Mortgages & Interest Rate rises

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Mortgages & Interest Rate rises is a hot topic at the moment as during the last month or so, it has been widely reported that the Bank of England are likely to raise interest rates by around 0.25% (quarter of a percent).

Over the last week or 2 we have seen Mortgage lenders already upping their rates in readiness for this. A couple of Mortgage lenders have actually reduced their rates. It appears that rates in the main have crept up a little over the last month. However there are still lenders who are looking to stay competitive and get more business. Those lenders have either reduced their rates or kept them the same for the time being at least.

Mortgages in the future?

It will be interesting to see what happens if rates remain the same or go up, if they do go up, will Mortgage lenders then do another round of increases? If they do not go up, will we see a drop? Only time will tell.

Whatever happens it is looking like we are getting to the end of the record low Mortgage interest rates. Now may be the time to start locking in if you are not currently tied in to a deal so give this Manchester Mortgage Broker a call and secure a good rate.