Andrew Bailey, the Bank’s Governor said the decision was a “very close call” and put the City on notice that interest rates were likely to rise from the lowest level in the Bank’s 327-year history over the coming months.
A rise may seem likely in the near future and the Bank of England’s decision to hold off for a little while reflects this. In the last few weeks several mortgage lenders anticipate that mortgage rates may nudge up, however these have been small moves with mortgage rates moving from below 1% with the best five-year rates still coming at around 1.2% – historically, this is still incredibly cheap. This provides a much-needed breathing space for home-owners worried about their mortgage payments.
The property market, however, still remains strong and we are advising borrowers to act quickly even if they are locked into a deal. Mortgage offers can be held for six months so it is worth speaking to an expert to discuss possibilities.
David Phillip commented “Hopefully this will ensure stability in the property market over the coming months amid fears that it may take a downwards turn following the end of the Stamp Duty holiday”.
At David Phillip Estate Agents we recommend the Mortgage Advice Bureau (Bingley).
So if you are looking to move in the New Year and your preparation has been completed, call David Phillip Estate Agents now to book a free market appraisal on 01134 676 400.
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