Following the Bank of England's Base Rate increase many lenders have followed suit, increasing the cost of borrowing across the market.
This news didn’t come as a surprise as mortgage rates have been at an all-time low for a sustained period. It’s likely that as both swap rates and the cost of commercial borrowing increases we will see lenders edge their rates up again over the coming months.
It’s expected that in addition to the increase in rates a further tightening of criteria and maximum term due to the uncertainties ahead with Brexit.
If your mortgage is due for renewal in the next four to six months now is the time to lock in the competitive rates and more lenient criteria. Most mortgage offers are valid for between three to six months, so even if you are fixed in until the Spring you can arrange your new mortgage now.
Contact a member of the Charnock Hughes team for advice on the best rates available for your circumstances.