As part of Your Tameside’s interview with local mortgage adviser Craig Coyne of Compare The Mortgage we asked him where he thought mortgage rates were going next and whether it a good time to look for a mortgage or remortgage.
“With an interest rate rise now considered to be some distance in the future because of low inflation, slowing world growth, the oil price slump, the eurozone's continuing woes, and lots of other things that keep central bankers awake at night, it’s a good time to go mortgage hunting!”
“In theory borrowers could be in a stronger position than they have been for many years, with lenders keen to lend and house prices rising.”
“HSBC kicked off the New Year with the return of its 1.99 per cent five-year fix. However borrowers will need a 40 per cent deposit and to pay a £1,995 fee to secure this deal and those considering it should check that they can't benefit from a slightly higher rate and lower fee.”
“Those looking to buy a home or remortgage will find that now is a good time to look for a home loan, with near record low mortgage rates on offer. Many are still being pushed by brokers into taking out two-year fixed rate mortgages, however it is wise to question if this is the best move.”
“The attraction of a two-year fix may be lower rates now and extra flexibility in two years, but that comes at the expense of needing to remortgage in two years to avoid slipping onto a more expensive standard variable rate. On the other hand, a five-year fix gives the opportunity to lock into a low rate for a longer period and avoid extra fees and higher rates in a relatively short time”.
If you need any help and advice from Craig regarding a mortgage please feel free to contact him:
Telephone: 0161 8504922 Mobile: 07900 462312