📢 Important Announcement from Mortgage News Now! 🏠
Attention homeowners! The mortgage landscape is evolving rapidly, and it's crucial to stay ahead of the game.
Matthew Pigrome, Principal at Mortgage321, shares vital insights into the recent rise in mortgage rates and its implications for borrowers. As inflation concerns persist, major banks and building societies are increasing borrowing costs, leading to a potential impact on fixed mortgage deals.
Experts warn that homeowners must act swiftly to secure favorable fixed-rate mortgages before rates climb further. With the average two-year fixed-rate deal currently at 5.45% and five-year deals at 5.12%, it's essential to explore options promptly. Economists predict that the Bank of England may raise its base rate beyond previous expectations to combat inflation, resulting in higher borrowing costs.
Market conditions remain highly volatile, with lenders withdrawing mortgage products and adjusting rates at short notice. If you've been considering a fixed-rate mortgage, now is the time to act. Even if your current deal is approaching its end, it's wise to start exploring alternatives sooner rather than later.
Approximately 700 mortgage deals have been pulled from the market in recent days, indicating lenders' anticipation of future interest rate rises. This trend echoes the aftermath of the September mini-Budget, which saw a sudden reevaluation of mortgage deals. To navigate these changes successfully, it is recommended to secure favorable rates as soon as possible.
Don't miss out on favourable mortgage opportunities! Act promptly to remortgage or purchase a property this year, as rates are being repriced upwards. Stay informed about market developments and make strategic decisions for your financial well-being.
Remember, Mortgage News Now is here to keep you updated on the latest mortgage trends and provide expert advice. Stay tuned for more insights from Matthew Pigrome and the Mortgage321 team.