Mortgage rates rise prompting rush for the best deals

Pendle Hill Mortgages is a service on offer from popular local estate agents Pendle Hill Properties, offering expert mortgage advice through Fairstone.

The mortgage market is complex and ever changing, with many products from multiple lenders. Expert, independent mortgage advice can get you to the best product for your needs, and achieve the best deal for you and your personal circumstances. 

Recently, the Bank of England raised the base rate of interest by 0.5 percentage points, now standing at 2.25% - the highest rate for 14 years. This has a knock on effect on mortgage rates, and an immediate impact for those who are on variable rate mortgages.

Banks and building societies have been withdrawing offers from the market, leaving fewer products available for homeowners to sign up for. Santander, the third largest mortgage lender in Britain, reported that they had one of their busiest days of the year last week, as borrowers tried to secure deals before rates, and monthly costs, go up. 

Rob Wyke of Fairstone said, “With the Bank of England base rate rise, this does have an effect on the mortgage market. There are fewer products available, and we are seeing much higher fixed rates on offer than before. It’s something to bear in mind, as rates are forecast to rise even further.”

Andrew Turner of Pendle Hill Mortgages added, “We’re seeing lots of movement in the property market, plus people are looking to fix their mortgage rates to protect themselves against rate rises. For those looking to buy, move or coming to the end of a fixed rate deal, I encourage you to give us a call and have a look at the current options.”  

Pendle Hill Mortgages can assist first time buyers, buy to let, downsizers, remortgages and lots of individual circumstances. You can call Sophia for a free initial chat on 01282 772048.

For more information on Pendle Hill Properties see here: www.pendlehillproperties.co.uk 

For more information on Fairstone you can see their website here: www.fairstone.co.uk

Picture caption: l-r Rob Wyke of Fairstone and Andrew Turner of Pendle Hill Properties