Interest Rates rise again!

16^th November, 2022

We spoke again with Matt Hays our Mortgage partner from Expert Financial for his view on the mortgage market since the recent interest rate rise.

“Matt’s Mortgage Market Update

The Bank of England increased rates by 0.75% in November. What’s happened to the rest of the mortgage market as a result?

As discussed in the last review, fixed-rate mortgages are linked more closely to swap rates than the Base Rate, so as the swap rates continued to fall the fixed rates of mortgages that Expert Financial and the rest of the market was seeing from most lenders also came down.  

We saw reductions from Platform, Virgin Money, Nationwide, TSB and Natwest to name just a few.

Experts predict that the rates which impact mortgages could come down even further. If this is the case it will mean that mortgage borrowers who need to rearrange their home loan next year may not face such a steep increase in payments as previously feared.

Rates are still changing at short notice but, for now, the movements seem to all be downwards so it is not causing the same pressures as before with so many people trying to catch the best mortgage rates before they’re gone.  As always, this is a great reason to be using a broker like Expert Financial for your all of your mortgage needs as you need to make sure you’ve got up to date and accurate information when making such a big decision.

It’s important to note that these changes can impact all types of mortgages, from equity release lifetime mortgages to variable mortgages or fixed rate mortgages. But no matter what financial products you are looking for we can offer impartial advice to make sure you get the best that’s available to you.

As always, feel free to get in touch with me or the team at Expert Financial for some free mortgage advice.

Matt”

Should you need any help or advice about your mortage options, whether purchasing or remortgaging feel free to contact our team at harveyrobinson and we will be delighted to arrange a private appointment with Matt and his team, either in person or by phone.

Please call us on 01480 454040 or 01767 660700 or email us on team@harveyrobinson.co.uk.