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Million-pound mortgages and what the base rate drop means for you
Manage episode 469955516 series 3438524
Is a 5% deposit still enough for first-time buyers to get on the ladder? How much do you need to earn to qualify for a million pound mortgage? Will the Bank of England base rate reduction affect your mortgage as a homeowner?
All of these questions (and more!) are answered in this episode of the ESPC Property Show!
In this episode, Paul & Megan are joined by returning guests - David Lauder & Paul Demarco, two of ESPC Mortgages Mortgage Advisors where they discuss high net worth property owners, advice for first-time buyers and the current mortgage market.
You can watch all of our previous mortgage episodes below:
Are interest rates dropping? - https://youtu.be/hrL1PxwNl5w
Don't be afraid of mortgages - https://youtu.be/SyES9nMr1Mo
Unlocking the secrets of the 2023 mortgage market - https://youtu.be/XSdOy3LJ-zI
Got a question for us? Send us a text message!
Enjoy the episode? We'd love to hear from you! Send your questions and comments to us directly on [email protected] or via our social media channels. You can also help other people find us by sharing the episode or leaving us a review and rating from wherever you're listening!
To find out more about ESPC and our solicitor estate agent member firms, you can head to our website.
You can read our most recent house reports here: http://bit.ly/3CQlEQw
Read the latest news from the property market in Edinburgh, the Lothians, Fife and the Scottish Borders here: http://bit.ly/3IPOR1T
ESPC is more than just a market leading property website. We are the home of property and are here to help you at every stage of your property journey.
Chapters
1. Intro (00:00:00)
2. What does the Bank of England base rate reduction mean for homeowners? (00:01:10)
3. What should you do if you're at the end of your fixed rate? (00:02:20)
4. How quickly do lenders amend their interest rates? (00:03:34)
5. Our base rate predictions for the rest of the year (00:04:16)
6. Swap rates (00:05:09)
7. Should you leave a high interest rate mortgage early? (00:06:50)
8. Is the new base rate going to affect house prices? (00:08:40)
9. Gifted deposits (00:10:07)
10. How much do first-time buyers need as a deposit? (00:11:05)
11. Skipton's 100% mortgage (00:11:40)
12. Do income multiples still apply? (00:13:14)
13. How children can affect your mortgage eligibility (00:14:36)
14. What's the most expensive mortgage you've ever arranged... (00:15:24)
15. Fast mortgage offers happening right now (00:17:44)
16. Debt mix up with twins (00:19:06)
17. What's the minimum salary to get a mortgage in Scotland? (00:21:42)
18. Should you get a tracker or fixed rate mortgage right now? (00:23:00)
19. Undisclosed credit and loans (00:23:56)
20. Advice for first-time buyers (00:25:59)
21. Closing comments (00:28:51)
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