According to latest predictions, the Bank of England interest rates are set to stay fixed until well into next year and possibly until December 2016. This is according to an article in Your Mortgage Magazine on 6th November 2015*.
According to the article, the Bank of England voted eight to one to keep interest rates low because due to the state of the global economy, the price of oil and the very low levels of inflation.
What this means for home owners and buyers
Adam Nanson, Managing Director and independent mortgage broker from Your Mortgage Expert comments:
“While not great news for savers, this is good news for those with a mortgage or looking for a mortgage. As it means that interest rates will stay low.
“This, added to the continued rise in house prices means that more and more people are choosing to invest in property, especially as savings are delivering such a poor return. We recently reported that house prices are expected to continue to rise until 2020 which is increasing the confidence in the housing market.”
How Your Mortgage Expert can help
“Although interest rates are set to stay low, we are starting to see that lenders are increasing their rates. In, fact, the average two-year fixed rate rose from 2.68% in August to 2.72% in September, for the first time in 12 months**. It would therefore be prudent for homeowners and buy-to-let investors to fix their mortgages to avoid missing out on the really low mortgage deals that are currently on the market.
“Your Mortgage Expert is whole of market and independent which means we know all the current deals on the market and can make the most appropriate recommendation for you based on your circumstances. Some of the deals may only be available through independent advisers like us. So whether you’re looking for a fixed rate, variable rate or you’re a First Time Buyer, Your Mortgage Expert can review your circumstances and give you the most appropriate mortgage rate advice based on your affordability.”
To speak to Adam Nanson about your next mortgage, ring him now on 01722 322683 or complete a contact us form and let him know when he can call you back.
We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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*Source: Your Mortgage Magazine 6th November 2015 http://www.yourmortgage.co.uk/remortgage/interest-rates-held-at-0-5/
**source: What Mortgage Website, 28th October 2015 http://www.whatmortgage.co.uk/news/fixed-rate-mortgages-near-record-levels/?utm_source=eshot&utm_medium=email&utm_campaign=WM-315