Apply For A Mortgage Now Before Rates Rise.
The news released last week stating that the Bank Of England base rate is being held at 0.05% raised sighs of relief among those already hit badly by the credit crunch.
This rate which is the lowest in history was of course introduced to kick start the economy and bolster lending and borrowing which are crucial factors for a healthy economy.
The Government thought that by bringing in this very low rate it would encourage building societies to keep their mortgage and remortgage rates low, and thus encourage first time buyers and homeowners wanting to move house to obtain a low rate mortgage.
This would help the economy recover and help the stagnant housing market.
However the government must now be extremely disappointed to note that only last week the Woolwich increased their two and five year fixed rate mortgage and remortgage rates by 0.06%. Quite a substantial increase all at once.
R.B.S which is 70% tax payer owned has just announced that they are withdrawing some of their better interest products.
There still are excellent fixed products to be had, and and if someone is thinking of obtaining a remortgage or mortgage in the near future, it would be advisable to apply now.
There is no point in waiting, as rates are very unlikely to come down in the foreseeable future, and there are still good tracker and fixed rates available.
With a fixed rate a homeowner knows exactly what they are going to pay for their mortgage every month for two years, five years or for however long they chose as the fixed period.
The Manchester Building Society are currently offering a fixed rate mortgage for thirty years. A fixed rate really does help you manage your finances by allowing you to know exactly how much you need to put aside every month to pay your mortgage.
The advice from the experts is that now is the time to apply for the mortgage or remortgage you have been contemplating.Apply online here for a no obligation quote.
Remember that you can use a remortgage to fund large purchases and homeimprovements,as a means of debt consolidation or simply to obtain a better rate.
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- Liz Moir
- Champion Finance
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