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During May the price of a two-year fixed rate mortgage deal fell to an all-time low* with providers offering 1.14% fixed rate deals for borrowers with larger deposits. As some of the Covid-19 restrictions began to be lifted, buyers with smaller deposits were able to enjoy more flexible borrowing with offerings extended to higher loan-to-value amounts.
At the moment, buyers wanting to borrow up to 75% of the value of their new home can get a mortgage at just 1.14% from Leeds, fixed for 25 months. Meanwhile, at Halifax, borrowers can find a 27-month fixed rate mortgage for 1.53% on up to 85% loan-to-value.
With such good deals available, we have seen that buyers at our Priors Lea, East Hanney development have found they are able to upsize their new home, as our Sales Advisor, Becca, explains;
“We are delighted to be open again at Priors Lea and have been welcoming customers back into our sales centre and show home,” she says. “There is certainly a huge demand for new homes and we have been busy handling enquiries from people who have been busy doing their research during lockdown.
“What we have found is that customers have been pleasantly surprised to learn that they can afford a little more than they initially thought. We have had enquiries from people looking to purchase a two-bedroom home, but have ended up buying a three-bedroom home. We have had the same happen with a three-bedroom home, where our customers have bought a four-bedroom instead. Borrowing costs are at a record low, so now is a really good time to secure a low interest, fixed rate mortgage.”
Part of the reason that rates are so low is because of the emergency cuts to the base rate by the Bank of England to help with the financial fall-out from the coronavirus pandemic. The base rate, which influences the amount that providers charge for borrowing, now stands at an all-time low of 0.1%. This figure, combined with intense competition among mortgage providers after months of almost no lending, has resulted in some great deals on offer.
New homes at Priors Lea start from just £299,950 for a two-bedroom Cornflower house type, which means at the current record-breaking rates, a buyer putting down a 25% deposit of £75,000 could pay just £862 a month**. With the average per month rental cost of a two-bedroom home in Oxfordshire coming in at £1,247 a month it is obvious that it’s a great time to buy a new home.
Priors Lea is in a great location, on the edge of the traditional village of East Hanney. The elegant collection of two, three and four-bedroom homes is set in its own private enclave, surrounded by countryside, but with good road and rail connections to surrounding towns. Didcot Parkway Rail Station is a 15-minute drive away and offers connections to London Paddington in 43 minutes.
Surrounded by the Chiltern Hills, North Wessex Downs, and the Cotswolds, Priors Lea is ideal for those who enjoy walking, cycling and outdoor pursuits. The area is well known for its country pubs and restaurants and is within easy reach of the attractions of Oxford and Abingdon.