🏠💸 Mortgage Owners, Listen Up! đź’¸đźŹ
With UK inflation ticking back up to 3.4%, the question on every mortgage owner’s mind is: when and how long should I fix my rate? Here’s the lowdown:
As inflation rises, it often means higher interest rates from the Bank of England, impacting your mortgage deals. But there’s good news—the mortgage market is shifting! Some lenders have dropped their fixed-rate mortgage deals to as low as 3.5%. Just last year, these rates were around 4.2%, so it’s no wonder many are considering fixing now.
đź’ˇ Money Saving Expert has some advice for you. They report the lowest two-year fix is at 3.5% and five-year fixes at 3.69%. This is great news whether you’re remortgaging or buying your first home!
Expert Aaron Strutt says there are more mortgage options now than in the past two decades. From first-time buyers to the self-employed, there’s something for everyone—just over 3.5% for the cheapest fixed rates!
🤔 Wondering whether to lock in for two or five years? Aaron notes there’s little difference in cost between the two, but two-year deals might just have the edge.
🏡 Propertymark CEO Nathan Emerson remarks that while inflation’s uptick is disappointing, it might just be a small blip. Some lenders already offer competitive deals, which could make mortgages more affordable moving forward. If inflation trends down as hoped, the housing market could brighten up, making buying and selling more inviting!
So, if you’re nearing the end of your current mortgage or planning to buy, now’s a great time to explore your options! 🌟