Interest rates were once again the hot topic in this weekend’s financial press. The Sunday Times highlighted May as the 99th month that the Bank of England has kept its base rate at or below 0.50%. Around 2.5 million people have bought their first property since then, according to the Council of Mortgage Lenders, and will not yet have witnessed base rate moving in the opposite direction.
The advice from experts was clear – complacency can be costly. This particularly applies to the huge numbers of people currently sitting on their lenders’ Standard Variable Rate. Home owners are advised to review their options now, as waiting until rates start to move will be too late.
The Observer also looked at the ongoing mortgage war and the options available for different groups of borrowers. For First Time Buyers with just a 5% deposit there are many more deals available compared to 5 years ago, while those moving up the ladder and considering their longer term options will find some extremely competitive 5 and even 10 year fixed rates.
The Telegraph on the other hand reported that Buy-to-Let rates have increased for the first time this year, news which will not be welcomed by landlords already struggling with the current changes to lending criteria and tax relief.
What the papers said about 99 months of low rates and taking action