Mortgage lending in the UK housing market is now seeing excellent opportunities open for first time buyers as well as those in search of an original mortgage loan. Since the Bank of England’s Monetary Policy Committee increased the standard base rate earlier this month, lenders are cutting rates to first timers and others in search of mortgage lending. In the opinion of some housing experts, it is a great time to obtain mortgage lending.

According to data from Moneyfacts, rates for purchases with 95% loan to value have never been this low. For those in search of a home with a 5% deposit, this means a home could be closer to purchase than ever before. Two year fixed rate mortgage lending deals are quite low, as lenders have been slashing rates after the latest increase in the standard base rate, not increasing them.

Those in search of a remortgage are also sitting in a fine position to obtain a new deal. Lenders are offering remortgage deals with extremely low interest rates as well as offering deals featuring special incentives. Lenders are even offering cash back on some remortgage deals in an effort to entice those in search of a new deal.

Some close to the housing market felt the latest increase in base rate might quickly lead to massive imbalance in the market for borrowers and place a literal wall on lending due to increased interest rates. So far, this has not been the case and lenders are making quite the effort to remain flexible and offer borrowers what they need most now – a way to save money.