Amid talk of recession and fluctuating share prices, many people will be concerned by the Bank of England’s warning that our economy faces its toughest challenge in over ten years.
Whilst UK borrowers are unlikely to see the hefty current US interest rate drops, property loans look set to get cheaper, with fixed deals already dropping.
In this uncertain period, it’s vital to take control of your financial situation, and top of the list has to be cutting significant outgoings off your mortgage bills.
Interest rates are widely expected to move from 5.5% to 5% after 2 further reductions this year, with the cost of fixed rate loans dropping to reflect expected lower costs.
Abbey, Cheltenham & Gloucester, First Active, Halifax and Nationwide all increased their tracker rates or lowered their fixed rates last week in expectation of the falls to come.
Of course, fixed rate loans could continue to drop even lower, so the gamble for the borrower is whether to be tied into today’s attractive rates or hold out for a better deal.
Some of the best deals are being snapped up as soon as they emerge – for example, Bristol & West recently introduced some good deals which were so in demand that they had to be withdrawn just days later. So it can be a full-time job trying to run around keeping up with the best deals.
Luckily, this IS the full-time job of our expert financial advisers who can save you the legwork and chat through your personal circumstances to ensure they only give the financial advice that is right for you.
Talk to us today by calling 0844 560 7703 or visit the Personal Loans Made Easy home page.
