75% of borrowers offered lower mortgage rates during house buying process

More than 75% of homebuyers are being offered improved mortgage deals after they have started buying a property, a lawyer has claimed.

With mortgage rates improving, Simon Nosworthy from Osbornes Law says many buyers are changing their mortgage weeks before completion as brokers are approaching them with better deals.

With properties taking longer to sell, combined with the interest rate falls, it makes this the best time in recent memory to buy a property, Simon says.

Simon, who is head of residential conveyancing at Osbornes Law, said: “Never in my time as a  property lawyer have I seen so many clients change their mortgages during the buying process. 

“More than three quarters of clients are coming to me and saying that their broker has been in touch with an improved deal. That’s unheard of.

“This is the best time to be a buyer since the Liz Truss budget threw the mortgage market into turmoil. There is a sense now that buying power is bad and with properties on the market for longer and signs that prices have levelled out it’s all in the buyer’s favour. It’s a perfect storm of positive factors for buyers.”

Simon’s comments come after the Bank of England cut interest rates to 4.25% on Thursday.

Simon added: “If people were biding their time and delaying getting into the property market they might want to reconsider as we are already seeing an uptick in instructions as there is clearly motivated purchasers out there who realise that the time to act is now.

“We certainly aren’t seeing sellers saying that they won’t agree to buyers demands and put their house back on the market so purchasers can take advantage of that.

“It should also be noted that the Spring and Summer time is traditionally a busy period in the property market so buyers should move quickly to not only secure their new property but also the best property professionals such as solicitors and surveyors to assist them in achieving their goal.”