Posted on Jun 30, 2020

The Mortgage Bureau

Since the start of March 2020, following the Bank of England’s move to cut the base rate twice and keep it at an unprecedented low of 0.10%, the average standard variable rate (SVR) has fallen by 0.42%, according to research by Moneyfacts.co.uk.

Over the same period, average 2-year fixed rates have dropped by 0.45%, and 5-year fixed rates by 0.51%.

The finance expert at Moneyfacts.co.uk, said: “The mortgage market has experienced a raft of changes over recent months, as the industry has adapted to the continuing effects of the coronavirus pandemic, which has impacted operational capacity across this sector.

The difference between the average SVR and the average two-year fixed deal is now 2.50%, so those who have delayed switching may wish to move promptly now, as significant savings could be made whilst rates remain at record lows.”

Lenders have an appetite to lend and keep the mortgage sector moving, which is a vital contributor to the UK economy.

To keep pace with an industry which is making updates to products and criteria with great frequency, consumers who want to review their mortgage options would be wise to consult with an independent and qualified financial advisor to explore the best choices for their circumstances and who is aware of the most up to date options.

For help in finding a whole-of-market mortgage advisor, in Cambridge, give us a call on 01223 656412.

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