UK interest rate predictions show lenders can make rapid rate changes.
UK interest rate predictions for housing market changes show lenders have a tendency to take many borrowers by surprise and quickly change their deals.
Some borrowers are finding that they discuss a deal with a lender, 2 weeks passes while they prepare their paperwork, and when they return to sign on the dotted line they find their chosen product has become over subscribed and has been withdrawn.
Lenders do not need a change to the BOE base rate to justify a change in their interest rates, often market forecasters releasing negative UK interest rate predictions can be enough to raise lenders concerns.
Added to this are the interbank lending costs which are now being passed through to borrowers. While economic conditions are volatile and the current UK economy remains weak, rate changes can happen overnight.
Forecasters UK interest rate predictions say there will be no change to the BOE base rate for at least a further two years and so lenders should not make changes to their interest rates either.
However predictions are just that and lenders opinion is that lending risk is increasing and their rates must be increased in line with this risk.
Deal Direct have our finger on the mortgage market pulse. We are familiar with different mortgage providers lending criteria and their very best mortgage deals. For those of you concerned about a mortgage rate rise contact us and we will search the market for most competitive deal on offer.
