The Bank of England seems to be back tracking on a rise in UK rates even though Mark Carney recently suggested rates were certain to rise in the short term. He is now blaming concerns about Brexit - it looks to me as though he is actually making the situation worse by scaremongering.
Recently someone mentioned how just a couple of years ago nobody would touch the euro and there were concerns the EU would fall apart - all of a sudden it is the next big powerhouse? Not convinced about that - the UK Brexit talks are deflecting concerns about the EU and underlying economy. People seem to forget that the UK did not switch to the euro so was never really an integral part of this "project".
After recent B of E statement it is looking like base rates wont rise much in the short term and while mortgage rates may tick up slightly it is unlikely they will run-away in the short to medium term?
The leaks from the Brexit talks are doing a lot of damage in the short term and the EU should be pulled up about this. As a consequence it is hard to see the UK economy blossoming in the short term which will likely mean UK base rates will remain relatively unchanged for the foreseeable future. There will be opportunities to cherry pick some good re-mortgage deals over the next few months/couple of years.
I think what he means is that regulations are there to protect the industry and consumers. If an investor has a mortgage and might be able to remortgage at a lower rate, that would reduce their financial liabilities and in turn offer more security to the lenders mortgage book.
However, unfortunately this is not always the case today as regulations have changed but it would be bizarre if you could keep your current (higher rate) mortgage but not remortgage at a lower rate because of your personal situation?
To secure the best remortgage deal it is important to look at more than the base rate. You need to search the whole market and to be aware of the product fees that may be charged. A great rate won't save you much if you have to pay a high fee.
i agree but We know that more rental properties are needed to fulfil demand so should we see rental yields increase if there are fewer buy to let properties? when im i think this is the time to remortgage
Now may well turn out to be the opportune moment to remortgage your property(s) but ultimately I do not see interest rates rising quickly in the short to medium term. Indeed, if Brexit talks end in a stalemate then there is every chance that the Bank of England could be forced to reduce base rates to support the economy. The next two years, even the next 12 months, are going to be vital for the UK economy both in the short term and the longer term. It would take a brave person to call this one!
With all of the doom and gloom surrounding the UK just now it does not look as itf interest rates will be moving higher any time soon. We might even see a shoft down in the short term. However, if you decide to remortgage on lower rates I would do it now, now is the only time you know the real rates, anything else is just guess work.
I just remortgaged on fixed rate for 5 years and save £500 per month (in fact a bit more) on 4 properties (shared between them),so that gives me both a saving and some security for these uncertain times, at least to see me through until things settle. So yes I think this is a good time to answer you question.