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Head and shoulders above the rest

Good Afternoon,

A hot topic this month is when will the Bank of England look at changing the interest rate. Mark Carney, the Bank of England governor, last week said that a rise in the Bank Rate was "drawing closer". Mr Carney said that the exact timing of the first rise in the Bank Rate could not be "predicted in advance". The decision would be determined by looking at economic data.

More than a million mortgage holders have only ever owned a home when rates were falling or frozen at 0.5%. The number of home-owners re-mortgaging jumped by 30% in June, as borrowers locked in to new deals ahead of a rise in interest rates.

The figures - from the Council of Mortgage Lenders (CML) - show re-mortgaging at its highest level since September 2013. During June 31,600 households changed their mortgage deals, compared with 24,300 in May. Those not on fixed deals may see payments increase when base rates rise.

Research by Policis, for the CML, suggests that many homeowners have been taking a safety-first approach to their debt since the financial crisis.

"Given the importance of home ownership it is perhaps unsurprising that homeowners, overwhelmingly, regard paying the mortgage as their number one financial priority. Some 69% say that this is the case, substantially ahead of any other category of expenditure," the report said.

Here at JP & Brimelow Chorlton Ltd I have Brendan from Brown Financial Services based here in my office providing you with mortgage help. Please don’t hesitate to contact my Sales department on 0161 882 2233 to arrange a suitable time to discuss further or for a FREE MARKET APPRAISAL of your home.

'Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.'

Kind regards

Eddie Ellis MNAEA
JP & BRIMELOW Chorlton

Brown Finacial Services

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