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What Everyone Will be Talking About in 2018?

Sunday, January 21, 2018

If research by national newspaper The Telegraph is anything to go by the mortgage industry is going to get very busy this year. According to analysis by Telegraph Money more than half a million mortgages could be due to expire in 2018. And those borrowers who are approaching the end of their mortgage could save themselves a decent amount by finding a new deal. Despite the small rise in interest rates last November mortgage rates are still historically low. As such, says the Telegraph, a typical borrower could save £50 a month – or £600 a year – by switching from their old two-year fix to one of the new products one offer.

The festive season has impacted more than just our bank accounts and waistlines it seems. According to the latest Moneyfacts UK Mortgage Trends Treasury Report mortgage competition slowed in December and January with the average two year fixed rate now standing at 2.35% – up from 2.20% in October. Along with the usual festive slow down the lack of competition is being blamed on the base rate rise in November. Charlotte Nelson, finance expert at Moneyfacts, says: “Providers may be choosing to wait for the dust to settle from the rate rise in November, to see how the land lies. This could mean static rates for some time to come, but that’s not all that borrowers should be worried about. There hass been a steady decline in product numbers since October 2017, when availability reached 4,815 – the highest number of deals since March. 

If you are in the position where your mortgage deal is about to expire give us a call and make an appointment with our independent mortgage advisor who will be happy to give you free advice and find the best option for you moving forward. 

Article taken in part from www.hoa.org.uk


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