Mortgage market update

The Bank of England has left interest rates unchanged in August as monetary policy and residential property markets remain in somewhat of a holding pattern.

Central bankers around the world have been doing what they can in recent months to prolong this current period of global economic growth, as we have seen with the Federal Reserve in the US.

The Bank of England is no exception, with the added political uncertainty created by Brexit providing downward pressure on rates.

That may change in coming months when Boris Johnson, the new UK prime minister, sits down at the negotiating table with the EU.

Until then, rates remain low, lenders are keen to lend and now is a great time to hedge against future uncertainty by taking out a fixed-rate mortgage. Many offers are valid for six months, which means you can lock in the option of a rate through to 2020.

If you would like to review your borrowing options or have any questions about the mortgage market, please get in touch.