As news about mortgage rate increases hit the headlines, Dacre Son and Hartley are hoping to assist and reassure buyers by hosting a mortgage and property market advice clinic in Bingley.
Dacre, Son & Hartley, is the county’s largest independent estate agent and the firm agreed sales on more than 100 homes in October alone, with many of those buyers also seeking mortgage advice from Mortgage Advice Bureau.
The advice clinic is taking place at 93 Main Street, Bingley on Saturday 26th November between 9am and 2pm and will also provide attendees with guidance on selling in the current market.
According to property portal, Zoopla, the recent spike in mortgage rates represents the largest interest rate rise for new buyers since the late 1980s and despite suggestions that mortgage rates will fall back, they are unlikely to return to the ultra-low levels of recent years, with rates of 4% to 5% likely to be the new norm according to many experts.
Steven Potts, Area Director for the Aire Valley said: “This month The Bank of England increased the interest base rate by 0.75% to 3% and the mortgage market is changing daily at the moment.
“Anyone looking to remortgage or simply wanting reassurance or advice about the products that might be available to them should come into Dacres Bingley office and see a representative from Mortgage Advice Bureau for a no obligation chat - no appointment is needed.
“There are signs that the cost of money that underpins fixed rate mortgages is starting to fall back in line with other borrowing costs and it’s important to remember that the higher mortgage rates do not hit all buyers equally. There are lots of factors that determine what rate a lender offers, so every individual requires bespoke advice, which is where we can help!”
*Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
