IS THE RIGHT TIME TO SNAP UP A NEW MORTGAGE RATE?
In this article we have a quick look at some of the best deals on the market but also whether it's the right time to grab a deal now.
There is no doubt that rates have been a bit elevated at the higher loan to value levels so make sure you read pas the rate cards to the analysis on what's next!
SOME OF THE BEST DEALS AVAILABLE NOW!
WHAT'S NEXT FOR MORTGAGE RATES?
There is absolutely no doubt that as we have endured the Covid pandemic, lenders got nervous - especially when lending at higher loan to values. We saw 95% and 90% deals disappear - and 85% deals become increasingly expensive. 90% has thankfully now returned but remains expensive compared to a year ago. So generally we have seen lower loan to value deals remain extremely cheap but higher loan to values become expensive
Bank of England, and global base rates are likely to remain at rock bottom for at least the mid term - so does that mean we should see rates drop? the answer is probably NO when we look at loan to values up to 80% ltv, however there is room for higher loan to value rates to come down a bit and we are already seeing some evidence of deals improving.
SO IN SUMMARY - most mortgage rates will remain cheap and exceptionally good value. Higher loan to value mortgages are likely to remain expensive in the short term but gradually improve (although not by a lot!)
SHOULD YOU GRAB A DEAL NOW?
If you are borrowing up to 80% loan to value then I would say that rates are probably as good as they will ever be - it is extremely cheap to borrow and there some fantastic deals out there!
If you are borrowing over 80% loan to value its a more complex decision - for your own personal situation it is always best to have a chat with a mortgage broker to see what is available to you!
See you next time!
Craig
07740 284270