What is happening with mortgage rates this Autumn?
It’s been quite doom and gloom for the mortgage market for the last six months. With 14 consecutive base rate rises resulting in mortgage rates creeping over 6%. At last though, there seems to be glimmers of hope on the horizon for the mortgage market. Here Adam Nanson, impartial mortgage broker for Your Mortgage Expert looks at what is happening with mortgage rates this Autumn.
What is happening with mortgage rates this Autumn?
“Mortgage rates have been consistently falling over the last few weeks. So much so, that many media outlets have been terming this current trend a “mortgage war” as lenders compete for your mortgage business*.
“Nationwide, Virgin Money and Barclays have all cut their rates recently. In fact, average fixed term rates are now below 6% for the first time since June**.
“This is great news for my clients looking for a new mortgage or to switch their current deal. It’s a relief to be able to start talking about good news to my clients. Now is a great time to review your options and I’d love to speak to you.
Is the trend with mortgage rates likely to continue?
“I feel like I’ve been saying this all year, but none of us has a crystal ball. We think we know what is happening with mortgage rates, but then inflation doesn’t behave as expected or international events impact the UK financial situation.
“So, while some experts are predicting that rates will continue to fall throughout Autumn*. What I am advising my clients is – hope that rates will continue to fall, but lock in rates now in case they don’t.
“So, if your mortgage is up for renewal in the next 6 months, act now. With rates lower than they’ve been for a while, many of my clients are choosing to lock in a low rate now. We can then always review your mortgage rate again over the next six months if the downward trend does continue.
“Likewise, if you are buying a property, we can apply for a mortgage offer now. But if rates drop before you complete then we can always review your options.
“As your mortgage broker, we love to work hard for you. And if that means reviewing your rate several times, then that’s what we will do.”
We are not like other brokers. Our small, friendly team has over 80 years of experience in the mortgage and protection industry. We have over 70 five star reviews on Google and we have over 90 verified reviews on VouchedFor. And we would love to work hard for you.
We have access to thousands of mortgage products, many of which are only available through brokers. There are a very small number of lenders who don’t work with brokers. And, if you’re better off going with them, we will let you know.
To speak to a member of the mortgage advice team about your mortgage ring Your Mortgage Expert now on 01722 322683. Or visit www.your-mortgage-expert.co.uk and complete a contact us form and let us know when we can call you back.
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.
**Source : https://www.rightmove.co.uk/news/articles/property-news/current-uk-mortgage-rates/
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