The first quarter of 2018 has witnessed increasing speculation that the end of this year could see the Bank of England finally raise their Base Lending Rate, perhaps doubling it from 0.5% to 1%, or more. With many borrowers tied to variable rates at 3 or 4% over Bank of England Base Rate, this could see their repayments rising dramatically over the next 18 months.
Unlike death and taxes, we cannot be certain of financial markets or interest rates and certainly some mortgage lenders have been reporting historic levels of affordability in the domestic mortgage market, but for those with variable rate mortgages or with fixed rate deals now coming to an end, now is a great time to consider options.
Locking in an attractive deal now would help to insulate your from any increases later in the year and with some mortgage providers offering applicants offers in principle that remain valid for up to six months it can make a lot of sense to start shopping now, even if your current deal doesn’t end until the Autumn.
As with all decisions in life, timing is usually critical. Perhaps now is a good time to re-appraise your own mortgage deal and consider options for the future?
For an initial appraisal of what is currently available this Summer contact Mortgage Required for a no-obligation chat on 01628 507477.
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