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Let’s talk mortgage rate reductions
Are you a homeowner looking to remortgage? Perhaps a first-time buyer and keen to understand what type of mortgage would best suit your needs? Regardless of your status, it has never been more important to review the market for the best possible mortgage deal for the following reasons.
The Cost of living crisis
Following the mini budget announcement in 2022, the UK, and wider economic outlook has been very challenging. This has led to rising interest rates, rising mortgage rates, rising inflation, and as a result you’ve likely noticed an increase to the cost of, well, pretty much everything!
Although interest are not at their previously low levels, we are starting to see changes in the mortgage market.
Rate reductions
In recent weeks we have seen a number of high street lenders reduce rates, some as far as 0.7 percentage points. According to Nerdwallet, the average 2-year fixed rate (based on 21st August 2023) was 6.66%, in comparison to 6.86% two weeks earlier.
Although this is not the reduction that many were hoping for, or comparable to historical rates, it is good news for those who have mortgage deals coming to an end shortly, or prospective buyers.
So why is it important to review the market?
Now more than ever, the help of a whole of intermediary market advisor has never been more important. With lenders competing for business by reducing rates, it may mean that your current mortgage lender is not as competitive as others and you may find a better deal available elsewhere.
If a better deal is sourced and you find your new mortgage payments are less than you expected, this frees up cash to go toward the other important things that matter, and who does not like having surplus cash?
Sound good? Not sure where to start with reviewing the market or how? That’s easy.
Let RCCW do it for you. Our team of experienced and dedicated mortgage advisors will guide you through the process from start to finish, updating you every step of the way so you can focus on the bigger things.
With no initial consultation fee, contact your local branch today and see how RCCW can secure the best mortgage deal for you.
To find out more about our financial services team or arrange an appointment click here.
