After a turbulent period for mortgage rates, which at one point seemed to be increasing on an hourly basis, things appear to have now stabilised.
Did you hear this in the media? No, neither did I – they seem to revel in bad news and let the positives slip by!
Over the past few weeks we have seen a reversal in this upward trend, with most mortgage products drifting downwards as the money markets stabilise and the banks compete for business – hopefully this will continue so that the main news outlets have to take note…
We are also seeing more demand for tracker or discounted variable rate mortgages than we have for many years, giving borrowers more flexibility as the economic climate continues to evolve.
Whilst it seems likely that the period of ultra-low interest rates we have experienced since 2008 is over, the UK has a highly competitive mortgage market which should ensure that for the majority of homeowners looking to move or to re-mortgage there are still many very valid options.
As ever, expert whole of market mortgage advice is recommended.