It is a question often asked, ‘why are mortgage rates rising?’ and the answer is really a simple one. The economy has almost fully recovered since the recession almost 10 years ago, unemployment which once stood at 10 million is now under 4 million and house prices are also rising.
Looking after the country’s economy is a skilled process and therefore, once an economic recovery is evidenced, the Bank of England will assess just by how much and how quickly rates can rise again.
It was once thought that rates being lower than 5% wouldn’t be seen but time has demonstrated that certainly wasn’t the case.
It certainly shouldn’t be a surprise as to the rise in Bank of England Base Rate and in turn the interest rates passed onto the consumer. If economic growth continues at the current rate, it wouldn’t be unusual to see rates hitting 5% during 2018.
With all of this in mind, the advice continues about looking at getting your mortgage deal sorted out imminently. There really are some great deals still to be had and we can assist you with these. Give the team a call today on 03333 44 85 11 or email the team at firstname.lastname@example.org