Post Brexit, interest rates cut, what next and what is this really going to do to the property market? At the moment there is a lot of uncertainty around the property market to say the least. With big changes it is hard to predict.
For the first time in seven years interest rates have been cut by The Bank Of England. A dramatic fact that could bring a big change when it comes down to our property and especially our mortgages. However, is this just an attempt to save us post - Brexit? Even though the interest is at an all time low sitting at 0.25% a fall from 0.5% it is expected to be reduced further as the economic fallout from the vote to leave the EU becomes clearer.
The cut in the interest rate is supposed to be felt by households and businesses in the real economy, but will it? What will this move really mean for the finances and economic prospects of ordinary UK households? According to the money saving expert, Martin Lewis, it will mean a lot of things!
The main being, some mortgages will get cheaper. Great, but what’s the catch? Only tracker mortgages will see a fall “as the name suggests, these 'track' the base rate, so for the 1.5 million on them, mortgage costs should drop by an average £20 per month on a typical £150k mortgage.” However, over the years the number of people on these trackers mortgages has dropped, with majority of households moving onto fixed-rate deal in hope that they would see the interest rate rise from the Bank.
Another reason why we can never predict the housing market. Going forward, it could benefit many of you especially first time buyers we could see an even further decrease in mortgage rates. Guy says: "Mortgage rates are already at rock bottom with possibly not much further to go, so if you're in the market for a deal, be wary of waiting for rates to drop further. The last thing you want to do is risk missing out on clinching a property by waiting too long.” So the why wait message really does apply!
Don’t dilly dally, grab yourself a property deal today! Benefit from the cut! Finding the right mortgage can be a tricky task with so many choices to make. That's why Mansons as a member of The Guild of Professional Estate Agents have chosen to team up with L&C, the UK's largest fee free mortgage broker to offer you expert advice and help when looking for your mortgage.
Why do Mansons recommend GPEA Mortgage Services?
* You can get expert advice at the end of a phone when it suits you- L&C's experienced team are on hand 7-days a week.
* L&C do the legwork- their team will manage a full search of the mortgage market so you don't have to
* Simple, stress-free experience- they'll handle your application from start to finish
* It's who you know- they frequently have access to exclusive best buy mortgage deals you'll not find elsewhere
* Straight-talking mortgage advice- whether you're a first-time buyer, buying a new home, buying to let, or remortgaging, L&C are here to work out what works for you
* No hard sell, just a good deal on your mortgage at no stress to you
Ready to make a decision? Speak to one of our experts today!
Visit us at https://www.mansons.net/mortgages OR give us a ring on 0191 209 2222