Although several fixed-rate agreements fell below 4% for a brief period, the state of the economy is ever-changing. Mortgage rates may be higher than they were a few years ago, but this, along with property prices, can change from week to week. It’s worth speaking to a mortgage broker, as they will closely monitor the changing mortgage rates and house prices and be able to advise accordingly. In fact, 90% of mortgages are currently secured through a broker. With that in mind, you may wonder if now is a good time to get a mortgage in Peterborough.
Current house prices in Peterborough
As housing costs continue to soar, an increasing number of people are looking to leave London and move to less expensive places. Peterborough is one commuter town that is sufficiently close and offers more reasonably priced houses.
The average house price in Peterborough was £250,859 over the last year, making it one of the most affordable cities to live in near London. In 2020, the average property price in Peterborough was almost £300,000, so prices are falling slightly, making this locality an attractive place to live, especially for first-time buyers.
Is Peterborough a good city for first-time buyers?
Compared to larger cities, Peterborough offers more affordable housing options, making it potentially attractive for first-time buyers. There are many shared ownership schemes in this city, making it an ideal place for house buyers to make their first step on the property ladder.
There are also various plans by property developers to expand shared ownership homes across and near Peterborough.
Is it a good time to get a remortgage?
You can apply for a remortgage if your mortgage is coming to an end, if you need to raise some money for home improvements, or if you need to consolidate some debts.
Remortgaging may not be a good idea if:
- Your financial circumstances have changed.
- You’ve experienced credit issues.
- There’s not much left for you to repay.
- You’re on a competitive rate.
Depending on these factors, the decision of whether you want to remortgage or not is yours. If unsure, you can always speak to our mortgage advisor in Peterborough to help point you in the right direction.
Peterborough’s house prices are competitively priced compared to London and the Home Counties, making it an attractive place to get a mortgage. It is a commutable distance from London, has many housing schemes and offers a variety of different types of houses.
However, it is important to note that it is also dependent on your current financial situation and whether the pros outweigh the cons.
There is never a bad time to buy a home. You just need the right approach to finding a mortgage and to be satisfied with your personal reasons for buying.
Need further mortgage advice? Contact us for further information.
