Knight Frank Finance comments on the mortgage rates squeeze extending to October

Hina Bhudia, Partner at Knight Frank Finance, comments on the mortgage rates squeeze extending to October by the Bank of England.

“The upwards march of average mortgage rates is a worrying trend for homeowners everywhere and comes just a day after the Bank of England opted to hold the base rate at a record low 0.1%

“Lenders continue to raise rates in order to avoid being the cheapest on the high street amid the busiest mortgage market since October 2007. Many have been swamped with new business as they grapple with the effects of the pandemic, including the closure of many international call centres as governments introduce new lockdowns.

“The property market will remain open during lockdown and is likely to remain busy as a result.

“That means rates are likely to continue to climb over the short term, so borrowers should seek to secure a competitive rate as soon as possible. Mortgage offers are generally valid for up to six months, so you can revisit if the situation changes.”

Kindly shared by Knight Frank Finance

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