Time to act in the mortgage market as rates continue to rise.

Suppose you have a mortgage due for its product end date within the next 6-7 months. We recommend that you act now.

This coming week, we will see the next inflation announcement (21 June), and the monetary policy committee will meet to review the bank’s base rate (22 June). It is widely speculated that we will see an increase in the base rate as a reaction to the inflation announcement. Some lenders may have already repriced in anticipation; however, if you react quickly, you may be able to secure a rate prior to any further increases.

The current situation in the mortgage market in the UK is characterised by generally increasing product pricing and the withdrawal of products at short notice. These actions are a response to the high level of inflation in the country. Lenders have experienced surges in applications, and the increased rates for fixed-rate mortgages have been influenced by increasing swap rates.

According to data from Moneyfacts, which is cited in the Times, the average interest rate for two- and five-year fixed-rate mortgages has increased. The rates for two-year fixed-rate mortgages rose from 5.26% to 5.92%, while the rates for five-year fixed-rate mortgages increased from 4.97% to 5.56% in terms of interest rate decisions; the Bank of England is scheduled to announce its latest decision on Thursday, 22 June. It is worth noting that the European Central Bank has already raised Eurozone interest rates by 0.25% and indicated the possibility of further increases; this was reported by The Guardian newspaper.

If you are concerned about your mortgage payments and future increases in interest rates, MMPE can help. It is strongly advised that with rates likely to increase further in the short term, reviewing both your existing lender and open market options is essential. Equally, where necessary, we are working on reviewing and extending mortgage terms to make monthly costs more affordable.

Please do not delay a decision to review. Speaking with us to assist with reviewing options and maintain an ongoing review of rates up until completion.

If you would like to review your options, then book a meeting through the button below!

Book Now

My Mortgage Experts & Protection Experts Ltd (FCA 937076), is an Appointed Representative of King Mortgages Ltd.

King Mortgages is authorised & regulated by the Financial Conduct Authority (FCA). King Mortgages Ltd is entered on the financial services register http://register.fca.org.uk/ under reference number 803561.

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

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      Automatic Property Value Updates

      Changes in property value, coupled with a potential reduction in your loan amount (with a repayment mortgage), mean a change in the equity available in your property (Loan to Value); hence there could be improved opportunities for a better mortgage for you.

      Product Expiry Date

      Sussed will track when your mortgage is due to expire (usually when your mortgage payments rise substantially as you will automatically transfer to your lender’s standard rate).

      The app will alert you when it’s the right time to discuss your options with your mortgage broker.

      Sussed can help you plan.

      Rate Riser

      This feature is ideal for today’s economy and increasing prices. Sussed will continually scan the market, looking for the best-fixed rates available, especially when interest rates are rising.

      Using a series of algorithms, our clever technology can identify longer-term fixed rates available today that could save money against predicted rates at the end of your current product term (including the cost of transfer) – sussed is doing all the hard work.

      Equity Available

      With automatic property value updates and your Mortgage information loaded, this feature calculates the amount of equity and the maximum potential loan that may be available within a landlord’s portfolio. This will assist with seeing if there is the opportunity for to perhaps buy another property from leveraging your portfolio.

      Within sussed, you will also be able to see each of your properties with a roadside picture, a confirmed property value, monthly rental, current mortgage balance, payments, interest rate and the Loan to value/Gross rental yield.

      Sussed can help you manage your portfolio.

      Early Review

      This feature is there waiting for interest rates when they reduce. Using the same technology as Rate Riser, sussed will identify if your current deal is now able to be improved.

      Should the interest rates decrease, sussed will compare deals available on the day with your existing deal and flag if there is an opportunity for you to save money by switching.

      Regional Price Limits

      There are price limits on homes you can buy with an equity loan. The limit is different for each region in England.

      • East - £407,400
      • East Midlands - £261,900
      • London - £600,000
      • North East - £186,100
      • North West - £224,400
      • South East - £437,000
      • South West - £349,000
      • West Midlands - £255,600
      • Yorkshire and the Humber - £228,100

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