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Urgent Warning for Homeowners

In Sheffield alone, there were 2,526 mortgage products in the market on August 1st, 2020. This makes a fall of 202 products compared with the 2,728 deals available at the start of July.

Millions of homeowners could be affected by the changes to rates

Millions of homeowners could be affected by the changes to rates that are about to ‘creep up’, following a long period of low rates. Stephen Kerrigan, Sheffield Fee Free Mortgage Advisor also found out that the choice of fixed-rate and variable deals is shrinking.

In Sheffield alone, there were 2,526 mortgage products in the market on August 1st, 2020. This makes a fall of 202 products compared with the 2,728 deals available at the start of July.

Stephen Kerrigan, owner of MortgagesRM – Sheffield Fee Free Mortgage Advisor said

following historic lows reached last month, the average rates are starting to increase. However, the average two and five-year fixed rates across all deposit sizes have increased by 0.09%

Low-deposit loans, which lenders consider to be riskier, but a recent stamp duty cut and the reopening of the housing market after it was temporarily put on pause to help out limit the speed of the coronavirus has helped encourage more buyers to re-join the market in recent weeks.

The introduction of the stamp duty holiday and record low rates following an enforced period of Lockdown for the market has seen a demand for mortgages escalate in the last two months, especially from First-Time Buyers from Sheffield and Hull. However, the product choice and availability will remain a key issue for mortgage borrowers – those looking to secure a new deal now may wish to move swiftly.

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