Monica Bradley is our recommended
Independent Financial Adviser and Winner of the the Best Overall Broker in the
country at the 2011 British Mortgage Awards. Here she looks at the evolving
financial situation and the impact on the mortgage market.
Following last
month’s decision by the Monetary Policy Committee to re-introduce their
programme of Quantitative Easing (QE), the expectation is that we are unlikely
to see further intervention until the effects of this can be assessed.
As a consequence
the base rate has remained unchanged and the level of new money injected into
the economy through the purchase of assets including government bonds remains
at £275bn. The Eurozone crisis continues without a real resolution on the
horizon and appears to be deteriorating, with Italy
now the main sovereign debt concern of the markets although the proposed Greece
In spite of all
of the international bad news and continued weakness in consumer confidence in
the UK
Mortgage product
pricing remains at all time low levels in October, with Moneyfacts reporting
the average 2 year fixed rate as 4.22% and the average 5 year fixed rate has
reduced further to 4.73%. This appears
to have encouraged increasing numbers of remortgage borrowers to take advantage
of current pricing.
October witnessed
overall mortgage product numbers increasing, having reduced a little in
September they returned to levels similar to August, Brokers currently have
access to around 7,500 deals, over 50% more products than in the same period
last year.
Monica Bradley
is from Kingswood Law. For further information on how the latest base rate
decision affects you, please call 020 8 643 7777.
Your home may be
repossessed if you do not keep up repayments on your mortgage. A fee of up to
1% of the mortgage amount may be charged depending on individual
circumstances. A typical fee is £95.
020 8643 7777 -
sales@christiesworld .com - www.christiesworld.com
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