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2.25% Mortgage Rate Offer From Housebuilder In Essex

Posted 7 November 2022 by Keith Osborne

Fairview New Homes has announced an offer worth thousands of pounds to buyers at Brentwood Acres...

Fairview New Homes is helping house-hunters struggling to purchase a new property as a result of soaring interest rates, to pay just 2.25% on a two-year fixed mortgage at Brentwood Acres in Brentwood, Essex (terms and conditions apply).

By paying the difference between the mortgage provider's interest rate and 2.25%, Fairview is saving buyers up to £29,448 in interest rate costs.

This is introduced at a timely moment, following the Bank of England's decision to raise the base rates to 3%, the highest since 2008. Prior to the announcement, the average two-year fixed mortgage rate stood at around 6%.

Chris Hood, sales and marketing director for Fairview said: “Many of our prospective buyers are ready and able to take that exciting step into homeownership, but it's the mortgage rate that is the major roadblock. Since launching the 2.25% mortgage opportunity for our Brentwood Acres development a week ago, several buyers have already been able to move forward with their dream purchase as a result.

“Some buyers will look at the 0.75 percentage point base rate rise today and worry about what this means for their mortgage options. We're committed to helping our customers realise their homebuying aspirations where we can, particularly in challenging times. This is why we've committed to this cost-saving opportunity until the end of this year. We'll be looking at the possibility of rolling it out at other Fairview developments.”

Here are a couple of examples of the savings with the offer, based on a 10% deposit with mortgage value detailed across two years.

A two-bedroom house priced at £500,000, with a 10% deposit of £50,000, would need a mortgage of £450,000. For a 35-year mortgage at a rate of 5.92%, the monthly payment would be £2,541. At a rate of 2.25%, it would be £1,560 – a saving of £981 per month, totalling £23,544 over two years.

A three-bedroom house priced at £625,000, with a 10% deposit of £62,500, would need a mortgage of £562,500. For a 35-year mortgage at a rate of 5.92%, the monthly payment would be £3,177. At a rate of 2.25%, it would be £1,950 – a saving of £1,227 per month, totalling £29,448 over two years.

Brentwood Acres comprises 22 one- and two-bedroom apartments and 81 two-, three- and four-bedroom houses split across two sites, The Square and The Gardens. Offering the “best of both worlds”, it is nestled among greenbelt woodland, but within touching distance of amenities. The Elizabeth line links Brentwood directly to a host of stations in central London and beyond.

Fairview's mortgage incentive is available on all of the houses at Brentwood Acres, with two- and three-bedroom homes available to move into right away. Guide prices vary from £500,000 to £650,000. Find out more at www.fairview.co.uk.

 

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