Rising interest rates

18th June 2022

It is no secret that we have been in a sellers’ market place for the last few years, but in the last few months here at Link Homes we have definitely seen a slight shift since the interest rates have been increasing. That being said we are still achieving great prices for our current vendors, the question is how much longer will that be the case if the interest rates continue to increase. See below some useful information.

The rising base rate means 850,000 people on tracker mortgages and 1.1 million on variable deals will likely see their mortgage rate go up. A quarter of all UK homeowners are on variable, tracker, or standard variable rates which are directly linked to movements in the base rate.

Homeowners with fixed deals coming to an end in the next three to six months have been urged to lock in a new rate now to avoid being clobbered with extra costs further down the line, amid expectations that the base rate could hit 3% next year.

If you're on a standard variable rate mortgage, you might want to consider switching to a fixed deal as you're likely to find more competitive rates. You'll also be protected from any future rate rises for the duration of the deal.

If you want to achieve the best possible price for your property before the market takes a turn we advise looking into your options sooner rather than later. If you have any further questions on our opinion we would love to hear from you.

 

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