Mortgage Deals – is NOW a good time to Review them?

No time like the presence they say but is this the right answer when considering the post referendum situation?

You must have read recent speculation over whether house prices will fall and which way interest rates could go. In times like these it’s important to follow our famous British nature and:

  • Remain calm
  • Consider your options
  • Avoid any hasty decisions.

Like many others, you will no doubt be working hard to pay off your mortgage as soon as possible to give you some breathing space for the future, whether that’s helping to support your children through university or investing in your all-important retirement fund, and there’s no reason why that still can’t be your top priority. Although we cannot predict whether interest rates will rise or fall just yet, we can still take a look at the market as it stands now and see what it has to offer.  Reviewing your mortgage annually will give you a head start on any deals that are to be had at that moment in time, so it’s always worthwhile keeping an eye on whatever offers are circling the market.

As the market is likely to be affected by uncertainty for some time you may want to consider longer term fixed rate mortgage giving you certainty over your monthly outgoings. The vote to leave the EU has sent swap rates down even further, and so the downward trend in mortgage rates is, if anything, likely to be reinforced by the Brexit vote.

Whilst it’s still not clear whether overall mortgage rates will go up or down. At the moment, they certainly aren’t going up. Lenders are offering historically low rates on ten-year fixed deals, which were previously unpopular with borrowers but might enjoy a resurgence as uncertainty about rates leads many more to pick them.

A clearer picture of the housing market will hopefully emerge soon. In the meantime, if you’re worried about how interest rates could affect you and your future decisions, I will be delighted to have a chat with you over the phone or meet with you to discuss your options so drop me a line.

Your property may be repossessed if you do not keep up repayments on your mortgage.


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