Following the turmoil caused by last September’s mini-Budget, we’ve seen Fixed Rate mortgage deals reduce from the high levels of last Autumn, yet at a time when the Bank of England Base Rate has risen again!*
To many, this may seem strange, but this is because Swap Rates have a greater influence on Fixed Rate mortgages, and as shown in this issue, they’ve reduced since the Autumn.** Additionally, rates will also be affected by world events, plus the desire amongst some lenders to compete for market share, which might deliver better deals for you.
To make sense of all this, it’s vital that you talk to us, as we have the expertise, and know where to look for the most suitable products for your own individual needs.
Some of these issues are set out in the latest newsletter, alongside key snippets from the recent Budget.
* Moneyfacts, March 2023 data; Bank of England, March 2023
** Chatham Financial, Swap Rates to March 2023
You may have to pay an early repayment charge to your existing lender if you remortgage.
As with all insurance policies, terms, conditions and exclusions will apply.
Your (home / property) may be repossessed if you do not keep up repayments on your mortgage.
