What Do The October 2023 Mortgage Rate Changes Mean For You?

We spoke to Paul Cleveland, an Independent Mortgage & Protection Advisor at Fairstone Financial Management to find out what the reduced rates may mean for house buyers looking to make a move.

What Do The Mortgage Rate Changes Mean For Me?

If you’re a first-time buyer looking to get onto the property ladder, need to take a second step up to a bigger home, or wondering whether now is the right time to downsize or invest in a rental property, you may well have questions about what the lower mortgage rates might mean for you.

For many homebuyers, the fact that mortgage rates have gone down is not the only thing that is giving them greater confidence in the market. The Bank of England held the UK base rate at 5.25% in September. The rate of inflation has also fallen in the past month. All these factors indirectly influence the rates on offer from banks and other mortgage lenders.

What Can I Afford Now Mortgage Rates Have Dropped?

If you’re wondering what you could afford and whether now is the right time to buy, the best approach is always to speak to an independent financial advisor. They will take time to understand your personal circumstances to recommend the right option for you.

In particular, by choosing an independent financial advisor, they will be able to research the whole of the mortgage market before making a recommendation. By contrast, going to an advisor at your regular bank or building society means that they will only be able to offer you their own mortgage products, which might not be best suited for your needs.

Please contact our New Homes Consultants at Brabazon today if you would like to be put in touch with Fairstone Financial Management for personal advice.