Worried About Mortgage Interest Rates Increasing?

With the recent announcement from the Bank of England stating that they will be withdrawing the facility for lenders to apply for a cheap source of funding this has sparked concerns that interest rates may rise in the very near future.

Home movers have seemingly been concerned about the future availability of mortgage funds at competitive interest rates however Andrew McPhillips, economist at Yorkshire Building Society stated that other sources of funding were now cheaper and the FLS mortgage removal will not have a major impact on rates.  He went on to say that ‘Whilst there may be a small upward trend in mortgage rates over the longer term, this is unlikely to be significant.  It is likely rates will remain low for at least the next couple of years given the availability of relatively low cost wholesale funding’

This is good news for those wishing to get a foot onto the property ladder or for home movers looking to buy their next property in 2014.  There has never been a better time to consider a move – why not call us and ask for a no obligation consultation to find out whether now is the right time for you.