Frightening Mortgage Rates This Halloween!

14 October 2022


The continual rising costs across the UK have put many Britons into a spiral of financial difficulty, with banks pulling some mortgage deals faster than you can confirm, but how can you get the best deal in time for your move?

The Bank of England’s decision to raise interest rates to 2.25% has pushed a wave of homeowners to sell their properties, however, chancellor Kwasi Kwarteng’s mini-budget outlined some extreme tax cuts that have left specialists and mortgage lenders nervous.

Economists now think that interest rates could more than double and rise to 5.8% by April 2023, causing lenders to react by withdrawing certain products, and leaving buyers in a difficult position.

With mortgage rates expected to rise further in the coming days, dependant on the financial market, many buyers need to be prepared for what is to come.

First-time buyers are at the biggest risk, with the housing market already causing concern and worry for many due to the further expectant rises to interest rates and mortgages and the end of the help-to-buy scheme.

We spoke to a potential first-time buyer, Marie, 26, who says that she has been saving for a property for years, only to have her dreams dimmed by looming interest rates. “My partner and I have been staying to a strict budget for years to finally get a place of our own, but now it seems like the monthly mortgage payments might be unattainable when we finally secure a home!”

Securing a good mortgage can make all the difference to you, and in the current times, we understand how important it is to find a deal that suits you and your situation.

We’re here to help people like Marie, and with experts in mortgages at your fingertips, we can help you find the best current mortgage packages for you. By taking the time to search across thousands of products in real-time, you can be sure that you won’t miss out.

 

Get in touch with us today to discuss how you can beat the rising costs and find a mortgage that works for you.