NOW is an ideal time to seek independent mortgage advice.
And Cheryl McCabe and Sarah Morgan of the Mortgage Advice Bureau based in Regan and Hallworth Estate Agents comment on the availability of the lowest mortgage rates in recent history.
The July meeting of the Bank of England’s Monetary Policy Committee (MPC) marks the first time that the new Bank Governor, Mark Carney, handpicked by the Chancellor, will preside over the monthly meeting.
Mr Carney’s arrival in his new job role coincides with further positive economic news in recent days including a report by the British Chamber of Commerce that tracks business confidence. The report concludes that confidence amongst business leaders is at its highest level in six years.
A report from Markit indicates that growth in the UK service sector, which accounts for almost three quarters of UK economic activity, is at its highest level in two years. In addition, the same report shows that the manufacturing sector experienced its strongest growth for two years.
With things apparently on the up, the outcome of the MPC meeting was once again to adopt a cautious approach and maintain the base rate of interest at 0.5%. In addition, there was no action taken to make any further injections of economic stimulus in the form of quantitative easing.
Market turbulence has caused volatility in the pricing of Swap rates, which are key factors in the pricing of fixed rate mortgages in the UK. As a consequence we have seen several lenders remove some fixed rate products from sale, while others have re-priced some rates marginally upwards. Overall average rates however, have fallen slightly further once again at the beginning of July.
Average two, three and five-year fixed rates are now at 3.63%, 4.02% and 3.86% respectively. Borrowers once again last month remained firmly in favour of fixed rates with more than nine out of every ten borrowers opting for a fixed mortgage product.
Mortgage product numbers continue to prove strong with more than 7,000 mortgage products currently available to the typical intermediary, 30% more than 12 months ago.
With expectations that monetary stimulus may have run its course we may not only be seeing interest rates at the lowest levels in recent history, but also at the lowest we can expect for some time to come, meaning for anyone looking to buy their first home, remortgage or move home, there couldn’t be a better time to seek independent mortgage advice.
If you would like to speak to an independent mortgage adviser today you can contact Mortgage Advice Bureau by calling
• Cheryl McCabe at Regan and Hallworth Wigan Office – 01942 205555
• Sarah Morgan at Regan and Hallworth Standish Office – 01257 473727
Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.