Mortgage rates set to be repriced upwards in coming weeks

Whether you own a single property or a portfolio, if your assets are subject to mortgages and secured loans, now is the time to review whilst rates are probably at the lowest they will be for a long time.

Industry experts are warning of significant upward interest rate changes for mortgage rates in the next two to three weeks. This is after the Bank of England Monetary Policy Committee confirmed its forecasts for interest rate rise were now sooner than predicted in November last year. The resultant recent surge in swap rates is predicted to start filtering through to mortgage pricing as it begins to affect the cost of funding for lenders.

Nationwide, Halifax, the Post Office and Tesco Bank have already repriced their mortgage rates.

Moneyfact’s, Charlotte Nelson,  said: “The talk of multiple base rate rises this year has started to become more than just gossip, with swap rates starting to rise again.

“The two-year swap rate increased by 0.15% in just one month, which is particularly significant, as this was an early sign of the base rate rise that occurred last November.”

If you need assistance with any type of property finance in the next few months it may be worth trying to secure rates now so please do not hesitate to ask for help using the contact form below.

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