What the papers said about Brexit and our finances

As expected, much of this weekend’s financial press focused on the referendum result and the likely impact this could have on our own finances. As industry experts warned in the Times, it is very difficult to predict what will happen in the mortgage and property markets at a time of such economic uncertainty, but that doesn’t stop the speculation of course. Mortgage deals are already at record lows, but with the Bank of England Governor hinting at the possibility for further cuts to the base rate, there is potential for mortgage rates to come down a little further. The Sunday Telegraph looked at the difference between variable and fixed rates for those currently considering their options. The Mail on Sunday highlighted the increasing popularity of longer-term fixed rates, following the launch of new competitive 10 year fixed deals in recent weeks. These may well prove popular for borrowers seeking a way out of the current uncertainty, although it is important to weigh up the pros and cons of locking into a deal for a long period of time.