On 24th June 2016, the United Kingdom voted to exit the European Union. And with it commenced a period of uncertainty for the UK. Adam Nanson, Managing Director of Your Mortgage Expert, which offers mortgage and protection advice in Salisbury, has called for calm around these uncertain times. He comments:
“We don’t have a crystal ball, which means we can’t predict exactly what is going to happen in the UK mortgage market and in the wider financial sphere. So, it is perfectly natural for consumers to have questions and concerns about their personal finances.
“However, we’ve been told by the Chancellor of the Exchequer and the Governor of the Bank of England* that they have contingency plans in place to support the UK economy and that there are billions of pounds set aside to prop up the economy of it is required. So we should take reassurance from that.
“Added to this, at the moment, nothing has really changed. We are still part of the EU and all of the regulation and protection surrounding the mortgage markets still stands.
“With regards to mortgages, we currently have the lowest UK mortgage rates that we’ve seen for a long time**. We have also been reassured by the banks and other lenders that mortgages are still available and they want to keep lending to UK consumers. Some experts have even been predicting that mortgage rates could become even lower following the Brexit decision***.
“Amongst all these assurances, I would encourage home owners and prospective home buyers to remain calm following Brexit. Whatever happens overall with Brexit, there is still a shortage of available properties in the UK and people will still need to buy houses whatever happens in Europe.
“It may be that some consumers will want to fix their mortgages now in order to bring about some certainty around their monthly outgoings during this period of change. And, if consumers want to speak to us about this, or any other aspect of their mortgage and protection concerns, then please do give us a call.
“We are keeping abreast of the emerging story. And, if any of our customers or the wider public wish to speak with us, then we are more than happy to take the time to discuss the situation as it currently stands.”
We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
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.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. SECURING SHORT TERM DEBTS AGAINST YOUR HOME COULD INCREASE THE TERM OVER WHICH THEY ARE PAID AND THEREFORE INCREASE THE OVERALL AMOUNT PAYABLE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
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