NOW'S THE TIME TO LOOK AT YOUR MORTGAGE

Now is a good time to consider whether you have the best mortgage to meet your needs, according to a leading Bristol financial adviser.

“Mortgage brokers can offer a wide range of competitively priced products,” said Patrick Ennis, of the award-winning Mortgage Advice Bureau.

“In fact, mortgage product availability is at a post-credit crunch high with almost 5,000 products typically on the market.”

Mr Ennis is one of a team of MAB representatives providing financial services for Besley Hill Estate Agents at their 17 offices throughout Bristol and Gloucestershire.

He said borrowers could pre-empt any rise in rates by taking advantage of the competitive mortgage products currently available.

Many had already done so with the number of people remortgaging as a proportion of total borrowers rising from around one in four in September to nearly one in three last month.

Mr Ennis’s comments came as the Bank of England decided to retain the Bank Base Rate at half of one per cent for the twentieth consecutive month.

“Positive economic growth figures and an above target inflation level suggest that interest rate rises could rise as the economy looks in mildly better shape than most forecasters had predicted,” he said.

“So it would be prudent for any homeowner to consider whether they could benefit from having a review of their mortgage and protection needs.”

Fixed rates continue to increase in popularity with almost two thirds of borrowers electing to fix their mortgage repayments in October.

The price of the average two-year fixed rate mortgage in November edged up marginally in the last month to 4.48% while five-year fixed rates continued to decline, reducing from 5.36% in October to 5.32% in November and from 6.20% twelve months ago.

Shorter-term Tracker products, like their fixed rate counterparts, also edged up marginally in the last month with two-year deals now averaging 3.53%, but still down from 3.78% twelve months ago.

“I would emphasise that these are average rates and many best buys are below these levels,” said Patrick Ennis, who is based at Besley Hill Estate Agents’ Fishponds office (tel 0117 965 3162).

MAB was voted Best Mortgage Broker and Best Protection Broker in the 2010 Mortgage Strategy Awards.

To arrange a one-to-one review of your mortgage and protection requirements, contact their representative at your local Besley Hill Estate Agents branch.