Increasing Mortgage Rates and Independent Mortgage Advice
Mortgage costs first increased in the autumn of 2022, after former Prime Minister Liz Truss’ mini-Budget triggered market uncertainty and sent the pound crashing to historic lows. It caused mortgage lenders to hurriedly pull their deals and replacing them with much higher prices.
While mortgage costs then underwent a correction, in the Spring of 2023 lenders began putting up the cost of deals again as Bank Rate continued to increase in the face of soaring inflation.
As inflation rate has continued to go down, the cost of fixed rate mortgages has begun to reduce from their peak. However, as interest rates have remained flat, many of the rate cuts are being applied to the mortgage deals only with the highest fees.
If you are looking to take out a new mortgage, or remortgage when coming to the end of a fixed rate deal now is a good time to get independent mortgage advice to make sure you get the best deal.
Taking independent advice can make the different between a successful mortgage application and being rejected. It may also lead to a significantly better value deal, potentially saving you thousands of pounds over the mortgage term.
If you would like to speak to one of Goddard Perry’s independent mortgage advisers, please contact me on 0744 250 2807 or kate.wooding@goddardperry.com.
Your home may be at risk if you do not keep up repayments on a mortgage or any other loan secured on it.
Goddard Perry Consulting is a firm of independent financial advisers specialising in providing financial planning advice and business solutions.