Would you fix your mortgage before the budget or after the budget or does it matter?
It's a simple question with a not so simple answer. If there was likely to be anything in the budget that may be aimed specifically to improve the housing or mortgage market, then it may be worth waiting, however this doesn't seem very likely. We've also seen rates fall quite rapidily with the introduction of the Bank Of England's Funding for Lending Scheme in August last year, and since then most industry experts have queried how much lower can the rates go ?
Then just last week the question of the whether the Bank Of England may move the bank rate to a negative figure has also been raised, and could this mean even cheaper rates?
A lot also depends on the Loan To Value (LTV) you are looking at, as we've seen only minor cuts in the lower LTV's, while some of the higher LTV's have seen some very large reductions.
There's certainly nothing on the horizon that would make us say to you to defininitely hold on, I think it's worth seeing what's there atthe moment and what ones you're eligible for, before deciding what to do
If you'd like to talk through what may be available to you, then please let me know, and I'll arrange a convenient time for of our consultants to contact you.
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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
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