Don't Get Spooked by Interest Rate Rises
Will Rates Rise?
Interest rates are predicted to rise when the Bank of England next meets on the 2nd November 2017. Don't get caught out paying too much for your mortgage. Let's see if we can 'bust' your current rate.
With many competitive options to choose from, now could be the perfect time to review your current mortgage arrangements. Even if rates don't rise next week, they soon will.
Are you paying more than you need to?
When the Council of Mortgage Lenders (CML) last surveyed the UK housing market in 2014 their data highlighted that 67% of all borrowers were still on the lender’s Standard Variable Rate (SVR), an increase from 49% in 2007. It’s easy to roll onto this rate when a fixed term comes to an end and the lenders SVR is often higher than the initial rate paid at the time of taking out the mortgage.
If you are currently on your lender’s SVR, or will be soon, now is the ideal time to review your mortgage.
If you would like to discuss your current arrangements, or would like help choosing the right deal when purchasing a new property, please contact us.