Mortgages What you need to know…
Posted: Tuesday March 5 2019
By: Guest Bloggers
After years of low interest rates, experts are predicting a rise in The Bank of England’s base rate this month and perhaps again later in the year, but what does that mean for you? In preparation for the increase, many of the best mortgage deals are starting to vanish and the two-year fixed rate is the highest it has been since September 2016, on average.
Mortgages What you need to know
By Polly Ker – Optimum Financial Solutions
No one could have predicted the plummeting of the base rate that took place between December 2007 and April 2009. It dramatically dropped from 5.75% to 0.5% in 16 months and then stayed there for over 9 years before dropping it again to 0.25%. In November 2017, the base rate rose for the first time since July 2007, when the rate increased to its highest at 5.75%. Despite the rise in November only being a quarter of a percent, mortgage rates increased as lenders appeared to be taking no chances.
No one knows for sure whether the base rate will increase this year, perhaps more than once, maybe not, but with the best deals starting to come off the market for mortgages and borrowing, now would be a good time to weigh up your options and stay ahead of the game.