There was good news for borrowers in this weekend’s press, with the Financial Times reporting on the Bank of England’s recent indication that an eventual base rate rise will be a gradual one, and unlikely to happen within the next few months. This news has pushed predictions back to the early part of next year, allowing further access to the competitive deals currently on the market. Brokers warned against inaction though, urging homeowners not to leave it too late to review their finances.
Set up costs and incentives were also a topic of discussion, with the Sunday Times revealing that average arrangement fees have dropped by an average of £100 over the last 12 months, the first reduction in costs since 2010. The Independent on Sunday looked at the value of incentives such as cashback offered by lenders on certain products. Brokers agreed that while these offers can be useful, borrowers should consider the total cost of a deal to find the most worthwhile mortgage for their circumstances.