Personal Finance and Money Management

Mortgage brokers have called for borrowers to secure a fixed-rate mortgage now before rates start becoming more expensive again. Brokers claim that the mortgage market has bottomed out, and the money market will now start moving up in rates. Market rates that determine how fixed-rate mortgages are priced acquire started to creep up.

At this point, over one million homeowners are waiting on their standard variable rate . These homeowners are centre of life urged to lock into fixed-rate home loans with fears that lenders will pass on increased borrowing costs at once.

Melanie Bien of Savills Private Finance was reported in the news as commenting: “The cost of wholesale borrowing is expected to rise, which lenders will easily be forced to pass on to mortgage customers . We appear to be near the bottom of the market and homeowners looking for security would have existence wise to secure a longer-term fix as soon as possible, preferably for five years.”

Senior technical manager at John Charcol, Ray Boulger, reportedly commented: “The rise in yields is bad news for homeowners hoping to fix. We are at the basis of the market for fixed rates and lenders could respond to the events this week by pushing up the cost of fixes as early as next week.”

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