Although the Bank of England decided not to reduce interest rates in July as it further assesses the impact of Brexit on the UK’s economy, intensifying competition between banks and building societies – who are expecting a base rate cut in August – means that fixed rate mortgages are set to get even cheaper.
The news will be welcomed by those looking to move home, remortgage their existing property, as well as first time buyers – with lenders currently offering a two-year fixed rate deal at 1.58% for borrowers with 15%-plus equity.
Steve Padghman, mortgage specialist at The Financial Planning Group, said that; “there are some excellent deals available at the moment, which we can help home owners take advantage of. By having access to the whole lending market, rather than being tied to an individual lender’s products, allows our clients greater flexibility and incredible choice. Also, our clients are often amazed that, in many cases, we are able to arrange a new, lower rate deal, without them having to go through the lengthy re-application process – which can save a lot of time and administration.”
If you would like to speak to Steve about your own mortgage or remortgage circumstances, and have him calculate what deals would suit you best, please feel call him on 0800 731 7614 or email Steve.Padgham@fpgonline.co.uk