With experts predicting a sharp increase in interest rates later this year, much of today’s financial press looked at securing a good mortgage deal at the right time. The Mirror suggested that, as many mortgage offers are valid for 3 to 6 months, borrowers are able to review their mortgage requirements well in advance of their current deal expiring, therefore giving them the opportunity to reserve a new rate while they are still competitive.
The Express revealed that ten year fixed rates have become more popular as borrowers have begun to take a more long term view of the economy, with many believing that there is little leeway for the base rate to drop any further.
The Daily Mail reported on borrowers with tracker mortgages who have kept their repayments at the original level prior to the drop in base rate, thereby overpaying as rates have fallen. Experts suggested that even paying a small amount extra each month will help to reduce the mortgage debt and with rates so low now is the time to benefit.
Elsewhere there was a warning to savers not to delay any further on investing in this year’s ISA allowance.