I don’t know about you but my timing in regards to securing the lowest interest rates possible has never quite hit the sub 1.35% level!
Heck, I’ve got friends and professional clients who have secured substantially lower (and some even interest only on their residential homes!).
The recent speculation that the rates would rise from the staggeringly low 0.1% to the sensibly low 0.25% has been nullified for the time being by the Bank of England.
This buys time for all of us to secure as long a reasonable term deal as we can. Let’s be honest, this hiatus was not the work of Father Christmas or a good Samaritan but simply a “let’s not kick them when they’re down” sportsman like decision before the inevitable will surely occur in the new year.
For existing borrowers and first time buyers with healthy deposits the days of the sub 1% have, for the medium term, certainly disappeared but the increase, when it comes, will be adding £’s not hundreds of £’s to your mortgage.
When interviewed only yesterday, David Fell, a senior analyst at the property firm Hamptons, said the recent increases in the cost of mortgages would “remind buyers that rates don’t only move in a downward direction”. He added: “For the average first-time buyer the current upwards pressure is likely to equate to tens rather than hundreds of pounds extra in monthly mortgage payments. I don’t think at this stage it will make much difference to most people’s buying decisions.”
Here at Bayzos we have a very approachable, knowledgeable and skilled mortgage advisor to help and guide your path.
Please do not hesitate to get in touch whether you already own or are planning your purchase. Adam Pearman can be reached on 07850 341491 or 0330 1246533 and please quote “Help Me It’s Not Too Late!”.
For the time being. I’d like to thank the Good Samaritan for buying us all a little more time!
Thank you for reading!