Experts are expecting home owners to re-mortgage their properties to try and secure one of the low fixed rate deals before they are withdrawn.
Some of the better mortgage deals are expected to disappear soon, as news spreads of a planned increase in the Bank of England base rate. Santander and Barclays are among the first to withdraw some of the lower fixed rate deals, with others expected to follow suit.
The Bank of England recently announced that rates would start to be increased at the end of the year, something which financial experts had predicted. As the best deals are soon to end, recently released data shows that re-mortgage applications have increased by one fifth, as home owners swap from a mortgage with a variable rate to a fixed rate deal.
According to the British Bankers Association, there was a 20% increase in number of people re-mortgaging in June, a total of 23,985 in that month alone. Mortgage specialists expect that figure to increase as the rates are expected to rise at the end of the year.
The Bank of England base rate has been 0.5% for the last six years, with some home owners never experiencing an interest rate increase. The Governor of the Bank, https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Carney, said that the first increase was likely to be at the turn of the year and may be 0.25%.
This may be the best time for mortgage advisors to apply for a CeMAP training course, to make sure they are well prepared to help those who may need to re-mortgage their property.