Mortgage Rates
Released On 21st Sep 2023
Rising mortgage rates have dominated headlines recently, however, it looks like there may be some light at the end of the tunnel which is not as widely reported.
Those who are wishing to buy are looking at higher interest rates than they once were, which can impact how much can be borrowed to still fall within affordability criteria. Mortgage rates will also impact those getting to the end of their fixed rates and looking to remortgage.
There are a number of lenders out there who seem to be cutting their mortgage rates and brokers are able to switch clients to a different product at a lower rate even if an offer at a higher interest rate has already been produced, we have experienced some rates dropping for clients recently. We cannot expect miracles, but some lenders seem to be going in the right direction!
You will see a lot of articles online with people trying to predict what will happen over the coming months with mortgage rates and the housing market as a whole and no one really knows for certain which direction it will go. What we do know, is speaking to a mortgage broker can really provide you with some valuable advice. They might say to save a little longer to increase your deposit and reduce your loan to value ratio and potentially better rates and more choice. They may also surprise you and tell you a mortgage is obtainable when you didn’t think it was or at a rate better than you were anticipating. There are plenty of local mortgage brokers who can help and get you the advice you need, and in the current market we really do recommend seeking specialist advice from them.
The housing market is still moving and we are receiving new instructions from clients who are moving up the ladder, first time buyers, and those who need to re-mortgage.
You can contact our expert team for more information on our residential property services on 0800 652 8373.
