Hey there, savvy homeowners, investors and potential buyers! The mortgage market has been quite the rollercoaster lately, but fear not – we've got your back with the latest updates and some exciting options to consider.
Just this week, we've seen a mix of good news and not-so-good news. Some lenders have raised their fixed rates by a few notches. Yep, NatWest decided to bump up selected fixed rates by up to 0.40%, and Lloyds Bank and Halifax followed suit, increasing selected rates by up to 0.46% and 0.61%, respectively. But hey, it's not all bad! Some lenders also showed their generous side by slashing rates, like MPowered Mortgages, reducing their two-year fixed rates by 0.26% and introducing fresh two-year fixed mortgages.
One standout in the market is The Co-operative Bank, hitting us with their new mortgage range. They came through with a competitive three-year fixed deal, priced at 6.83% at 95% loan-to-value. Sounds pretty attractive, right?
But wait, there's more! We saw a few lenders raise their SVRs this week, such as The Co-operative Bank, Platform, Metro Bank, Cambridge Building Society, and Chorley Building Society, all with an increase of 0.50%. Meanwhile, Leek Building Society nudged up by 0.25%, and Post Office Money followed suit with a 0.20% bump.
So, what does this mean for you? Well, we understand that finding the right mortgage deal can feel like navigating a labyrinth. But don't fret – we're here to guide you through the twists and turns.
Chris Ridge, our resident finance expert from My Financial Pro, suggests that the market might still have some surprises in store. With another base rate decision looming, we could see more changes in the coming weeks. If you're already locked into a sweet low fixed rate mortgage, consider overpaying when you can. It's a smart move that could save you some money in the long run.
For those of you approaching the end of your current mortgage deal, it's crucial to have a chat with a broker. Understand your options and, if needed, speak to us for advice. We know dealing with repayments can sometimes be overwhelming, so don't hesitate to get the support you need.
In conclusion, the mortgage market might be volatile, but we're here to help you navigate the storm. Stay tuned for more updates, and remember, we're just a call or a click away – My Financial Pro has your back! Happy house hunting, everyone!
