In 2009, Nationwide Building Society made its members an extraordinary promise: that their Base Mortgage Rate (BMR) would never be more than 2% above the Bank of England base rate – but has the time come for those on the BMR to switch? Across the whole market, rates have fallen and the calculations have changed.

Those on the brilliant BMR – as opposed to those on the 3.99% Standard Mortgage Rate (SMR) – have retained a great 2.5% for the last five years. The 727,000 people affected have in fact been on the best deal available, and the flexibility of the BMR means that they have not had to look at reviewing the rate every few years.

With the Bank of England rate staying so low for so long, the rates available to those looking to move home or re-mortgage have steadily reduced. As lenders have recently strengthened their reserves, they have shown bravery and reduced rates further – partly in an attempt to entice customers and to increase their customers’ cross holdings.

Mortgage professionals who have taken on board the CeMAP training and gained accreditation following the end exam, are trained in asking the appropriate questions to establish the needs of their customers. By ascertaining their wants and needs as a mortgage advisor, you will be able to best match the right mortgage solution for each of your customers’ needs.

As a customer, it is virtually impossible to try and guess what direction rates will travel, and individual preference plays a big part. The wide range of products and lenders means that there is a far greater selection of product types available.

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