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.
Related articles:
Download our Free First Time Buyers Guide
Recent posts
The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.
Ever wondered where the most reasonably-priced towns for families to buy are? Property company, Zoopla has identified the top 10 towns for families to live in the UK by looking at the most affordable towns, and how many people are looking in that area.
Increase in zero-deposit mortgages in 2024
7 days ago
There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.
Average savings by age in the UK
8 days ago
Many people are quite private when it comes to what is in their bank account. In this short blog, we look into what Brits have saved by age group.
Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.
Pros and Cons of Equity Release
20 May 2025
Equity release is a type of mortgage that allows homeowners 55 and over to access money from their property's equity without having to leave their home. This is done by securing a loan against the house which is usually repaid by selling the property when the borrower passes away or has to move into long-term care.
More information
Trusted by
