March Mortgage Market update
Adam Nanson, Impartial Mortgage Adviser at Your Mortgage Expert comments:
“Earlier this month, the Bank of England increased the base rate to 0.75% in an attempt to curb inflation. Most financial experts are now predicting further interest rate rises over the next 12 months* and say inflation is likely to stay higher for longer**.
“The impact of this will be that mortgage rates are likely to rise. And, we have already seen that the choice of mortgage products available on the market has started to reduce***. So if you are looking to remortgage your property or to mortgage a new one, your rate is likely to be higher and will cost you more.
“Having said this, even with the rate squeeze, there are still savings to be made. And, in general, a fixed rate deal will save you money rather than falling onto the Standard Variable Rate. By fixing your mortgage now, it also gives you peace of mind that your monthly mortgage payment will remain the same in spite of spiralling costs of living.”
For further information on anything you’ve read in the March Mortgage Market Update, contact the mortgage advice team at Your Mortgage Expert.
Sources for the content of this blog:
*source 1 – interest rate rise expected: Bank of England hikes interest rate to 0.75% as it sees inflation surging to 8% | Business News | Sky News
**source 2 – inflation like to stay higher for longer https://www.theguardian.com/business/2022/feb/25/ukraine-russia-inflation-economy-oil-gas
***source 3 – reduced range of mortgage products: https://www.mortgagestrategy.co.uk/news/mortgage-market-continues-to-tighten-moneyfacts/
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