Are the tables about to turn when it comes to getting a mortgage?
After a tumultuous period of inflation, the hiking of fixed rate mortgage deals and economic uncertainty, our team of Guildford mortgage brokers thinks so – and here’s why.
Base rate blues
Let’s start with the fact that at the time of writing, several major UK lenders have cut several of its fixed rate mortgage deals.
Our Surrey mortgage advisers believe that this is in response to two things. Firstly, the BoE cut the base rate earlier this month, and secondly, the inevitable competition has ensued between lenders as they fight to win customers.
And then there’s the post-general election aftermath, of course, when there’s usually a mad rush for mortgages.
From being in a challenging position where fixed rate mortgages and tracker mortgages were relatively high as a result of the base rate and erratic swap rates, both have recently come down (remember, tracker mortgage rates fall in line with the base rate).
So, if you’re about to apply for a mortgage, then you’re probably asking yourself should I get a fixed rate mortgage or tracker mortgage?
Timing is everything
Our mortgage brokers in Guildford predict that other lenders will begin to follow suit over the coming days and further drop the price of their fixed rate mortgage deals. And, if you are interested in applying for a tracker mortgage, there are plenty of deals currently available.
As a result, if you need a mortgage immediately then you’re in a good position when it comes to both types of mortgages.
Either way, whether you’re interested in a fixed rate mortgage or a tracker mortgage – and regardless if you can or can’t wait to see how things unfold – we would recommend tapping into the benefits of using a mortgage broker (hopefully that’s us) and getting things in motion.
Remember, there’s a degree of preparation involved in getting a mortgage, so if we can get all the paperwork ready for you in advance of any base rate announcements and the general election result, then you’ll be in a strong position to get a mortgage this summer – whether that’s a fixed rate mortgage or tracker mortgage.
Need a mortgage this summer? If so, contact our team of Guildford mortgage advisers on 01483 238280 or e-mail info@complete-mortgages.co.uk.
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