There are currently a variety of comments in the market suggesting that The Bank of England Base rate might double from an historically low 0.5% to 1% by the end of 2018.
Whilst predicting the future is a precarious business it is worth noting that The Base Rate has been rumbling along at next to nothing for a decade now and at some point rises are inevitable.
With many borrowers on fixed interest rates that are due to mature this year and next it is certainly worth considering your options now, before all lenders remove their best deals from the market. Many borrowers will be on low ‘teaser’ rates but a lender’s SVR (Standard Variable Rate) currently averaging at about 4.75%, with some lender’s SVRs as high as 5.99%!
With initial 18 month fixed rates still available at around 1% at the time of writing, consideration of your remortgage options now would be prudent.
When considering options here make sure you allow for the whole cost including redemption, penalty and arrangement charges and associated professional fees. This is sometimes difficult to do which is why we use software to ‘crunch the numbers’ on your behalf and best advise on the most cost-effective option for 2018 and beyond.
For more information contact us or speak to a mortgage adviser on 01628 507477.
Yesterday
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.
6 days ago
If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.
9 days ago
High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.
10 days ago
‘Buy Now, Pay Later’ (BNPL) schemes, such as ‘Klarna’ are short-term loans that allow shoppers to make a purchase, but delay paying for it for an agreed amount of time.
Klarna is one of the most popular BNPL services with 18 million customers in the UK alone, and offers interest-free payment options which is appealing to shoppers. However, does it affect a mortgage application?
15 days ago
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
24 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
24 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.