What to expect from mortgage rates in 2017.

Overall, the trend for mortgage rates last year, was downwards. For property purchasers and homeowners seeking to remortgage, this was very good news.

During 2016, mortgage rates fell to record lows. The markets experienced uncertainty following the Brexit referendum in June. However, although the value of the pound dropped, the housing market remained quite stable. Mortgage rates continued to inch ever lower, and not much has changed since then.

However, mortgage rates are sensitive and can fluctuate quickly.

At the moment, low rates continue to be available with lenders offering some very competitively priced mortgage options. Bear in mind, though, as swap rates continue to increase, the ability to finance, or refinance, at these levels may soon begin to dwindle. A few lenders have already scrapped their lowest rate products and/or ended cashback, reinstated the costs of legal expenses and survey fees, making their mortgages just that bit more expensive.

But, if the overall trend has been down and only a few lenders have revised their offerings, would it be wiser to wait to find a mortgage or act without delay?

The advice of Deal Direct’s mortgage experts would be to act now. Many lenders across the UK are offering loans at exceptionally low rates, including picking up the tab for many of the costs. Even a small increase in house prices, plus a rise in mortgage rates, could mean you pay thousands more. If you don’t have to, why would you?

For the most up-to-date information and professional advice on all mortgages, talk to Deal Direct.

Don't delay, contact us now on 0800 048 8828.