Mark Carney has said “rate rises are expected to be limited but to gradually rise”. This isn’t something to worry about - although they’ve increased, base rates are still at a record low. Back in the 1980’s, the base rate was as high as 15%! This graph shows how the base rate has dropped, and how low it has remained in the last 5 years.


Graph credit: https://www.propertyinvestmentproject.co.uk/property-statistics/uk-interest-rate-history-graph/


These low interest rates are great news for borrowers. Although this slight increase does mean mortgages will edge up, rates are still at an all time low. 

Mortgage lenders are continuing to slice the rates on deals offered to borrowers.  New deals are being launched for borrowers looking to buy with a 5% deposit. Moneyfacts data revealed that the average two-year fixed rate on a 95% mortgage is now just 3.95% - compared to the 4.18% average last year. 

The best mortgage deals are attainable with at least a 15% deposit. Depending on the property price, a 15% deposit could be a large sum of money that is unattainable for many. However, with a 5 - 10% deposit, borrowers can still find a lot of choice and some good rates available too.

Another promising trend for those wanting to borrow money for property is that mortgage approval rates have increased. In our Market Trends, we reported that mortgage approvals increased by 6.4% from April to May. This is a great sign for first-time buyers.

If you’d like to find out more about borrowing money and purchasing property, speak to the experts at Maslen Estate Agents.


Testimonials

  • Best Agents in Brighton.

    Mrs Field Brighton

  • The best estate agents we have ever used. Friendly, efficient and above all truthful! You are in danger of giving estate agents a good name!

    Jacquie Ellis-Jones Shoreham

  • A completely painless experience from start to finish. Thank you.

    Mr Woolven & Mrs Bessant-Woolven Brighton

  • Very pleased with the excellent service throughout. Professional, friendly, efficient and no hard sell. Achieved above asking price. Thank you!

    Mr Witten Brighton

  • This was the best experience I’ve ever had of estate agents. Professional, calm and understanding.

    Elinor James Hove

  • Very comprehensive and professional. Nice people to work with and highly recommended. 

    Mr Alderton Brighton

  • A really good experience.

    Mr Tibble Brighton

  • Excellent Service from start to finish.

    Mr T Mole Hove

  • Service exceeded my expectations overall at all stages of the process - I wouldn't hesitate to recommend you. Thanks. 

    Ms Greene Brighton

  • Excellent customer service throughout. I will definitely recommend you, and use you again. Thank you.

    Ms Longley Brighton

  • I would recommend Maslen to anyone. 

    Mrs Tripp Brighton

  • It was a long, drawn out process that the people at Maslen helped me through, without the impression that it was a chore. So extremely professional...

    Mr McLagan Brighton

  • Quality advice about when and how to sell, which was spot on. Thank you.

    Miss Coleman Brighton

  • First class service from a first class team.

    Mr & Mrs English Brighton

  • Really pleased with the service and will definitely recommend to others.

    Ruth Kendall Brighton

  • Maslen made the selling of my flat as easy as...

    Victoria Bradley-Barnard Brighton

  • Great service, always polite and friendly. Excellent contact and info all the way.

    Mr Wells Hove

  • Thank you Maslens, you were all excellent!

    Miss Jasper Brighton

  • Paul Wilkinson was extremely helpful and efficient. The only problem was the vendors solicitor and Paul warned me of this. A good transaction all r...

    Mr Lavender Brighton

  • These guys are the real deal, highly experienced, no nonsense, honest and by far and away the most reliable we have encountered. 

    Sarah Studd Hove

  • All staff extremely helpful and polite. They made our move very smooth and less stressful.

    Mr & Mrs Gosling Woodingdean

  • I found the service to be courteous, friendly and efficient.

    Mr Upton Brighton

  • I wish we had used you to sell our property! Nice to meet honest people, who are genuinely interested in helping. Very pleased.

    Mrs Porter Brighton

  • The team worked very hard over a long period to ensure my sale went through - excellent service!

    Mr Patrick Brighton

  • Thank you. We found all the staff knowledgeable and really pleasant to deal with. 

    Ms Ansloos Brighton

  • Very helpful and patient team.

    Mrs Shea Brighton

  • An efficient, professional and friendly service. Helpful and a pleasure to do business with.

    Mr Beddington Brighton

  • Best Estate Agents ever experienced - professional, approachable, competent and exemplary. 

    Mr & Mrs Guest Brighton

  • Good team. Straightforward. No nonsense.

    Mr Standing Brighton

  • Thank you to all the team at Maslen, especiall...

    Gabrielle Gardner Brighton

  • Delighted with the service provided. Very professional and skilful.

    Nicky Conlan Hove

  • Very polite, good communication, excellent service.

    Alicia Van der Sluis Surrey

  • All the staff were professional, cheerful and supportive throughout the long process.

