Reading the mainstream media, you would think that there was a direct link between Bank of England base rate and all of the mortgage products available, whilst this is true for tracker mortgages, fixed rates are dictated by a wide range of other factors.
There has also been a lack of reporting around the decrease (yes you read that correctly!) in fixed mortgage rates over the past few weeks, from a peak in the summer where 5 year fixed rates in some cases were considerably over 6%, to (at the point of writing) below 4.5%, a welcome and largely unreported improvement!
Lastly, one of the sometimes overlooked element of our mortgage advice service is that we are constantly monitoring the mortgage market between initial mortgage application and completion.
As such, if mortgage rates reduce during the course of the house buying/remortgage process, where possible we would move you to a more suitable product. This can result in a saving over the life of the mortgage product and is unlikely to be something offered to you if you were to apply directly to a bank or building society.
One of many reasons why taking independent mortgage advice for your mortgage is always advisable.
This article is for information only and should not be taken as advice.
Innovation Financial Management Ltd trading as Innovate Mortgages and Loans is authorised and regulated by the Financial Conduct Authority.