Patrick Ennis, Mark Gregory and Nigel Bull, financial advisers from Mortgage Advice Bureau (MAB) based at Besley Hill Estate Agents’ offices throughout Bristol and Gloucestershire, have welcomed the Bank of England’s decision not to change the Bank Base Rate.
“Once again the Bank of England have taken the view that the economy is still too fragile to start raising rates back towards more normal levels,” comment Patrick, Mark and Nigel.
“This is now unlikely to change in the short term with the Governor of the Bank of England recently commenting that he could see rates remaining low for the foreseeable future.
“This provides further support to the housing and mortgage markets and should help ensure that both borrowers looking to move home, and those who want to remortgage, continue to see very competitive mortgage interest rates.
“Mortgage product availability remains at close to the highest levels seen this year in spite of the seasonal dip in activity that generally takes place over the summer months, with many high street lenders continuing to review their products to attract borrowers.
“Borrower preferences have seen a further move towards fixed rates with six out of ten borrowers choosing fixed rates in July, which is something of a shift from several months ago when variable rates were more popular.
“Interest rates are often a topic of conversation and differences of opinion have always existed amongst economists, bankers and politicians in relation to interest rate setting policy. However, interest rates are unlikely to fall any further and those buyers and borrowers that want to move either their home or their mortgage currently have access to some excellent products.”
To see whether you would benefit from having a one-to-one review of your mortgage and protection needs, and to learn how MAB differs from other brokers and lenders on the high street, contact the MAB representative at your local Besley Hill office.
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