The latest advice on interest rates
After the Bank of England raised the base rate to 0.75% in August, the one fact that seems almost certain is that interest rates are unlikely to rise again this year. However, nobody can predict how political events will unfold before Brexit takes place in March 2019.
Borrowers can hedge against this uncertainty by securing a mortgage offer that remains valid for up to six months, something many lenders provide.
We also anticipate that more people will explore their mortgage options in the final few months of the year precisely because they will be able to watch events from the sidelines before acting.
The political uncertainty is showing no signs of reducing and Bank of England governor Mark Carney is in talks about extending his stay to smooth the path of Brexit, which should have a steadying effect on monetary policy.
Either way, borrowers may be well advised to start exploring their options sooner rather than later. If uncertainty levels continue to rise, it could also impact the risk appetite for some overseas lenders in relation to the UK.
If you would like to review your borrowing options or have any questions about what the rest of 2018 may bring, please speak to us.