Despite many lenders having raised their rates, a number of providers have continued to cut rates in anticipation of the interest rate rise widely expected to come into play early next year. This has led to a further increase in gross advances with £52.2bn being loaned in Q2 – 15.1% higher than Q1.
But the average interest rate on gross advances fell from 2.99 to 2.83% between the first and second quarter, meaning rates now sit at their lowest level since Mortgage Lender and Administrator (MLAR) data was first collected eight years ago.
Head of lending Brian Murphy, said: '“Average mortgage rates fell to the lowest level seen since the MLAR series began in 2007. This improved affordability has caused a rush of demand from borrowers, and lenders are locked in fierce competition to win their business. However, with a rise in interest rates expected in early-2016, the general consensus is that these record low rates will only be around for a limited amount of time. “As a result, nearly four in five mortgage advances were at a fixed rate in Q2,” Murphy added. “There are growing numbers of borrowers opting for the security of regular mortgage payments and an extended window of paying rock-bottom rates.”'
If you want to talk through your mortgage options Enable’s IFA’s are happy to help.
Your home could be risk if you do not keep up your repayments.
Issued by: Enable Independent Financial Life Planners 25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
No comments:
Post a Comment