New Homes Week 2023
This New Homes Week, we’re shining a spotlight on the savings of a brand-new Mulgrave home.
Falling New Home Mortgage Rates in North & East Yorkshire
Residential mortgage rates have decreased more than 1.2% since the start of November 2022 and those seeking the security of a fixed rate mortgage could pay £1,308 less each year based on current 2-year fixed rates, and £1,415 less each year for current 5-year rates.
Mortgage interest deals have continued to improve since the Government’s Autumn Mini-Budget in September 2022, and, as a result, the cost of best-in-class reduced rates are potentially thousands per annum lower than a few months ago – meaning now is a great time to buy with Mulgrave Properties.
Both Nationwide and Virgin Money have introduced a new 5-year fixed rate mortgage at 3.99%, perfect for buyers who are looking to borrow up to 70% of the property’s value and presenting opportunities to fix monthly repayment costs at a level below the Bank of England base rate, which rose slightly to 4% in early February.
2-year fixed rates for first time buyers with a 40% deposit have also dropped from 5.24% in November to 3.99% now.
That is in addition to 0% Stamp Duty payable, the Mulgrave 5% Deposit Match and many more money-saving additions, which includes installing thermal insulation throughout, as well as high-functioning heating systems, brand-new kitchen and bathrooms, uPVC double-glazed windows and doors and a 10-year NHBC warranty.
Mulgrave homes are also built to meet a minimum EPC rating of band B, which can not only reduce gas guzzling utility bills, but unlocks unique lower-rate lending opportunities.
Energy Savings and Efficiency of a Brand-New Mulgrave Home
Research recently published by the Home Builders Federation has found that buyers of new-build homes in Yorkshire will save an average of £3,100 in energy bills compared to older properties, as the Government’s Energy Price Guarantee cap increases on 1 April 2023.
Buyers of the average new-build property (flats, maisonettes, bungalows and houses) are likely to save over £2,510 on household bills annually, equivalent to £209 per month, and, for buyers of a new-build Mulgrave home, these savings will be even higher, at around £259 per month.
That is a huge average annual saving of £3118 compared to buyers of older second-hand homes, who will be facing an average annual energy bill of £4,218.
These figures are constantly changing, but paint a clear picture that new-build properties have a considerable impact on energy conservation – just one of the many ways a brand-new Mulgrave home could be better for your bank balance.
Find out more about the savings of a new-build homes in Market Weighton, Sessay, Nosterfield and Tollerton here, as well as coming soon to Rufforth, Burniston near Scarborough and Shipton by Beningbrough.
