October was a positive month in the mortgage market. Mortgage fixed rates continue to fall and the hold decision from the Bank of England at 5.25% for the past two Monetary Policy Committee meetings has breathed life into a previously stagnant market. The cost of borrowing continues to fall with all the major lenders reducing fixed-rate products during October 23.
The lenders are now locked in a battle for the limited business that will be available between now and the end of the year and fixed rates are expected to fall
Looking to purchase a property?
If you are looking to purchase a property now could be the ideal time. Rates are coming down, we are coming to the end of the year when the market usually slows down and there seems to be an acceptance from sellers that they have to negotiate on price if they want to sell.
Is your rate coming to an end?
If your rate is coming to an end the timescale is key. In the final month of the deal, I would look to secure something soon. If you have more than a month to go in the current climate I may be tempted to hold on as the market continues to fall most weeks.
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