Is it time to lock into a cheap mortgage?
While there are mixed headlines regarding increased interest in the UK mortgage market there is no doubt that the announcement by the Bank of England suggesting that UK base rates had "probably bottomed out" has opened the eyes of many property investors and mortgage holders. Despite the fact that UK base rates are being held at 0.5% there appears little likelihood of any further falls in the short term, unless we see an unexpected event, although we have seen no increases in UK mortgage rates.
There is a concern that in the short to medium term, as interest increases in UK property market, we could see headline mortgage rates rise. Many investors are now asking whether now is the time to lock into "cheap mortgage rates" for the longer term so that they can take advantage of current rates. There are many factors to consider when looking at the UK property market such as is now the time to buy, can you afford a mortgage, is your employment secure and do you really think that UK mortgage rates will not go any lower.
Those looking at the UK mortgage market and potential remortgage options need to take professional advice to ensure they are taking the correct action for themselves and their particular circumstances.
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