The lowest ever ten year fixed rate mortgage deal at 2.39% is launched by the Coventry Building Society after EU referendum.
Uncertainty created with Brexit could see house prices fall by 5% and decreasing swap rates may produce better mortgage deals.
Homeowners borrowed £8.2 billion for the month to April 2016 down £5.4 billion or 40% after a significant rise in mortgage activity last month.
George Osborne has warned mortgage rates would increase if the UK leaves the European Union increasing the cost to homeowners.
Figures from the CML estimate a 30% rise in mortgage lending over the year as homebuyers seek to complete before the April deadline.
The CML has said homebuyers are stretching their finances by selecting mortgage terms of greater than 25 years to afford their homes.
The Bank of England are unlikely to raise interest rates this year due to market forces sending mortgage rates for borrowers to record lows.
Data from the Council of Mortgage Lending (CML) shows gross mortgage lending for 2015 is the highest for seven years as demand remains high.
Property prices are up 9.5% in the year and a further decline in the number of homes for sale will keep the an upward pressure on prices.
Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.
Equity Release - Equity Released from your home will be secured against it. Mortgages – Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. Think carefully before securing other debts against your home. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.
9th Floor, 30 Crown Place
London, EC2A 4EB
0800 955 0058
London City Mortgages Limited is a registered company in England & Wales under company number 09278987. London City Mortgages Limited is an Appointed Representative (FCA no. 655965) of Blackstone Moregate Limited (FCA no. 459051) which is authorised and regulated by the Financial Conduct Authority. LCM and LCM Equity Release are trading names of London City Mortgages Limited.