Are Mortgage Rates Going Up?

Posted on 13 February 2020

Many new hopeful homeowners may be wondering, whether mortgage rates are going up or going down? This can be important because if mortgage rates are rising, it may be a put off because it will mean that the homeowners will have to pay their mortgage brokers a higher amount. If the rates are decreasing or are low in general, then it can be attractive because it means that the interest that is paid on the mortgage that a homeowner borrows will be less and they will have to pay a lower amount.

After a bit of research, I have found that mortgage rates for 2020 are indeed quite low and its intended to continue to be fairly low for the remainder of 2020. in 2019, the average was around 4.68% at the start, then by the end of the year it dipped to around 3.93%. Since 2020 has started, it has continued to be under 4% and is not looking likely to increase anytime soon.

One very popular type of mortgage is a ‘Buy-to-let’. This is when someone buys a property for the purpose of letting the property out. If you are looking for this then book in an appointment with us as we can help you from the beginning to the end of buy-to-let journey!

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