Covering Edinburgh, Dunfermline and Perth, I always like to keep people in those areas up to date on Mortgage market conditions.
During the Coronavirus pandemic Interest rates dropped to an historic low, but they were unlikely to stay that way forever. And with the Bank of England raising interest rates recently and hinting that further rates are likely to increase in the near future, I would urge mortgage borrowers to act quickly to avoid getting stung by more interest rate hikes.
Lenders have already started to up their rates, with HSBC, Halifax NatWest and TSB doing so after the Bank of England raised the base rate, however anyone on a Tracker Rate or Standard Variable rate will be hit with an increase immediately.
The interest rates available for new and existing customers are already showing signs of creeping up. they’ve spiked by around one third over the last few weeks alone, and are expected to continue to climb in line with the Bank of England’s base rate.
Keeping this in mind Mortgage Brokers are advising new mortgage applicants and homeowners in the market for a Remortgage to act now and start their applications while rates are still relatively low.
The main trend we’re seeing at the moment is that rates are increasing. They have all been going up over the last few weeks and are likely to increase further over the coming months.
If you want to secure a fixed-rate mortgage, it is best to go for it now while there is still a bit of competition among the Lenders who want your business.
Now is probably the time to act for anyone who’s worried about the probable rate increases.
Borrowers on tracker mortgages and standard variable rate arrangements will see significant savings by entering a new fixed-rate mortgage while rates are still competitive. So good people of Edinburgh, Dunfermline and Perth If you’re worried about the latest Bank of England’s base rate rise why not speak to me as your mortgage broker today and let us get started on your application.
The Bank of England’s Last base rate increase in February 2022 is probably going to be one of several, with finance experts forecasting that the base rate could reach at least 1% by the end of this year.
