MORTGAGE MARKET CONFUSION – SECURE BUT NOT COMMIT
The mortgage market is currently in a period of massive volatility, with the Bank of England increasing the Bank Base Rate (BBR) on a regular basis over the last 12-18 months, however within this period, mortgage rates, went up, then down, then up and now coming back down again, so with all this confusion, what is the right decision?
Unfortunately, if we are being totally honest nobody knows, the Government have been increasing the BBR as a weapon to bring down inflation, which this has had some effect, seeing inflation reduce from over 10% to below 7%, at the time of writing.
The Government themselves have been open about reducing inflation to their target of 2% over the next 18 months to 3 years, however with so much unpredictability in the world currently, again this is hard to forecast.
So what do we do, should we fix our mortgage for 2 years, 3 years, 5 years, or even do a tracker rate mortgage which allows switching to a fixed rate at any time (a tracker rate mortgage follows the BBR, so this is a variable rate mortgage which can go up or down).
The simple answer is to talk to a qualified independent mortgage broker, who will personalise their advice to fit your individual circumstances, you must also ensure the mortgage broker can use all the lenders on the market ensuring you secure the right deal for you.
For your expert mortgage advice, book your personalised consultation, with one of the specialist mortgage brokers at our sister business, The Mortgage Company on 0115 9518898, also check out their amazing reviews via www.themortgagecom.co.uk or simply google them where you will see more outstanding 5 STAR reviews