Interesting properties and peaking interest rates

Are interest rates peaking?

Inflation is falling, but with so many fluctuations in interest rates, it can be frustrating trying to plan your future. With inflation falling to 6.8%, lower mortgage rates are on the way.* Interest rates and inflation are expected to keep falling. But as we have seen, world events can change quickly. Perhaps too much emphasis is put on interest rates and not enough on the property you desire, which could improve the quality of your life immeasurably. As the Bank of England steps closer to its target of 2%, there will be fewer fluctuations in interest rates. That said, many analysts say that we will never return to the ultra-low interest rates of the past. So why wait to buy the home you want?

The solution to rising mortgage costs

Many people are in the fortunate position of owning their homes outright. If you are not in this nice predicament, you can’t be blamed for worrying about rising mortgage costs. If you want to buy now, there is a lot you can do until you get a better mortgage deal in the future when interest rates fall to more favourable levels. Porting your mortgage, that is, buying a new home with your existing mortgage, which means you could pay your current, perhaps lower, interest rate. Extending the term of your mortgage is also a way to reduce your monthly mortgage outgoings. And interest-only payments, both in the long-term and short-term, can help money matters massively.

The properties

It’s little wonder that, for many people, the UK property market is the envy of the world. With an eclectic mix of enchanting properties, from castles, country homes, and Victorian townhouses to ultra-contemporary dwellings. From mansions to maisonettes, flats in the city to rural retreats, there is an endless selection of properties to explore. Each with its own unique story to tell and unique features, and that’s before we get to the infinite colour schemes, interiors, and furnishings that make a home your own. Contemporary properties have made a departure from tradition, and there are so many beautiful homes that never cease to surprise you. From the humble terraced property with a large and beautiful garden seamlessly flowing from the perfect outdoor living space. Or an ultra-green country farmhouse modernised while respecting its traditional features.

Making memories is priceless

Interest rates will rise and fall over time. But as time passes without the home you truly know will make you and perhaps your family happy, is there any point in holding off your dreams? Property prices, in the long run, always rise. Can you put a price on happiness? Any money you save now by waiting to see what happens simply delays the appreciation of your new home, paying off your mortgage, and could put the rapidly gained equity your current home has earned to waste. It is, of course, a balancing act; the numbers need to be right. By seeking the right advice, as mortgage products become more diverse, the doors to amazing properties open.

Contact us for all your property needs to see if we can turn your vision of your perfect home into a reality

Bank of England*