Mortgage rates among most competitive on record
The Brexit vote has created opportunities as well as challenges for the UK economy and property and construction sector.
Homebuyers and investors may feel buoyed by some of the most competitive mortgage rates in history beginning to emerge.
According to the BBC at www.bbc.co.uk/news/business-36734164, a new 10-year fixed rate to be launched by the Coventry Building Society is thought to be the cheapest such deal on record. It offers a 2.39% rate but to secure that deal, homeowners will only be able to borrow half the value of the property.
Other major high street mortgage lenders have also cut rates, including Barclays, HSBC and the West Bromwich Building Society.
It comes as some analysts in the City expect an interest rate cut by the Bank of England as early as next week.
Borrowers on tracker rates will see the benefit of this but it may be that mortgage lenders cannot cut any deeper.
Some have criticised the Bank of England Governor Mark Carney for being too downbeat at a turbulent time whilst overs have praised him for offering reassurance and providing stability.
Whatever happens, at McAndrew Martin we will keep on top of developments to ensure we continue to offer the best professional advice and personal service for our clients.
If you have any queries about how we can help you amid ‘Brexit’ please contact one of our expert and friendly professionals on 02392 697193 or [email protected].
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The Brexit vote has created opportunities as well as challenges for the UK economy and property and construction sector. Homebuyers…