Mortgage rates have fallen even further after rumblings in markets and the global economy collided with BOE Governor Mark Carney’s recent declaration that Bank Base Rate is likely to remain at the record 0.5pc low for some time yet.
Bright Financial Advice – Mortgages St Neots
On Friday, we saw the cheapest ever 10-year fixed rate deal released, charging 2.89 per cent for borrowers with 40 per cent deposits. Additionally, two year rates are seeing a tumble towards 1 per cent with the current best two-year fixed rate charging just 1.15 per cent with a £1,405 fee and 40% deposit.
While it has been good news for borrowers, savers have suffered. Over the past week, the rate on the best easy-access savings account, from a French-owned bank, which had stood clear at the top of the best-buy tables since July, was reduced to 1.55 per cent from 1.65 per cent for new customers.
Just 12 months ago, a rate rise was widely expected to happen by the end of 2015. Now markets are pricing in a 50pc chance of a rate cut this year, with a potential rate rise in August 2019.
With so many twists and turns in the mortgage market, it is essential that you seek advice from a professional who has access to the whole of the mortgage market. Contact Bright Financial Advice today for professional advice on mortgages.
Your home may be repossessed if you do not keep up repayments on your mortgage.