It was widely anticipated that a rise in the Bank of England’s Base Rate would in turn see a rise in household mortgage rates, and the expectation was right.
It was also expected that this rise in interest rates would in turn have an effect on homeowners and the amount of house sales, and again this has been proven correct. As a result of this, the number of mortgage approvals hit a seven-month low in the month of September which was only a month after the bank of England raised the interest rates.
High Street lenders approved a total of 37,352 mortgages for house purchased during September which was a sharp fall from the highs of 42,581 throughout August.
There has been just two rises in the Bank of England’s Base Rate in the last ten years yet this has had a profound effect on the mortgage and housing market. This along with Brexit has all had an impact on the housing market and also what lenders are willing to offer in terms of a mortgage.
There is no value that can be put on getting the right advice when it comes to your home and mortgage and getting that right advice can save you hundreds of pounds every year in repayments. Why not speak to a professional and friendly Mortgage Adviser today and see how you may be able to save yourself money on your monthly mortgage repayments.
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