After months of speculation the Bank of England finally announced a cut to interest rates to 0.25% [4/8/2016] – so whilst this is not the best news for savers, it presents fresh opportunities for borrowers.
Homeline Mortgages Sales Director, Jordan Tuttle, talks about the current fixed rate and tracker deals currently available in the market:
Five year fixed rate mortgages
“Rates across the whole market seem to be dropping slightly. The five-year market remains very competitive as many people look towards longer term stability and peace of mind for the medium term but don’t want to be locked in for a ten year period. A five year commitment suits many borrowers – especially if they are planning to stay in their current home.”
“Clearly with the base rate being at an all-time low – a tracker mortgage is looking attractive for many borrowers. Many tracking rates these days come with no early repayment charges, leaving people with the opportunity to switch products, or remortgage if and when rates look set to rise. The two-year market remains competitive with many borrowers becoming more receptive to tracker mortgage options.
Brexit – what should I do?
At Homeline Mortgages we always give advice based on your individual circumstances. The main thing is to get in touch if you have any queries about your current mortgage, remortgaging or applying for a mortgage.
With post Brexit mortgage rates historically low it is a fantastic time to assess your options and speak to a Homeline adviser as to what is currently available in the mortgage market.
“The full impact on the housing market is still an unknown, some experts have predicted that house prices may drop, which would be good news for first time buyers; however local estate agents are reporting to us that some planning to put their property on the market are waiting until things have settled, so this could stop any potential price drops – it’s all about supply and demand.
A nervous economy can make it more difficult to sell your property. Summer is often a quiet period anyway for the housing market, and things tend to pick up in September and October. We are not expecting this year to be any different.”
If you would like to discuss your post-Brexit mortgage options, or you are confused or concerned about your mortgage – call our advisors who will be happy to help.
If you’re a first time buyer, remortgaging for a better deal, or looking for a buy to let mortgage – Homeline Mortgages in Reading and Poole can help.