Brexit in Brief
With many questions being raised around Brexit, people just want to know how it will affect them.
As most mortgage rates are linked to interest rates, the impact of a Brexit deal/no deal may have repercussions on the economy, but to be honest – no one knows! So it’s best to forget all the predictions and stick to what we know.
The average price of a property coming to market is up by just 0.4% for January, the lowest monthly rise seen at this time of year since January 2012, according to the property website Rightmove.
The Bank of England base rate remains low at 0.75% leading to some good news for first-time buyers and those re-mortgaging, we've seen a number of lenders cut their rates.
What are my options?
This depends on your appetite for risk and your personal circumstances.
Re-mortgaging – If you want to be able to budget around your mortgage payment each month then a fixed mortgage rate could give you the stability you need.
However fixed rates aren’t for everyone. There is the risk that interest rates could fall meaning a mortgage rate that isn't fixed, could work for you if you’re willing to take the risk and can afford your mortgage should rates go up.
First-Time Buyers - The uncertainty around Brexit could benefit first-time buyers with some people choosing to secure a great mortgage rate, locking it in to a longer term fixed rate deal.
How can we help?
Getting a mortgage is one of the biggest financial decisions you’ll make and not everybody’s circumstances are the same so it’s important to get it right.
If you’re buying a home or are considering re-mortgaging to a better deal, our mortgage advisors can search the whole of the market and advise on the best option available for you.