Well, mortgage rates are at a record low now, according to the Mortgage Strategy site. What we’re seeing in response is more people choosing fixed-rate mortgages, which don’t change in relation to interest.
In fact, 9 out of ten new mortgages are fixed-rate, making it the highest number since… well, ever. That is, since 2009 when the Mortgage Advice Bureau started collecting data. Their head of lending, Brian Murphy, says:
“Variable rates briefly returned to favour when the Bank of England introduced its forward guidance, but lenders haven’t yet called time on the season of discounted fixed rate products.
“Thanks partly to government funding and support, affordable mortgages have now been in vogue for much of the year and the competition to win over the house-buying public should mean that conditions continue to improve in borrowers’ favour.”
With headlines about Help to Buy, and new buyers flocking to low, fixed rates, we’ve been talking a lot about first-time mortgages recently. It’s certainly worth noting that low rates, and a competitive market are good news for other buyers too. And, we’ve said it before: “Here at Limetree, we like good economic news!”
This might be your perfect reason to investigate your options, so give us a call, and we’ll talk about your particulars.