Following the recent decision by the Bank of England to keep the base rate at the historic low of 0.5%, experts have revealed that now is the time to buy, as lenders go all out to compete for new business.
As high street banks and brokers continue to advertise market-leading rates, each trying to outdo the others as they attempt to entice customers and boost their market share of mortgage business, it is a great time to be looking to remortgage, move home or even get onto the property ladder.
Fixed rates are at an all-time low, with some experts predicting that they may even dip below 1% in the next couple of weeks.
The Mortgage Bureau’s Brian Murphy said:
“The next six months are shaping up to be the best ever window to secure a low interest rate if you are looking to buy or remortgage. Lenders have begun the year with a strong appetite for growth.”
Data released by the Bank of England shows that over the last 12 months, the average two-year fixed rate has dropped by 0.36 to 2.01%. New challenger banks that have stepped onto the market have further driven down rates as the competition increases.
It will be a busy time for mortgage advisors, who having completed their CeMAP training, and gained the necessary qualification will be the first point of call for customers looking to buy a property, move home or remortgage, and who wish to obtain advise on the best mortgage package for their needs.