Brexit and Mortgages: Should you be worried?

Brexit negotiations are well underway, and we’re looking towards an uncertain future, and that has left a lot of homeowners and hopeful first-time buyers wondering how their mortgages could be affected. Will house prices go up or down? Will interest rates rise? Will the world as we know it come an end? It’s hard to know. 

But what we can do is offer our professional opinion based on thorough research and experience. We decided to use this blog post as an opportunity to give first-time buyers or those of you already with a mortgage something to think about, and hopefully some guidance on Brexit and Houses.

Some very unpredictable political and economic moves have been made in recent years. So what we say here should not be taken as gospel, because tomorrow politics could be completely turned on its head once again. We’d just like to offer our impartial advice.

Brexit brings uncertainty for house prices and interest rates. Leaving people not sure what will happen to the value of their homes.

Give it Time to Settle Down

Whether you already have a mortgage or are a first-time buyer, we think that the only way to keep your finances stable in this unstable time, is to get yourself a fixed-rate deal for a few years while the dust settles on this economic shake up. 

To prove this point, it was expected that mortgage rates would shoot up the second that the Brexit result was announced. In fact, they fell. Although they have slowly crawled back up since then, it just shows that no matter what the experts predict, it can quickly swerve.

The only way to avoid sharp changes in interest rates is to find yourself the best fixed mortgage deal on the market.

2018 is expected to send house prices not very far at all. With an average national increase expected of a maximum 1% (and a fall expected in London), homes will stay relatively the same price. This may be music to first-time buyers’ ears, however for those of you who already own your home, it may not be the prosperous money making machine that it once was.

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