This week it is all about the BOE’s decision to hold the base rate at 5.25%. How will the housing market react to this and where will lenders position products in the coming days and weeks ahead?
From my perspective, I think that this is positive and welcome news after what has been 14 consecutive rises - will this bring stability to the market, or just some positive sentiment?
For those that are looking to take mortgage products, Nationwide now have sub 5% fixed products and we expect that many of the big lenders will follow suit.
Still, I am asked weekly about ‘deals’ - we are not in a distressed market and I don’t foresee any major stresses coming until such time those that took out the 1-2% ‘cheap’ debt come out of fixed terms and have to remortgage at today’s rate.
Rates never tend to come down quite as quickly as they go up - one client said to me this week that it is a little like petrol prices, they fly up - never do they drop so heavily!
If you have a fixed term coming to an end in the next few months, now is defiantly the time to be speaking with your broker - if you don’t have one, you are most welcome to speak with one of ours.
Please feel free to get in touch if you would like to discuss anything about this weeks episode or if you would like a helping hand with anything.
All the best,
Dominic
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