October Mortgage Update
Sam Murphy, MD at Mortgage Medics gives us his update on the October mortgage market.
October was a steady month with no great shocks or surprises, and no Bank of England Base Rate decision to get spooked about. The next Base Rate decision is tomorrow (2nd) at midday - so keep an eye out. It's a close call at the moment with some forecasters thinking the Bank has one more 0.25% increase in the tank, whilst others believing we've already topped out and have entered a plateau for 6-12 months.
Whilst the Base Rate hasn't changed for a couple of months, we've seen fixed rates (and the swap rates which underpin the cost of bank borrowing) edging downwards, which is cause for cautious optimism.
Our Rate Monitoring Service means that we check regularly for better deals, for all our clients with mortgage offers out, pending their purchase or remortgage completing. This month we obtained cheaper offers for many of our pipeline clients who had previously secured a deal early to avoid any nasty surprises. If your current deal is ending in the next 6 months talk to us about this service.
If you're thinking of moving, or want to review your existing mortgage, we're here to help. Conditions are challenging, but the worst thing you can do is put it off. We're happy to help you understand what's going on and make a plan.
We'll update our social channels with any big news in November, but if you'd like to have a chat about your own situation, get in touch by calling 01273 077080.
From Sam & the Mortgage Medics team.
Mortgage Medics Limited is an appointed representative of In Partnership the trading name of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority (www.fca.org.uk).
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE