Up to ten lenders raise their fixed rates in the last week – lock in your new fixed rate mortgage deal before it’s too late.
Last week Mark Carney, Governor of the Bank of England, hinted at a potential Bank of England base rate rise as early as November.
Bank of England base rates are a key tool in controlling and directing the economy. The rate has been at a record low of just 0.25% since August 2016, and previously at an astonishing 0.5%. This has boosted lenders confidence, allowing them to offer lower cost fixed rate borrowing to mortgage customers.
Mark Carney commented: “If the economy continues on the track that it’s been on, and all indications are that it is, in the relatively near term we can expect that interest rates will increase”. Mortgage lenders base their fixed rate deals on what they feel is going to happen in the future, and so we can expect mortgage rates to be on the up.
Several mortgage lenders have already increased their fixed rate offerings in reaction to the comments of Mr Carney. For example, Halifax have increased a selection of their fixed rates by up to 0.2%. Nationwide also acted by increasing some of their rates by up to 0.25%.
So, what should you do?
If you are considering mortgage deals now, or on your lender’s standard rate (or soon will be), then you need to look at your options, and if you’d like to take advantage of the record low rates still available you need to act very soon indeed.
You can compare all mortgage deals on our website http://www.imaonline.co.uk/find-the-best-deal/ , by calling 01902 713321 or emailing us.