“If you are coming to the end of your existing deal or are already on a standard variable rate, it could be prudent to remortgage now,” says Mark Harris of mortgage broker SPFPrivClients gracegausden93 reports
Lenders typically price products two weeks in advance of being released, which means that when there are sudden changes in the market and swap rates increase lenders will be selling products that are no longer profitable.
So far, Nationwide has seen the highest residential increase, upping its rates by 0.45 per cent for customers acrossMany homeowners who are coming to the end of their fixed deal already will be concerned about what their next move should be – as will first-time buyers looking to enter the market. Sykes said: “Our business has seen a lot of applications this week of people getting competitive interest rates while they are still around. We are expecting to see more lenders increase their rates so I would say now is the time to fix if you can before the Bank of England decision next month.”
This is because buy to let mortgages are often available through specialist lenders which are often susceptible to higher costs and changes. As a result, these products are often priced higher and subject to more change than regulated products such as residential mortgages. “We are likely to experience a couple of years of volatility, at least until the end of 2024, by which point inflation is predicted to fall to two per cent which means the base rate will fall and settle.”
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