Rates Drop but For How Long?

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Found in: Mortgages, News July 23rd, 2008

It’s only been a matter of days since several mortgage lenders announced a drop in their rates but a number of consumers are likely to be annoyed at the circumstances which may have led them to secure a mortgage in recent weeks at a rate which puts them out of pocket compared to one they could have had if they waited.

Some consumers were advised not to take a new deal after their existing mortgage rate offer expired and instead stay on their lenders Standard Variable Rate for a short while and ride the storm. Over the last few months mortgage rates reached levels approaching some SVR’s which are usually 1.5% – 2% higher than a lenders range of offers.

Although this exercise would only have been an option to those who could afford slightly higher monthly repayments in the short term those who did will start to see their patience paying off.

Consumers in this position who have been waiting for rates to drop or at least stabilise may wish to act quickly during this slight lull because despite lenders dropping rates, the price of the money they use (according to UK Swap Rates) has gone up again by between 0.03% and 0.1% depending on the term.

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