Another base rate increase has been announced as the central bank continues to battle inflation.
The Bank of England has increased the base rate to 3.5% - up from 3.00%.
However, unlike the past few base rate changes which resulted in higher mortgage pricing, lenders were prepared.
With the increase predicted, lenders have been reducing rates in the run-up to the rise.
Market analysis shows that the pricing of fixed-rate mortgages, which soared after the mini-Budget, continues to drift slowly down, with five-year fixes breaching the 4.5% barrier this week and predicted to potentially drop below 4% in the new year.
Come 2023, it’s currently predicted we could see five-year fixes priced below the base rate.
Mortgage lenders criteria in some areas of the market continues to tighten, so it’s really important that your clients seek expert mortgage advice as to which lender is most likely to approve their mortgage and offer them the best deal.
You can also LIVE SEARCH our basic daily ‘Best Buy’ mortgage deals via Broadland Consultants Limited Best Buys Table tool.
You can also basic LIVE SEARCH the market for basic mortgage product data, via our Mortgage Product Finder tool.
If you have any questions the team are always on hand to help.
The Bank of England has increased the base rate to 3.5% - up from 3.00%.
However, unlike the past few base rate changes which resulted in higher mortgage pricing, lenders were prepared.
With the increase predicted, lenders have been reducing rates in the run-up to the rise.
Market analysis shows that the pricing of fixed-rate mortgages, which soared after the mini-Budget, continues to drift slowly down, with five-year fixes breaching the 4.5% barrier this week and predicted to potentially drop below 4% in the new year.
Come 2023, it’s currently predicted we could see five-year fixes priced below the base rate.
Mortgage lenders criteria in some areas of the market continues to tighten, so it’s really important that your clients seek expert mortgage advice as to which lender is most likely to approve their mortgage and offer them the best deal.
You can also LIVE SEARCH our basic daily ‘Best Buy’ mortgage deals via Broadland Consultants Limited Best Buys Table tool.
You can also basic LIVE SEARCH the market for basic mortgage product data, via our Mortgage Product Finder tool.
If you have any questions the team are always on hand to help.