Best Mortgage Rates – February 2023As an agent who looks to fully support their clients each and every day, we recently saw this article from Home Owners Alliance. It is such an informative read we thought we'd share this with you. We understand too well it can be overwhelming looking at a variety of different mortgages, which seem to be constantly changing at the moment. We can help you with guidance, and can talk to you about these changes.
The Bank of EnglandThough the Bank of England has raised interest rates again, rates on fixed rate mortgages are dropping. It’s really important for you to check your current mortgage deal and keep an eye on the changing rates. The base rate has risen from 3.5% to 4.5% (as at 02.02.23) which is the highest it’s been since Autumn 2008. However, fixed rate mortgages have fallen again as lenders are battling over prices.
Your Mortgage DealIf you are on a standard variable rate, we recommend speaking to a mortgage adviser who will be able to review your circumstances and support you through the process should you wish to remortgage.
Mortgage TypesIn order to see how the changes in base rates effects your mortgage:-
Tracker Mortgage – if there is an increase to base rates, this means your monthly payments will rise as well
Standard Variable Rate – your lender decides how much, if there is any, of the base rate increase is passed onto your monthly payments and/or if they will raise your rates
Fixed Rate Mortgage – you will see a change in repayments towards the end of your fixed term. Although if the rate you get as your current deal ends is higher than now, it’s worth shopping around to see what else is on offer.