Posted on Sep 1, 2020

The Mortgage Bureau

Average mortgage rates have increased after dropping to record low levels in July of this year, and product availability continues to be a key issue, so borrowers may want to consider fixing to a new mortgage deal.

Despite fluctuations, the percentage of the fixed rate mortgage market where free valuations are offered is the same as prior to the onset of the pandemic earlier this year.
With the UK having entered a recession, & concerns around employment & income growing, locking into a fixed rate mortgage deal could provide a household with security from potential interest rate increases.

Rates have increased since the start of July respectively, and with no guarantee these will not increase further, some borrowers may be spurred into exploring their options now.

While fixed rates remain lower than pre-pandemic levels, there may be mortgage borrowers who want to take advantage and secure a new deal but are hesitating due to concerns around needing to cover additional expenses, such as paying a product fee or having to meet other set-up costs. Despite the significant contraction in product availability overall in the mortgage sector, lenders are still providing fee-free deals. Even with a slightly higher average fixed rate, no-fee deals could work out more cost-effective in the long-term.

For help with your Mortgage in Cambridge call the Mortgage Bureau 01223 656412
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