SEVERAL LENDERS REDUCE MORTGAGE RATES DESPITE INTEREST RATES CREEPING UP

This month has seen interest rates increase for the first time in more than three years with the Bank of England lifting the base rate to 4% from 3.75%.

However, according to leading estate agent, Dacre, Son & Hartley and its financial partner, Mortgage Advice Bureau, several major high-street lenders have reduced their fixed mortgage rates at the start of November.

Ben Pociecha, a mortgage broker at Mortgage Advice Bureau, explained: “These reductions have been seen across a range of loan-to-value (LTV) brackets, potentially creating opportunities for first time buyers and home movers.

“People should not assume that a base rate rise means their mortgage options have worsened because mortgage rates don’t always move in the same direction as the Bank of England base rate.

“There are plenty of competitive options available for those who are looking to buy their first home or thinking about moving, as well as existing homeowners who are coming to the end of their current mortgage deal or wondering whether they could secure a better fixed rate.

“Crucially, lenders have to be competitive and this is where an independent broker can prove invaluable, by comparing rates and products across the entire market to help homebuyers secure a favourable deal that suits their individual circumstances.”

Dacre, Son & Hartley was founded more than 200 years ago and is Yorkshire’s largest independent estate agent, with 17 offices across North and West Yorkshire. It is the parent company of Dacres Commercial, rural property specialist Lister Haigh and also Craven Homelet, which it acquired this spring.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. Your home may be repossessed if you do not keep up repayments on your mortgage.

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