Mortgage rates - should you fix now?
Some mortgage rates are increasing and others are being cut and so it is getting difficult to work out what is the best course of action when deciding what to do.
Should you fix a competitive rate now or wait to see if more lenders follow Barclays and Nationwide and begin to cut their rates too?
The Bank of England have issued a warning to home-owners that while the base rate has remained the same for yet another month, mortgage rates are not likely to go the same way.
The bank rate has remained steady and swap rates are falling which should mean fixed rates could start to come down. However with lenders advising funding costs are increasing while their profits are decreasing, any benefit from falling swap rates may not be passed onto mortgage holders.
Predictions as to what will happen are in effect just educated guesses, no one can say for sure what exactly will happen with UK mortgage rates.
The advice Deal Direct can offer is rates have started to climb and this may well be a trend that is set to continue over the coming months. You could take a gamble, do nothing and wait and see, however this could mean you miss out all together on a competitive rate.
For those concerned about rising rates you may want to contact Deal Direct now as we can source the cheapest fixed mortgage rates currently offer.
Contact Deal Direct's skilled brokers for an up to date mortgage comparison.
