What does it mean for my mortgage as the Bank of England holds UK interest rates at 0.5%
The Bank of England has left interest rates at 0.5% this month, giving homeowners and buyers a few more months to consider switching to a fixed-rate mortgage, if they haven’t done so already!
Experts have predicted that this slowdown will be temporary, so an interest rate rise is expected towards the end of this year.
A fixed-term mortgage deal will shield homeowners against interest rate rises for a given period of time..usually two, five or even 10 years.
If you’re reaching the end of your current mortgage agreement, it should be a top priority to think about remortgaging rather than revert to a lender’s expensive standard variable rate.
Shorter term two-year fixed rates will remain the lowest on offer keeping ones costs down, we are also seeing more and more people consider the merit of fixing for longer terms
Here at Abraham Associates, we are ready to help secure your Remortgage rate and take advantage of the lowest rates available while they are still around.