A good contact of ours at the Daily Express looks set to be writing the front page story for tomorrow's paper on interest rates. She's after 2-3 fantastic soundbites from property or mortgage experts about the end of cheap money, or certainly money that is as cheap as it has been, saying that the clock is running down on record low mortgage rates and the only way is up. You could also mention that, with the cost of living rising, getting ahead of the interest rate curve has never been more important. But don't use phrases like ‘interest rate curve’ cos they're a bit technical! Deadline is dead, err, tight so if you want a chance to make it in, be quick. 2-3 sentences absolute MAX.
10 responses from the Newspage community
"The era of lenders elbowing each other out of the way to the top of the rate tables using sub-1% fixed rate deals is over. However, don't panic, as you haven't missed the boat. There's still time to bag a great deal as long as you get moving now. Most lenders allow you to secure a new deal up to six months before your current deal comes to an end. "With the cost of living rising, Christmas around the corner and the spectre of inflation breaching 4%, now is the time to act. Like most things in life, failure to prepare means you're preparing to fail. Act now, or forever hold your peace."
"A rise in interest rates is widely predicted but it could actually provide some welcome relief for buyers battling to find a home against a backdrop of ridiculously high competition and inflated property prices. "However, an interest rate rise brings an inevitable increase in the cost of mortgage borrowing, and homeowners coming to the end of a fixed term deal over the coming months may well find their monthly costs increasing."
"Though rates are almost certainly going up, the housing market this time around is built on decent foundations, unlike 2007/08 with all the poor lending practices by the lenders. Yet an increase in interest rates, however small, will certainly impact consumer sentiment. The psychological factor of even a perceived increase in mortgage costs might be enough to cool the enthusiasm and excitement of many buyers to pay top dollar for their next home, but that might not be a bad thing. If I am being frank, we could do with something that takes a bit of fizz out of the housing market."
"Never before in my 18 years in the mortgage industry have I seen clearer signs that interest rate increases are on the way. Rather than put it on the 'New Year's resolution list', smart borrowers will approach a broker now and review their mortgage rate to fix before all the low rates disappear."
"The end of crazily low mortgages is nigh, as more lenders increase their product pricing and sub-1% loans look destined for the dustbin of history. We now have a whole generation that has never seen an increasing interest rate cycle and, with the cost of living also rising, we are already seeing a rush of borrowers anxious to fix."
"Interest rates have been at an all-time low, so "up" was always going to be the direction of travel at some point. However, we're most likely talking about rates going back to where they were six months ago, so they'll still be really, really low in the grand scheme of things. We're not expecting interest rates to fire skyward like a billionaire's space rocket".
"If you want to get a great rate, now is the best time. There is only one way rates are going and that is up."
"While many had hoped that interest rates sub-1% would become the new norm, it was only ever a ticking time bomb before rates increased. Seeing interest rates at such historic lows this year was only ever a short-term solution to provide financial relief to many who desperately needed it during the pandemic, but as the world returns to normal so will interest rates." Whilst we have already seen a shift up in interest rates offered by many banks, there is certainly still time to take advantage of such incredible deals still available and the prudent ones among us will not wait another second to jump in and lock in for the next five years!
Lock in a fixed rate now or forever hold your peace! We will look back on this period as the lowest interest rates in history and your £1.50 Freddo will taste even more bitter unless you take advantage of that quickly, before the imminent rate rise!
"Mortgage rates are always a snapshot of a point in time and since the start of the pandemic interest rates have been at record lows. Those who have benefited most are people who had a need to borrow, be it to purchase a property or remortgage from their current deal. Others borrowers could only look on in wonder. Lenders are already pricing their deals based on a change in rates but the reality is that, even as mortgage rates rise, the cost of borrowing is still incredibly cheap. For many people coming off their existing rate they are still likely to see a saving from their current deal."