    Mr R Turner Shoreham

  • I found everyone helpful, positive and courteous.

    Jean Wooldridge Evesham

  • I was new to the area and viewed a lot of properties with a lot of different agents. Maslens were by far the best I came in contact with, so when i...

    Mr & Mrs Heer Brighton

  • Fantastic service. By far the best agents we have ever used, I cannot recommend you highly enough.

    Mr Field Brighton

  • Paul was absolutely brilliant. 

    Mrs Tasker Brighton

  • Thanks for an excellent service. 

    Mr King Brighton

  • From start to finish the sale was dealt with in a thoroughly professional manner.  

    Mr Gibbs Brighton

  • Everyone at Maslen's were amazing, from Sam's...

    William Slingsby Brighton

  • All very professional, kept updated throughout. Very pleased - Would recommend. 

    Mrs Hammond Brighton

  • I have bought and sold 7 properties, and this was the best experience of an estate agents services I have found.

    Mrs Shepherd Brighton

  • You were amazingly helpful throughout - a real pillar of strength with a very difficult sale.

    Mrs Parkin Brighton

  • First class service. Friendly and professional.

    Mr Thorne Brighton

  • Very thorough & very informative.

    Mr Michnowicz Brighton

  • The whole team were very committed from start to finish.

    Mr Pilgrim Brighton

  • Already recommended you! Thank you.

    Mr Edwards Brighton

  • Maslen's were extremely helpful and profession...

    Bridget Allen Brighton

  • Thanks for all your help and assistance. Very friendly and professional service.

    Lisa Downary Brighton

  • As always, an excellent service. 

    Mr & Mrs Field Brighton

  • Very impressed with the efficient and friendly service, the staff were a pleasure to deal with. 

    Mr & Mrs Gill Brighton

  • Several leagues above any other estate agent I have had contact with. Kept fully informed every step of the way.

    Paul Cade Haywards Heath

  • Your advice, support and understanding whilst dealing with the property were invaluable, making everything so easy.

    Janine Suttner Brighton

  • The staff were very helpful, an excellent service. I would recommend you to others.

    Miss Hockly Brighton

  • The team provided the best service I have ever received from an estate agent. I would not hesitate to recommend them to anyone.

    Nicki Myers Woodingdean

  • Please thank Paul at Lewes Road - Excellent service. 

    Mr & Mrs Nuthall Brighton

  • Very pleased with the experience. I would definitely recommend you and use you again.

    Ms D Edmonds Brighton

  • Very, very happy we chose you, felt right from the start! Thank you!

    Miss Blackadder Hove

  • Excellent service as always

    Mr Field Brighton

  • We were delighted with the service received from all the staff with whom we had contact,

    Dr Crichton Brighton

  • Very happy with the service we got from you guys, everyone we dealt with was extremely friendly, professional and helpful. Thanks!

    Mr Brown Brighton

  • Sold within 2 weeks for asking price "excellent!"

    Mr Grundy Hove

  • Superb service as usual, I would always recommend you.

    Ms S Hike Brighton

  • The sale was dealt with swiftly, professionally and successfully. Thank you Maslen!

    Mrs Lincoln Brighton

  • Maslen's were amazing estate agents. Through,...

    Sarah Goodfellow Brighton

  • Thank you for everything!

    Ms Tucker Brighton

  • A very committed team who made the sale process very easy.

    Ms Rees Brighton

  • In what could have been a very stressful situation it has been a pleasure dealing with you and I can’t speak highly enough of the service provided.

    Gill Frost Hove

  • Very professional and friendly. The only estate agents I would trust and recommend.

    Jean Hurley Brighton

  • You are the best estate agent I have ever dealt with and we will be recommending you to anyone moving!

    Hazel Young Hove

  • In my situation, moving the sale of my home to Maslen Estate Agents really was a case of third time lucky!

    Lise Henderson Hove

  • It was an amazing experience, everyone involved were fantastic. 

    Mr & Mrs Knight Brighton

  • Donna was our vendors sales progressor. We cou...

    Allan Da Silva Brighton

  • Compared to your rivals, your service was excellent

    Ms McGrigor Brighton

  • Thank you for your service, I would (and have) recommended you to my friends.

    Liz Dean Brighton

  • Excellent communication and advice throughout. It felt very reassuring to be in good hands.

    Mrs Brooker Brighton

  • Donna was such a friendly and helpful support...

    Victoria Lander Brighton

  • Had a great experience with the purchase of ou...

    jennifer Willson Brighton

  • Estate agents generally have bad reputations b...

    Dan Harris Brighton

  • Maslen's were very good at keeping in touch an...

    Penny Ashby Brighton

  • All agents at Maslen were extremely helpful and polite from the beginning to the completion of sale. 

    Mr Johnson Brighton

  • From first valuation to completion day the Mas...

    Sam Brighton

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