Interest rates rise so time to shop around
So now we know, after months and even years of speculation, the Bank of England has recently raised interest rates for the first time in 10 years with an increase of 0.25%.
Beresfords Director Terry Holmes gives commented “It was inevitable that interest rates would rise sooner or later but with rates being at a historic low for so long, we have gotten used to it. I believe that for around 8m mortgage holders, this will be the first rate rise they have seen.
“We need to keep this in perspective though. At .5% we’re only going back to where the rate was in the Summer of 2016 and with the mortgage market so competitive, there will always be good deals out there if you shop around and use an independent adviser.
“Many savvy homeowners have been coming off the standard variable rate for some time now and going for longer term fixed rate options on the basis that current rates couldn’t last much longer.
“In addition the much maligned at the time Mortgage Credit Directive has meant affordability checks are far more stringent than they used to be and deposit requirements higher which should ensure that the dreaded negative equity scenario won’t come into play as it has in the past.”
If you would like to speak with one of our Independent mortgage advisers regarding this then visit www.flagstone.co.uk or pop into your local Beresfords branch, there’s a mortgage adviser at each one.