Back-view of a couple looking at a house with rising red arrow graph indicating increasing mortgage rates in Brentwood.


Rates are going up: Insights from Your Trusted Mortgage Broker in Brentwood

5-6 Min Read

Are you in the market for a new home in Brentwood? Don’t miss out on crucial insights that could impact your mortgage decisions. Connect with Charles Rothco, your trusted mortgage broker in Brentwood, to stay ahead of the game.

In the dynamic world of mortgages, experts suggest that now is the time to act, especially if you’re planning to make a purchase in the next few months. This advice is particularly relevant for residents in Brentwood, and here’s why.

According to leading economists, the base interest rates are unlikely to see a reduction until August. Earlier this year, the market experienced a surge of positivity, leading to a mortgage price war and a subsequent decrease in rates. However, the current trend signals a shift, with notable changes in fixed-rate prices.

This week, major lenders such as HSBC, Santander, TSB, NatWest, RBS, and Virgin Money have announced rate increases. Building Societies, including Coventry Building Society, Principality Building Society, Yorkshire Building Society, and others, have followed suit, contributing to an overall uptick in 2 and 5-year fixed-rate mortgage pricing.

The driving force behind these changes is attributed to the volatile swap rate market, which has witnessed recent increases. Lenders, responding to these fluctuations, are adjusting fixed rates accordingly.

Despite the general trend, there is good news for potential home buyers with a substantial deposit. Coventry Building Society, for instance, has introduced a competitive five-year fixed deal with a 4.36% interest rate for customers with a 65% loan-to-value ratio. This deal includes a free valuation and a product fee of £999.

For those actively house hunting, Charles Rothco recommends not committing entirely to one lender. With rates and deals changing frequently, maintaining an ongoing relationship with a mortgage broker is crucial. The market is dynamic, and what seems like the best deal today may not be the case when making an offer or application.

While lenders are expected to proceed cautiously in repricing, Charles Rothco emphasises the need for borrowers to remain proactive in their search for favourable mortgage deals. Seeking professional guidance from a mortgage broker is key, especially with the potential withdrawal of deals due to a surge in applications.

In summary, as fixed-rate pricing increases become more common, Brentwood homebuyers are encouraged to stay proactive and seek professional advice to navigate the evolving market.

With Charles Rothco’s managed mortgage service, you can benefit from independent mortgage research and advice. Download our free mortgage app, Sussed, to access an affordability calculator and real-time mortgage rates. Let Charles Rothco help you secure the best rates in the ever-changing mortgage landscape. Contact us for a quick chat about your situation or to explore your mortgage options.

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