The country has been enjoying the effects of low cost borrowing on a mortgage for some years now. However, all good things have to come to an end and mortgage costs as we now see borrowing hitting a 2-year high.
With lenders expecting a Bank of England Base Rate rise next month, the rates on offer are at their highest for two years. The average mortgage rate has seen a 0.25% increase since last month which is a key indicator that banks and mortgage lenders are expecting an announcement from the Monetary Policy Committee.
In November last year, the Bank of England announced the first rate rise in more than a decade making many homeowners reassess their mortgage situation and many fixing into low-rate deals.
With an interest rate rise on the cards, it’s really the time to look at getting a great deal on your mortgage as economists agree that further rates may be on the cards.
If you’re a First-Time Buyer, this is the chance to get on to the property ladder and fix into a deal of lower monthly repayments whilst you become accustomed to becoming a homeowner and budgeting.
If you’re interested in getting the best mortgage deal, speak to one of our financial advisers on 03333 44 85 11 or email firstname.lastname@example.org