The good news is...
There are still plenty of attractive rates available. We have recently seen 5-year fixed rates drop below 4%. Compare this to the average Standard Variable Rate (SVR) that now stands at an average of 7.13% across the top 10 lenders.
Choose a broker that looks after your best interests
The team at Cleerly offer a system called PAMM: the Proactive Mortgage Management System. PAMM constantly reviews the rate you are paying vs the rates available to make sure you get the best deal.
In a market where rates are changing daily the best advice is to engage with a specialist broker as soon as possible. Even if the best course of action for you is to sit tight, our trained consultants can agree a contact strategy with you to make sure you don’t miss out.
Reuters recently polled analysts and reported that home prices will fall less than first feared in 2023 as a resilient job market and easing fears around a recession soften the expected blow.
It did note that it expected those with mortgages to be hit by a further Bank of England (BOE) base rate increase of 0.25% at the end of March before pausing. It is also expected that after continuous price increases, house prices will fall by 2.4% in 2023 far shallower than the 4.7% predicted in November.