Latest mortgage news and rates
There is much uncertainty following the EU Referendum, which is causing negative reactions within the financial markets. Understandably, people are concerned so it is a good time to get advice on your mortgage to prepare for all eventualities. Read more, including this month’s BEST RATES, here.
This does not constitute advice and advice should be sought in all instances before acting on it.
Your property may be at risk should you be unable to maintain any agreed mortgage payments over the term agreed.
Will mortgages cost more with Brexit?
There has been much speculation during the EU Referendum campaign period as to whether Brexit will have an impact on the country’s financial position, in terms of public spending as well as your own personal finances.
In terms of mortgages, Remain indicated that it could cost, on average, £1,000 more per year, should the UK decide to leave the EU.
Should the UK economy take a severe hit and inflation rises too much, the Bank of England (BoE) may take the decision to raise interest rates to combat the effects of high inflation. However, on the other hand they may be forced to keep rates low, to increase the money available to consumers.
All in all, the decision lies with the BoE, although it is early days and difficult to say which route they may take.
What can you do to prepare for eventualities?
As with everything financial, it is essential to keep on top of economical and political events so you are informed to make accurate decisions when the time is right.
Looking to move house?
If you are planning to move house in the near future, keeping a close eye on the latest rates and deals will be important to make sure you can catch the market before any sudden increase.
Strengthening your credit rating is also worthwhile, as it is unclear now as to how changes in mortgage legislation could take shape in the coming months.
Also, news suggests house prices could fall, so if you have to sell then take this into account, although, you may find a cheaper purchase too.
Looking to buy?
As for first-time buyers, if market predictions are correct and house prices fall over the next couple of years, this could be an opportunity for you to get onto the ladder. The best preparation you can do is to continue to save money for the deposit and also keep a close eye on mortgage rates.
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Here are the latest rates on mortgages.
Term | Type | Rate of interest |
---|---|---|
2 year | FIXED | 1.34% |
2 year | TRACKER | 1.39% |
3 year | FIXED | 1.84% |
5 year | FIXED | 2.09% |
10 year | FIXED | 2.89% |
2 year | FIXED (Offset) | 1.54% |
2 year | 10% deposit | From 2.19% |
2 year | FIXED - 15% deposit | From 1.74% |
2 year | FIXED - Buy-to-Let | From 2.24% |
Average lenders | Standard Variable Rate | 4.64% |
Figures are sourced from Trigold Prospector. Please note rates do change daily.
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Get a mortgage review with Chris
If you would like us to undertake a review of your current mortgage deal or you are thinking of purchasing in the near future and require funding, please contact Chris for a free, no obligation appraisal.
Tel: 01403 780 770