Many market commentators were wrong about Brexit's immediate effect on mortgage rates. They were predicted to rise after the referendum result- in fact they fell.
The Bank of England's cut its Bank Rate last August and at the same time lenders, appearing to panic over the inevitable downturn effects of Brexit, put out some stunning rates to attract what borrowers they could. The downturn never came, in fact Mortgage Required have arranged record levels of borrowing over the months since the Brexit vote came in.
Towards the end of 2016 rates began to creep up as the cost to banks of obtaining the money they lend appeared to rise. I say creep up, at the time of writing the lowest two-year fixed rate is just over 1%, the lowest three-year rates start at around 1.4%, with five-year rates still under 2%. Hardly a momentous increase.
Article 50 has been triggered/ sent / delivered and negotiations have begun. If you haven’t taken advantage of the extremely low mortgage rates on offer, now is the time to grab one as Brexit or no Brexit, the only way is up.
So, in conclusion, the effects of Brexit on the mortgage market, to be honest, not a lot so far…
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Over three years after the Mini-Budget took place, we look at what the mortgage market looks like now, showing the difference in mortgage repayments.
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According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.
It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.
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Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.