MORTGAGES - TO FIX OR NOT?
MORTGAGES - TO FIX OR NOT?
Choosing the right mortgage is hard enough at the best of times but with the uncertainty of a general election, the cost-of-living crisis and fluctuating mortgage rates, deciding on what is best for you is not only more difficult but of a lot more importance.
Rightmove’s weekly mortgage tracker data showed the average two-year fixed rate came to 5.44% as of 22 May, compared to 4.92% last year. Meanwhile, the average five-year fixed rate was 5.05% as of today, up on the average of 4.59% a year ago. Rates have also crept up since last week with these being higher than the averages of 5.42% and 5.02% respectively but some providers are making moves to drop rates towards the end of this week.
So, what is going to happen next?
The truth is no one knows. The uncertainty and fluctuating rates will continue until we have a new government in place and then they will react to the new policies of the new government. The overall expectation is that that rates will continue to drop over the next two to three years.
This is where the expertise of an experienced mortgage adviser is invaluable to help guide your decision making.
I’m Mike Gallagher and I have 18 years industry experience, a host of relevant financial services qualifications and I am also a qualified estate and letting agent.
If you would like my help in navigating the current turbulent mortgage market to make sure you are in the best position possible then please get in touch.
Initial consultations are free.
01721 723134
Mike Gallagher DipPFS