Mortgage rate still rising
Tue 04 Oct 2022
The BBC has reported on the 4th October that mortgage rates are set to rise on Wednesday by the UK's biggest lender. The Halifax is set to put interest rates up to over 5%. Four days ago they were at 5.43% and before December they were at 2.34%.
The fall-out from the mini-budget initially led to a slump in the value of the pound, as traders expected a sharper increase in interest rates by the Bank of England than previously anticipated. That prompted mortgage providers to rapidly pull hundreds of deals from the market. This week, the availability of products has started to pick up again. This is now affecting so many homeowners who need to remortgage and for first time buyers. For those who are currently in the process of buying a home, then it is unlikely to affect you if your mortgage rate and application has been completed. If you have an agreement-in principle then it is unlikely that this includes a specific rate.
Martin Lewis reports many tips and the best ways for you to navigate through this period, follow the link below for the website link.