Comment from national broker firm Just Mortgages on today's Interest rate increase
John Phillips, national operations director at Just Mortgages said: “This latest increase now feels like rates are on the upwards swing of a pendulum which is rapidly gaining momentum. However, although this increase will translate into higher mortgage rates, the housing market remains resilient and feedback from our brokers across the country tells us that activity for purchases and re-mortgages remains high.
“For those that remember mortgage rates more than three times the current level there will be an appreciation that there are still very well priced deals that need to be seized before they are withdrawn and re-priced. Great mortgage rates are often launched with a huge fanfare but withdrawn quietly so having the advice of a professional who tracks product movements can be invaluable in securing the right deal.
“There is no doubt in my mind that the value of mortgage advice is rising as fast as any household or cost of living bills. My advice for those looking to move or re-mortgage in the next six months is to find a mortgage broker and find one as soon as possible. Your next mortgage could be the cheapest you’ll have in your lifetime.”
Published: 16 June 2022