Predicted rate rise could impact contractor mortgages.
The Bank of England are predicting a rate rise, which could impact mortgage rates, including contractor mortgages.
The reasoning behind this is Britain’s GDP is expected to slow as costs increase, due to a weak pound. Unemployment is expected to rise, and inflation could then pass the 2% target. All of which could lead to a ‘softer’ economy, which may then prompt changes to the UK’s monetary policy and a rise in the base rate.
As mortgage rates are closely linked to the BoE base rate, this could mean we soon see the last of the historic low contractor mortgage rates that have been available.
The best thing to do if you are a contractor considering a house purchase or move, is to act before it’s too late and begin your mortgage search now.
Deal Direct is an expert contractor mortgage broker, with more than a decade’s industry experience. We work closely with lenders who underwrite on a case by case basis, as they fully understand the complexities of owning your own business.
As a result, we are very favourably placed to source the most affordable rates and the best all round deals for contractors like you.
If the BoE prediction is correct, the rises may soon happen, and today's historic low rates could become a thing of the past.
To avoid missing out, act without delay and contact one of our skilled advisers for a no-obligation quote.
Consult with Deal Direct for expert contractor mortgage advice on 0800 048 8828.
