News
Mortgage rates on hold
Once again the bank interest rate was held at 0.5%
The good news for borrowers is that while bank rate remains dormant, mortgage rates continue to drift lower. The availability of 75% loan to value loans has continued to improve and this has prompted more competition ensuring obvious benefits for borrowers.
According to John Charcoal, the economic arguments continues to suggest a tracker mortgage is the right choice for most borrowers because the economy is in such a mess that very low interest rates are here for some time yet. Yet the election cannot be ignored. The markets have been expecting a Conservative majority and what once looked like a forgone conclusion is now not so certain.
The political uncertainty may mean the right choice for some borrowers is to batten down the hatches and lock into a fixed rate for at least five years, but with the difference between these and the best tracker mortgages around 2.5%, there is a big premium for the security of a fixed rate. Seeking independent mortgage advice on your own specific situation has arguably never been more important.
Post a Comment on this News Article.