What the Spring Statement Means for Mortgage Customers

What the Spring Statement Means for Mortgage Customers | 1-Minute Read

The Spring Statement brought suggests inflation is likely to ease over the coming months and into next year.

As Bank of England policy is closely tied to inflation, this could be great news for borrowers.

Many lenders have already started to factor anticipated improvements into the rates they offer, with some reducing products in recent weeks.

Gavin Welch, Financial Services Director, explains, “The Spring Statement indicated that inflation is likely to reduce over the coming months and year. Notwithstanding the pressure of fuel prices from the current Middle East crisis, inflation coming down may well lead to interest rates reducing in time.
Lots of lenders have already forecasted reductions in the rates they offer and, from time to time, lenders may reduce rates even further to try and grow their mortgage book. This would be welcome in what has been a challenging period for customers looking to remortgage.”

While the outlook appears more positive, markets remain fluid and nothing is guaranteed.

Gavin adds, “If you’re happy with the interest rate that is on offer today, you can fix in for a period of up to six months before going ahead with the advised rate. If the rate goes down, you can always request the next best deal.”

Speak with one of our advisers and remember not to pay any fees upfront.