Mortgage Interest Rates Still Competitive

Jonathan Waters Estate Agents comment on the recent Bank Base Rate decision:-

“Yet another month has gone by with no change to the Bank Base Rate (BBR). Once again the Bank of England (BOE) have taken the view that the economy is still too fragile to start to raise rates back towards more normal levels.

This is now unlikely to change in the short term with the Governor of the Bank of England recently commenting that he could see rates remain low for the foreseeable future.

This provides further support to the housing and mortgage markets and should help ensure that both borrowers looking to move home and those who want to remortgage, continue to see very competitive mortgage interest rates.

Mortgage product availability remains at close to the highest levels seen this year in spite of the seasonal dip in activity that generally takes place over the summer months, with many high street lenders continuing to review their products to attract borrowers.

Borrower preferences have seen a further move towards fixed rates with 6 out of 10 borrowers choosing fixed rates in July, which is something of a shift from several months ago when variable rates were more popular.

Interest rates are often a topic of conversation and differences of opinion have always existed amongst economists, bankers and politicians in relation to interest rate setting policy. However, interest rates are unlikely to fall any further and those buyers and borrowers that want to move either their home or their mortgage currently have access to some excellent products.

For further information on how the latest base rate decision affects you please call Jonathan Waters Estate Agency in Ipswich on 01473 721133.

Your home may be repossessed if you do not keep up repayments on your mortgage.

A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances.  A typical fee is £95.  (or insert fee statement)

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