By Admin on Jan 27, 2009 in Renting & Real Estate
SaLorsay asked:
What are they saying about the interest rates? Will the rates go up or down after this week? My Mortgage Broker is telling me to lock in now! What do you think? Should I wait? HELP!
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What are they saying about the interest rates? Will the rates go up or down after this week? My Mortgage Broker is telling me to lock in now! What do you think? Should I wait? HELP!
Content
If you have just bought, then usually you are offered a discounted rate for the first two years.
If this is no longer available you should look at a very low fixed rate, 4% or so.
If this is no longer available you should look at a tracker, which tracks the Bank of England base rate, try for 1% above the rate.
It is unusual for you to have bought without having a mortgage already in place.
jory | Jan 29, 2009 | Reply
I’m assuming you mean that your offer was accepted but that you haven’t closed on the house yet.
In my opinion rates will drop once the bailout is passed into law. If you have another week or so to wait I would float. Rates are going to fall later this week and by mid week next week would be a good time to lock in the rate.
sithburns | Feb 2, 2009 | Reply