Mortgages London | Mortgages in London

As it is revealed that house prices are close to being level with 2007 prices, the property market is seeing the rest of the UK catch up with London. Mortgage advisors in the city have said this is due to the revival of 90% mortgages and an influx of first time buyers who can afford to take out a loan. London property prices have risen by just under 15% since this time last year, and this has in turn affected the property prices across the country.

For anyone looking to buy a house in the near future, London mortgage advisors are suggesting that borrowers make the most of the favourable mortgage deals available now by getting a short term fixed rate mortgage at a competitive rate from a mainstream lender. With the market becoming more competitive, it is possible to get unmissable deals direct from a high street bank or building society that are just as good as mortgages from an independent broker.

One of the best deals available at the moment is from the Cooperative Bank. The bank has been enjoying rising popularity recently thanks to an ethical policy that promises to invest money in ventures that do not harm the environment and actually promote ethical campaigns, as such it has also launched a mortgage product designed to benefit first time buyers in London. With London property prices being higher than anywhere else in the UK, it takes much more saving to raise sufficient deposit, and even then, the less of a deposit a borrower can put forward, the higher the interest rates on the mortgage will be.

Mortgage advisors are therefore recommending that Londoners check out the two year fixed rate mortgage with an LTV of up to 90%. This mortgage product has a fixed rate of 2.95% for two years, reverting to a standard variable rate after this term which is currently 4.24%. The advertised application fee is £999 which incorporates an £849 arrangement fee with a booking fee of £140 on top of that. Borrowers can expect to secure up to £1.5 million, which despite the continued rise in property prices, should be more than enough to purchase a property in London.

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