The future of mortgage rates is uncertain, and this can be a source of stress for those looking to purchase a home. Accord Mortgages recently released a video discussing the uncertainty of future mortgage rates and how to navigate it.
The video explains that mortgage rates are determined by the Bank of England’s base rate, which is set by the Monetary Policy Committee. The base rate is currently at 0.1%, and it is uncertain when it will change. This means that mortgage rates are also uncertain, and could go up or down at any time.
Accord Mortgages recommends that potential homebuyers take advantage of the current low mortgage rates while they last. They suggest that buyers should consider a fixed rate mortgage, which will ensure that their payments remain the same for the duration of the loan. They also suggest that buyers should shop around for the best deal, and compare different lenders to get the best rate.
Accord Mortgages also advises potential homebuyers to consider their long-term plans. They suggest that buyers should think about how long they plan to stay in the home, as this can affect their decision on whether to take out a fixed or variable rate mortgage. They also recommend that buyers should consider their budget and make sure they can afford the payments if rates go up in the future.
Overall, Accord Mortgages’ video provides helpful advice for potential homebuyers who are uncertain about future mortgage rates. By taking advantage of current low rates, shopping around for the best deal, and considering their long-term plans, buyers can make an informed decision about their mortgage.