THE average UK house price rose by 0.2% month on month in June despite mortgage rates remaining high.Prices rose at a slower rate than in May, when they increased by 0.4% month on month.growth in recent years, this hasn’t been enough to offset the impact of higher mortgage rates, which are still well above the record lows prevailing in 2021 in the wake of the pandemic.for a borrower with a 25% deposit was 1.3% in late 2021, but in recent months this has been nearer to 4.7%.
If you're remortgaging and your loan-to-value ratio has changed, you'll get access to better rates than before.A change to your credit score or a better salary could also help you access better rates.You can lock in current deals sometimes up to six months before your current deal ends. Remember you'll have to pass the lender's strict eligibility criteria too, which will include affordability checks and looking at your credit file.
“This reliable indicator of housing market health also shows how the election announcement had little impact on prices or activity and underlines how cash purchases are playing a more important role. “House prices may have come off a little from their post-pandemic highs but this is more of a correction than a fall and home-ownership is still out of reach for many, with high borrowing costs not helping the situation.