In this week’s newsletter, we revisit the evolving landscape of mortgage rates, which have been subject to recent hikes due to increased economic uncertainty and rising oil prices spurred by ongoing instability in the Middle East.
Several lenders, including the Bank of Ireland, NatWest, Nottingham, and Santander, have adjusted their pricing structures, with some withdrawing products and others increasing rates over the last two days.
Why It’s Time to Consider Locking in Rates
The current fluctuations in the market underscore the importance of securing your mortgage rates promptly. As swap rates climb, the cost of borrowing is likely to follow, impacting affordability for many.
Our FlexiLock service is designed precisely for these uncertain times, allowing you to lock in a rate now and switch to a more favourable rate should one become available. This service ensures you benefit from the best rates on the market, regardless of fluctuations.
Significant Savings for a Portfolio Landlord
Recently, we had the opportunity to review a client’s portfolio, which led to raising £650,000 while also reducing their monthly payments. These properties were previously tied to higher rates from lenders like Mortgage Xpress, BMS, Rosinca, and Topaz.
Given the rising interest rates, this adjustment came at a crucial time. Many of our clients who haven’t needed to refinance in years are now seeing their payments nearly triple due to historical lows in the base rate ending.
How We Can Help
We recognise that many portfolio landlords, especially those who secured mortgages in the early to mid-2000s, are now facing significant financial shifts. If your fixed rate is coming to an end, this might be the perfect time to secure a low rate.
Get in touch now on 0208 364 3444 alternatively click here to schedule a free consultation call.