The Bank of England has just announced it’s not planning to raise its interest rates in the next 12 months. This is good news for the consumers, first-time buyers, people looking to move or remortgage.
Mortgage rates are presently low and will hopefully now remain so for the next 12 months. This should encourage the housing market to remain stable and hopefully we will see an increase in property sales across the country. Good news for first-time buyers who are struggling to get on the property ladder. The criteria for obtaining a mortgage is now based on affordability and obviously when the lenders are looking at this, the lower the interest rate, the lower the mortgage payments and the more chance of one meeting the lender's affordability criteria.
Comment by Linda Kirk, Partner